DECEMBER HIGHLIGHTS
Unemployment
- At 4.6% for November 2014, it remains at the second lowest point all year and still consistently lower than the State and U.S. average
- Frederick County unemployment rates over the past 5 years at this time –
- November 2013: 5.1%
- November 2012: 5.5%
- November 2011: 5.6%
- November 2010: 6.6%
Job Growth
- Overall, employment has grown at the rate of about 1% per year since 2010.
- From 1st quarter 2014 to 2nd quarter 2014, Frederick County added 113 jobs or 0.1%.
Average Weekly Wage Growth
- The average weekly wage per worker in Frederick County has slowed down some since 2013.
- In second quarter 2014, it was $899 and in second quarter 2013, it was $911.
- Since 2010, the average weekly wage has increased overall to 5.6%
- The average weekly wage per worker in the state of Maryland was $1,023 in second quarter was $1,023 and grew 6.9% during the same time frame.
Industry Trends
- The industries that had the highest increase in employment since 2010 were: Leisure and Hospitality (21.4%); Construction (18.0%) and Natural Resources and Mining (14.5%).
- Of note, in 2012, construction jobs were at a 5-year loss of -21.44%, in 2013 Construction jobs increased 6.9% and in 2014, we are seeing double digit percentage growth.
- The industries that had the lowest percentage of increase in employment since 2010 were: Financial Activities (-19.4%), Information (-13.4%) and Professional and Business Services (-1.8%).
- Of note, in 2012, Financial Activities jobs were at a 5-year loss of -12.72% and then in 2013, at a -18.9% so this has been increasing with each year overall.
- Also of note in the Professional and Business Sector, this is the first time we are seeing a negative job growth overall since 2010. In 2012, employment was at a 5-year increase of 9.55% and in 2013, it was at a 5.8% 5-year increase.
- The industries that had the highest increase in number of new businesses since 2010 were: Financial Activities (15.6%), Natural Resources and Mining (13.0%) and Education and Health Services (11.7%).
- Of note, even though Financial Activities has gained the most in new businesses, the industry saw a -19.4% loss in employment over the last 5 years.
- The industries that had the lowest increase in number of new businesses since 2010 were: Information (-10.1%), Construction (-4.6%), and Manufacturing (5.0%)
- Of note, Construction businesses were at a -21.44% decrease over the past 5-years in 2012 and at 5-year decrease of -5.2% in 2013 so good news for the Construction industry! The same can be said for the Manufacturing industry. In 2012, they were at a -17.6% decrease in 5-year growth, in 2013, the industry improved slightly with a -2.4% 4-year decrease and is now seeing positive growth.
New Business Licenses Issued
The one year chart seems to show peaks and
valleys and a positive trend for December.
Residential Housing Market
There are more houses on the market now than
last year at a 35.2% increase in active inventory and a 5.7% increase in the
number sold since last year. The average price has dropped slightly by -1.6%
Countywide Permits
2014 saw the second highest number of commercial
and industrial permits over the past 5 years at 928 and the second highest in
commercial and industrial construction costs over the past 5 years at
$164,822,919.
