2007 Job Growth Rate Half of 2006's: Meanwhile, the Number of Employed People Remained Flat From December to December, State Data Show
The News & Observer
By John Murawski, The News & Observer, Raleigh, N.C.
Jan. 26--The creation of new jobs in the Triangle for 2007 slowed to about half the pace of the previous year in the eight-county region that includes Wake, Durham, Johnston and Orange, according to data released Friday by the N.C. Employment Security Commission.
Another key measure of economic health -- the actual number of people employed -- remained flat between December 2006 and December 2007 after growing 5 percent the year before, the same data show.
The Triangle economy, along with the statewide job market, has been immune to the worst effects of the housing and credit problems hobbling other parts of the country, but it is increasingly feeling the drag of the national economic slowdown.
"You can see a clear decline in the growth of jobs," said Michael Walden, an economist at N.C. State University. "We're on trend with the rest of the country, but the overall economic conditions are better here than in many other areas."
The unemployment rate for the Triangle was 3.7 percent in December, similar to November's 3.8 percent rate. The jobless rate figures from the Employment Security Commission are seasonally adjusted by Wachovia. The nation's unemployment rate hit 5 percent, a two-year high. And inflation for 2007 was the worst in 17 years.
"The Triangle is actually benefiting from some of the problems that are are impacting places like Florida," said Wachovia economist Mark Vitner. "Folks are being priced out of those markets and relocating to places like the Triangle."
Anemic growth and a rise in unemployment are likely at least through the summer, Walden predicted.
Key local indicators tell the story here: Sales of existing homes in the Triangle are down for the first time in five years, while prices of Wake County homes sold in December declined for the first time since 1991. Foreclosures in the Triangle hit a record high last year.
The Triangle added 14,600 jobs during the year, with about two-thirds of that growth happening in the Raleigh-Cary area and the rest in Durham.
Most of the new jobs in the Raleigh area came from leisure and hospitality, education and health services, and professional and business services.
The Raleigh area's unemployment rate ticked up to 3.6 percent in December from 3.5 percent the previous month.
Durham had a 3.7 percent unemployment rate last month, unchanged from November. The annual job creation came from education, health services, and professional and business services.
john.murawski@newsobserver.com or (919) 829-8932
By John Murawski, The News & Observer, Raleigh, N.C.
Jan. 26--The creation of new jobs in the Triangle for 2007 slowed to about half the pace of the previous year in the eight-county region that includes Wake, Durham, Johnston and Orange, according to data released Friday by the N.C. Employment Security Commission.
Another key measure of economic health -- the actual number of people employed -- remained flat between December 2006 and December 2007 after growing 5 percent the year before, the same data show.
The Triangle economy, along with the statewide job market, has been immune to the worst effects of the housing and credit problems hobbling other parts of the country, but it is increasingly feeling the drag of the national economic slowdown.
"You can see a clear decline in the growth of jobs," said Michael Walden, an economist at N.C. State University. "We're on trend with the rest of the country, but the overall economic conditions are better here than in many other areas."
The unemployment rate for the Triangle was 3.7 percent in December, similar to November's 3.8 percent rate. The jobless rate figures from the Employment Security Commission are seasonally adjusted by Wachovia. The nation's unemployment rate hit 5 percent, a two-year high. And inflation for 2007 was the worst in 17 years.
"The Triangle is actually benefiting from some of the problems that are are impacting places like Florida," said Wachovia economist Mark Vitner. "Folks are being priced out of those markets and relocating to places like the Triangle."
Anemic growth and a rise in unemployment are likely at least through the summer, Walden predicted.
Key local indicators tell the story here: Sales of existing homes in the Triangle are down for the first time in five years, while prices of Wake County homes sold in December declined for the first time since 1991. Foreclosures in the Triangle hit a record high last year.
The Triangle added 14,600 jobs during the year, with about two-thirds of that growth happening in the Raleigh-Cary area and the rest in Durham.
Most of the new jobs in the Raleigh area came from leisure and hospitality, education and health services, and professional and business services.
The Raleigh area's unemployment rate ticked up to 3.6 percent in December from 3.5 percent the previous month.
Durham had a 3.7 percent unemployment rate last month, unchanged from November. The annual job creation came from education, health services, and professional and business services.
john.murawski@newsobserver.com or (919) 829-8932
Labels: employment, employment data, North Carolina, RTP
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