Mid-Valley Economic Indicators—Linn County (Albany MSA)
The good news – unemployment rates for the Mid-Valley counties are staying near record low levels as seen earlier in 2017. Three out of the Mid-Valley counties were the same as last month. Only Yamhill County was down slightly from last month. All four counties are lower than they were last year at this time. Unemployment rates for various areas are as follows: U.S. – 4.1 percent, Oregon- 4.1 percent, Linn County- 4.4 percent, Marion County- 4.0 percent, Polk County- 4.2, and Yamhill County- 3.7 percent.
Mid-Valley residential build permits are precursors to construction activity in the future. These permits are divided into four categories; single-family, 2-unit multi-family, 3-and 4-unit multi-family, and 5+unit multi-family structures. Single-family permits have grown every year since hitting a low in 2011. The other three categories have been volatile and only the 5+unit structure permits are adding any significant number of units to the housing mix.
These permits have forecast the increase in construction employment. With the increases in 2017, construction employment should remain strong in 2018 as demand for housing continues to grow.
From December 2016 to December 2017, Linn County’s private sector gained 1,360 jobs and the public sector also went up. The manufacturing industry led the private sector employment gains over the year. Residential building permits are precursors to construction activity in the future. These permits are divided into four categories; single – family, 2-
unit multi-family, 3 – and 4 – unit multi – family, and 5+ unit multi – family structures. Single -family permits have grown every year since hitting a low in 2011. The other three categories have been volatile and only the 5+unit structure permits are adding any significant number of units
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For more information and/or to be added to the monthly e-mail distribution list, contact:
Will Summers, Workforce Analyst, Oregon Employment Dept.
Serving Linn, Marion, Polk, and Yamhill counties