My wife is a 2nd year inside wireman apprentice with the local IBEW. Long as the economy holds you can get work as a traveler if you don't mind being away from home. Obviously, in the long you could take your skills and start your own business (but look into the terms re: repaying the union for your training if you want to jump ship: at my wife's local, once you get the journeyman cert it's another 5 years til you're off the hook, otherwise you'll pay for some, if not all, the training).
Are you interviewing where you want to move? If not, it is possible to transfer locals but by no means easy. They call it 'jamming your ticket.' Wife says it's easiest to pull off during your apprenticeship, but process is very dependent on the local, e.g., it's nearly impossible to transfer into my wife's local.
Also: make sure they'll be starting you off as an apprentice. My wife went through 2 years as a 'pre-apprentice' (lower starting wage and her hours didn't count toward her cert) before she got into the apprenticeship. Also, be prepared to spend 1-2 nights a week after work at class, doing homework, studying for tests until you 'turn out.' Finally, as others have said, layoffs are a possibility.