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Cabarrus County Area Analysis 7 Employment Trends Total Employment (Year End) Unemployment Rate (Ann. Avg.) Cabarrus Year Cabarrus County %Change North Carolina %Change County North Carolina 2002 58,234 3,764,582 5.5% 6.6% 2003 57,406 -1.4% 3,760,183 -0.1% 7.3% 6.5% 2004 60,017 4.5% 3,849,400 2.4% 6.2% 5.5% 2005 63,364 5.6% 3,926,923 2.0% 4.6% 5.3% 2006 65,979 4.1% 4,054,039 3.2% 4.1% 4.8% 2007 69,639 5.5% 4,126,685 1.8% 4.5% 4.8% 2008 66,690 -4.2% 4,000,278 -3.1% 5.9% 63% 2009 62,855 -5.8% 3,804,059 -4.9% 10.9% 10.5% 2010 62,331 -0.8% 3,835,921 0.8% 11.4% 11.0% 2011 63,312 1.6% 3,885,855 1.3% 10.1% 10.5% 2012* 63,527 0.3% 3,919,091 0.9% 8.9% 9.6% Overall Change 2002 -2012 5,293 9.1% 154,509 4.1% Avg Unemp. Rate 2002 -2012 7.2% 7.4% Unemployment Rate- December 2012 8.7% 9.5% *Tota I employment data is as ofl une 2012; unemployment rate data reflects the average of 12 months of 2012. Source: Burea u of Labor Statistics and Econo my. com. Employment figures are from the Quarterly Census of Employment and Wages (QCEW). Unemployment rates are from the Current Population Survey (CPS). The figures are not seasonally adjusted. Unemployment rate trends are another way of gauging an area's economic health. Over the past decade, the Cabarrus County unemployment rate has been slightly lower than that of North Carolina, with an average unemployment rate of 7.2% in comparison to a 7.4% rate for North Carolina. This is another indication of the strength of the Cabarrus County economy over the longer term. Recent data shows that the Cabarrus County unemployment rate is 8.7% in comparison to a 9.5% rate for North Carolina, a positive sign for Cabarrus County economy but one that must be tempered by the fact that Cabarrus County has underperformed North Carolina in the rate of job growth over the past two years. Major employers in Cabarrus County are shown in the following table. The Glenn Center irr Attachment number 1 H -5 Page 340