The Market Comparison report shows you how specific occupations in your region compare to the same occupations in another region. Data focused on regional cost of living and household income, combined with job change, earnings data, and more, can help you see how your region’s talent needs match up against the needs of other areas.
To begin the report, first select the regions you’d like to compare, by nation, state, MSA, or zip code. Then choose an occupation (one or more). In this example we will be looking at the Medical Assistants occupation in Springfield, IL, and in Salt Lake City, UT.
You can also select the data categories you’d like to see by clicking on the checkmarks above, or by clicking Custom Data Selection and choosing from the pop-up list (you can always change your data selection, region, or occupation once inside the report). Then click Run.
At the top of the report, you can see maps of the regions you’ve chosen. Beneath the maps, the data for each region is listed side by side for easy comparison.
Regional data is an important aspect in market comparison because it can help to explain, at least in part, the workforce trends in that area. For example, we can see here that the cost of living in both Salt Lake and Springfield is slightly higher than the average urban area in the nation, which means that employers in these two regions will likely have to pay their employees a higher wage.
We can also see that the median household income in Salt Lake is over $10K higher than Springfield, so Medical Assistants in Salt Lake should also be earning higher wages.
Now that we’ve seen the overall region comparison, we can better understand the regional data for our specific occupation.
From 2014 to 2019, Springfield had greater proportional growth (18%) than Salt Lake (16%), and has a greater projected job change as well. Salt Lake, however, has retained over two thousand more Medical Assistants since 2014, which may indicate that Salt Lake is a better environment for Medical Assistant jobs.
As mentioned above, regional factors often play a role in occupational earnings trends. Because the cost of living and the median household income are higher in Salt Lake than in Springfield, the hourly and annual earnings in Salt Lake are higher as well, though not by much.
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