Laserfiche WebLink
North Carolina: Where Is the Job Growth? <br />May 26, 2011 <br />Information <br />Trade, Trans. & Utilities <br />Goods Producing <br />Other Services <br />Educ. & Health Svcs. <br />Financial Activities <br />Government <br />Leisure and Hospitality <br />Prof. & Bus. Svcs. <br />Total Nonfarm <br />Raleigh <br />• The Raleigh metropolitan area continues to <br />recover faster than other parts of the state. With <br />significant job gains in professional and <br />business services and a rebounding tourism <br />industry, the area is now on a path that will <br />return the area to pre - recessionary employment <br />levels. The region's unemployment rate, at 7.9 <br />percent, reflects the higher educational <br />attainment of the local population and the <br />diverse industry mix of the economy. <br />• While hiring has improved in government and <br />education, there are some near -term risks of <br />employment declines in these sectors, as state <br />and local budget cuts impact the area over the <br />next few quarters. <br />• The housing market in Raleigh continues to face <br />declining home values as existing inventories <br />weigh down the market. Permits for new homes <br />remain depressed. As the higher pace of job <br />growth continues along with higher personal <br />incomes, the housing market should begin to <br />stabilize. <br />• Our outlook for the Raleigh metropolitan area is <br />positive. The success in attracting higher - paying <br />technical service jobs along with the above - <br />average educational attainment should provide <br />further opportunities for economic growth <br />going forward. The area's healthcare focus will <br />also provide further growth opportunities for <br />the local economy. The technology sector is also <br />emerging as a key growth industry for the area <br />with the expansion of the Red Hat corporate <br />headquarters. <br />Raleigh MSA Population Growth <br />Average by Decade, In Thousands <br />40 40 <br />30 <br />20 <br />10 <br />0 <br />1980s 1990s 2000s 2010 <br />C - 07 <br />30 <br />20 <br />10 <br />0 <br />WELLS FARGO SECURITIES, LLC <br />ECONOMICS GROUP <br />Raleigh MSA Employment by Industry <br />Year - over -Year Percent Change, 3 -Month Moving Average <br />-2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% <br />Raleigh MSA Employment Cycles <br />Percent Change from Cycle Peak <br />16.0% <br />14.0% <br />12.0% <br />10.0% <br />8.0% <br />6.0% <br />4.0% <br />2.0% <br />0.0% <br />-2.0% <br />-4.0% <br />-6.0% <br />16.0% <br />14.0% <br />12.0% <br />10.0% <br />8.0% <br />6.0% <br />4.0% <br />2.0% <br />0.0% <br />-2.0% <br />-4.0% <br />-6.0% <br />0 4 8 12 16 20 24 28 32 36 40 44 48 <br />21 <br />18 <br />15 <br />12 <br />9 <br />6 <br />3 <br />Raleigh MSA Housing Permits <br />Thousands of Permits, Seasonally Adjusted Annual Rate <br />0 1 "I I I I I I I I I i. <br />90 92 94 96 98 00 02 04 06 08 10 <br />21 <br />18 <br />15 <br />12 <br />9 <br />6 <br />3 <br />0 <br />Source: U.S. Department of Commerce, U.S. Department of Labor, <br />and Wells Fargo Securities, LLC <br />Attachment number 1 <br />1 -1 Page 615 <br />Single - Family: Mar @ 4,368 <br />- Single - Family, 12 -Month Mov. Avg.: Mar @ 4,210 <br />- Multi - Family, 12 -Month Mov. Avq.: Mar @ 592 <br />