Should you work in a college town?
As graduation nears, some students may be more than ready to leave college life behind them and embark on a new adventure. But don’t ditch your college town too quickly – it may be the perfect place to begin your career. According to the Bureau of Labor Statistics, many college towns have lower unemployment rates than the national average, USA Today reported. Here are a few reasons why:
1. Highly skilled workforce
College towns have long been considered recession-proof largely due to their highly skilled workforces. These areas are much more likely to attract professionals who have earned at least a bachelor’s degree and as a result earn higher wages. In fact, an economics professor at Harvard University found that as the portion of a city’s population with college degrees increases by 10 percent, wages rise by approximately 7.8 percent.
Colleges and universities are constantly looking for ways to innovate and often put significant funds towards redevelopment. New parks and buildings not only attract students, but also make the area a nicer place to live for young professionals. Redevelopment projects also present additional job opportunities.
3. Regional hub
College towns are generally important regional hubs for the surrounding area, attracting a diverse workforce of professionals, including those in healthcare. This diversity contributes to a thriving economy, and therefore increases the likelihood that employers will be hiring even as the country continues to work its way out of a recession.
4. Easy transition
As a recent college graduate, living in a college town may also make the transition from being a student to working full-time go much more smoothly. These areas are often less expensive to live in than large cities, and offer relatively competitive rent prices as well as a variety of entertainment options.