ETSU finds continuing job growth in the region, Kingsport leads the way
The pace of job creation picked up during the fall months, marking the sixth quarter in a row of strong improvement in regional labor market conditions, Hipple said in his fourth quarter labor market report. Employment increased by 2.1 percent to 233,109, for a gain of 4,680 jobs over the same period in 2010. It should be noted that this job level matches the pre-recession high points in 2008. Driven by job gains -¦ the unemployment rate for the Tri-Cities area was 7.4%, compared to 8.2% a year earlier.
In particular, job growth was led by education, health services, and professional & business services. Smaller employment gains were reported in manufacturing, transport and utilities, other services, leisure & hospitality, information services, finance, and wholesale trade. Job losses occurred in the government sector. Employment was unchanged in construction and retail trade.
Hipple also noted that on a city-by-city basis, unemployment fell in all three cities, with the jobless rate at 7.2 percent in
In summary, the national economy plunged into recession in 2008 and has remained there – especially in labor market conditions. The Tri-Cities entered the recession a year later in 2009, was in a recession for only six quarters, and since mid-2010 has regained the jobs that had been lost. Our continuing risk is that the struggling national economy will at some point impact local business conditions.
For the complete report, please visit http://faculty.etsu.edu/hipples/LF11q4.htm