House Prices

Another area I also wanted to show you was Asheville’s employment performance against the rest of the country.  We’re holding our own here in Western North Carolina, which is always good for the housing market.

So, when I read this Asheville Chamber of Commerce report, I immediately knew I had to share it with everyone.  The Asheville area has always seemed to fare better than many parts of the U.S. and we continue to do so:

Asheville Metro Economy Report from the Chamber November 2008 Job Growth Continues

Total employment in the Asheville metro was up by 1,000 jobs in September 2008 versus one-year earlier. The positive result means Asheville experienced its 55th straight month of record year-over-year growth. Although Asheville’s rate of growth equaled a mild 0.6 percent, it was greater than the state and nation.  Of the 310 U.S. metros nationwide tracked by the U.S. Bureau of Labor Statistics, 164 reported net job losses, including three in North Carolina.  
 

Metro Unemployment Rate Lowest in State

At 5.2 percent, the September 2008 unemployment rate in the Asheville metro was the lowest among all metros in North Carolina. For the same period, the rate nationwide was 6.1 percent, and 6.6 percent statewide. Rocky Mount had the highest metro-area unemployment rate in the state at 9.6 percent.At 4.9 percent, the City of Asheville had the fifth lowest unemployment rate among the 20 largest cities and towns in North Carolina. Chapel Hill had the lowest rate at 3.5 percent.

Industry Sectors Split on Net New Growth

Four major industry sectors in the Asheville metro experienced net year-over-year job gains in September, while seven sectors were either flat or down. The Health Services & Private Education sector led with 1,100 net new jobs over the year. The sector has added jobs consistently for over a decade. The Leisure and Hospitality sector added 1,000 net new jobs over the year, its 33rd month of record year-over-year growth. Professional and Business Services added 700 net new jobs, it’s 38th month of record year-over-year growth. The largest job losses came from the Manufacturing sector, down 700 jobs over the year.

Brought to you by the Asheville Metro Business Research Center. A service of the Asheville Area Chamber of Commerce.
http://ashevillechamber.org/

Asheville Exports Near $665 millionExports from the Asheville metro area rose to $664,934,000 in 2006, up 12 percent or $72.8 million over 2005. Information released by the U.S. Department of Commerce shows machinery made up the largest product group of exports from the metro, comprising 35 percent of the total. Other major export groups include paper, electrical equipment, transportation equipment, and textiles.Regions and trade agreements representing the top destinations of goods exported from Asheville were the 21-nation Asia-Pacific Cooperation (APEC), followed closely by the 34-nation Free Trade Area of the Americas (FTAA), and the 3-nation North American Free Trade Agreement.
 

Asheville Home Appreciation Rate 12th in Nation

Home Appreciation Rate Tops State and Nation Annual home appreciation rates in the Asheville metro equaled 4.5 percent  through the first quarter of 2008. The rate surpasses the state’s pace of 4.0 percent and the nation’s overall decline of 0.3 percent. The figures, released by the Office of Federal Housing Enterprise Oversight (OFHEO), ranks Asheville 40 for one-year appreciation among all 273 metro areas listed by the agency. Asheville has the fifth highest annual appreciation rate among the state’s 14 metro areas. Asheville is ranked third in the state for its five-year appreciation rate of 51.5 percent, which also tops the state and nation, with rates of 31.9 and 38.9 percent respectively. 

Job Growth HoldsDespite the slow pace of job growth through the first four months of 2008 in both the nation and state, employment is up by an average of 3 percent in the Asheville metro. The rate represents slightly more than 5,000 net new jobs over last year.  By contrast the state is up 1.5 percent and the nation 0.5 percent. Asheville’s current pace is well above it’s annual average growth rate of 1.4 percent over the last decade.