Fairfield County CT on Forbes.com again! - America's Best Cities for Young Professionals

We live here, we know it's a great place, but it's great  to be recognized in a nice way on a national level by an authority such as Forbes.com

The following is an excerpt from the Forbes.com article written by Morgan Brennan on Monday, July 25, 2011. Brennan writes about Fairfield County, Connecticut which made the top 15 on their national list of 100 top cities, and how their list was compiled.

"M.S.A.: Bridgeport-Stamford-Norwalk, Conn. Average Annual Job Growth (2010-2012): 0.56% Median salary: $58,800 Cost-of-living index (U.S. average is 100): 136.3 Percent of pop. with college degrees: 43.6% 1 small business for every 39 residents 1 large business for every 891 residents Unemployment rate: 8.5% A job market dominated by hedge funds and other financial service companies mean young professionals' average paychecks in this Connecticut county are the third highest of the MSAs we assessed.   

With the unemployment rate stuck above 9%, recent college graduates are facing fierce competition for white-collar work: More than 2 million college-educated workers 25 and older are unemployed, according to the Bureau of Labor Statistics.

Behind the Numbers

To determine the best cities for young professionals, which we define as adults aged from 24 to 34 who hold a Bachelor's degree or higher, we started with the 100 largest U.S. Metropolitan Statistical Areas (cities and the suburbs surrounding them) as defined by the U.S. Office of Management and Budget. We assessed these cities based on seven factors, weighting them evenly: local unemployment rates and 2010 to 2012 job growth projections provided by Moody's Economy.com; Census Bureau data on the number of small businesses (defined as less than 500 employees) per capita, as well as the number of large businesses; the median salaries for 24- to 34-year-old employed college graduates, provided by PayScale.com; Moody's cost-of living index, to gauge how far those paychecks will go; and the percentage of the population aged 25 and older with college degrees in the area.

In second place on our list: Raleigh, N.C. The college town turned boom town, which tops our Best Places for Business and Careers list this year, has the fourth best job growth outlook of the cities we studied (2% a year for 2010-12) and a 7.9% unemployment rate that's well below the national average. With an abundance of colleges and universities in the area such as University of North Carolina and Duke University, and Research Triangle, a major center for high-tech and biotech research, more than 42% of the local population touts BA degrees, making it the most educated of the cities we looked at.

Midwestern cities eclipsed many glitzier coastal competitors for top spots on our list. In addition to Des Moines, Madison, Wis., ranks third; billionaire Warren's Buffett's hometown of Omaha, Neb., is No. 5; and Minneapolis-St. Paul, Minn., is No. 10. All three tout low unemployment rates and a large college-educated demographic. The cost of living in each of these areas is around or below the national average, ensuring their young residents' relatively high salaries go even farther. Healthy job growth is projected in all of these heartland hubs as well.

A few northeast metropolises cracked the top 15: hedge fund heavy Fairfield County, Conn. (No. 15); Portland, Maine (No. 6), which boasts the highest number of small businesses per capita of the cities we screened; government-town Washington, D.C. (No. 9); and the education and tech hub of Boston, Mass. (No. 12). No West Coast cities made the cut.

We ranked the 100 largest U.S. Metropolitan Statistical Areas based on projected job growth rates for 2010 to 2012 and cost of living data, provided by Moody's Economy.com; median salaries for 24 to 34 year old employed college graduates, provided by Payscale.com; unemployment rates; Census Bureau data on the number of small businesses and large businesses per capita; and the percentage of college graduates in the local population."

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