Northwest Arkansas labor numbers set new record highs in March

Northwest Arkansas’ labor market employed an estimated 236,693 during March, a gain of more than 13,000 jobs compared to March 2014 and, if the number stands, a new record for the metro area.

The jobless rate in the metro area during March was 4.2%, down from 4.4% in February and below the 5% in March 2014, according to figures from the U.S. Bureau of Labor Statistics. The area jobless rate has been at or below 6% for 21 consecutive months, and below 5% the previous nine months. The March numbers are subject to revision.

A massive revision of historical employment data for all U.S. metro areas was posted April 22, with the revisions clearly showing the Northwest Arkansas economy performing much better than the pre-recession period. The labor force size and number of employed in March set new records for the region.

Metro employment during March of 236,693 was above the 234,846 in February, and above the 223,613 in March 2014. The size of the Northwest Arkansas regional workforce during March was estimated at 247,112, up from the 245,592 in February, and well ahead of the 235,455 during March 2014.

Following are the revised Northwest Arkansas annual employment averages and jobless rate during the previous five years. (A lengthier jobless rate history is at the end of this report.)
2014: 227,954, 4.6%
2013: 219,788, 5.6%
2012: 219,374, 5.9%
2011: 216,661, 6.5%
2010: 212,323, 6.7%

The Northwest Arkansas annual employment average in 2006, the year before the recession, was 218,779.

All of the eight metro areas in or connected to Arkansas had jobless rate declines in March compared to March 2014, and all had jobless rate declines compared to February. During March, the lowest metro jobless rate in the state was 4.2% in Northwest Arkansas and the highest rate was 7.6% in the Pine Bluff area.

NWA METRO NUMBERS
Following are other key figures from the BLS metro report.

Unemployed persons in the region totaled 10,419 during March, down from the 10,746 during February and below the 11,842 during March 2014.

Jobs in the Trade, Transportation and Utilities sector — the region’s largest job sector —  totaled 51,600 in March, up from the 50,800 in February, and up from the 48,800 in March 2014. The sector hit record employment of 52,400 in December 2014.

The Northwest Arkansas manufacturing sector employed an estimated 27,300 in March, unchanged from February, but up from the 27,000 during March 2014. Sector employment is down 17.5% from a decade ago when March 2005 manufacturing employment in the metro area stood at 33,100. Average annual employment in the sector hit a high of 35,900 in 2000.

Employment in the region’s tourism industry was 21,900 during March, up from 21,300 in February and better than the 21,500 in March 2014. Sector employment reached a record of 22,700 in June. Employment in the regional sector is up almost 40% compared to the 15,700 employed in March 2005.

In Education & Health Services, employment was 24,900 during March, up slightly from 24,800 in February and up from 24,300 during March 2014. The sector hit a record of 25,000 in October, and held that level through November and December. The annual average employment of 24,400 during 2014 also was a record for the metro area.

In the Government sector, employment was 33,500 during March, up from 33,200 in February and up compared to 32,700 during March 2014. The sector hit an employment high of 33,600 in November.

NATIONAL NUMBERS
Unemployment rates were lower in March than a year earlier in 358 of the 372 metropolitan areas, higher in 28 areas, and unchanged in one area, noted the broad BLS report.

The U.S. unemployment rate in March was 5.5%, unchanged compared to February and down from 6.6% from a year earlier. Arkansas’ jobless rate was 5.6% in March, unchanged from February and down from 6.4% in March 2014.

Oklahoma’s jobless rate during March was 3.9%, unchanged from February, and down compared to 4.8% in March 2014. The Missouri jobless rate during March was 5.6%, up from 5.5% in February and below the 6.4% in March 2014.

ARKANSAS METRO AREAS
Fayetteville-Springdale-Rogers
March 2015: 4.2%
Feb. 2015: 4.4%
March 2014: 5%

Fort Smith
March 2015: 5.8%
Feb. 2015: 6%
March 2014: 6.7%

Hot Springs
March 2015: 6%
Feb. 2015: 6.2%
March 2014: 6.8%

Jonesboro
March 2015: 5.2%
Feb. 2015: 5.4%
March 2014: 6.3%

Little Rock-North Little Rock-Conway
March 2015: 5.1%
Feb. 2015: 5.3%
March 2014: 5.8%

Memphis-West Memphis
March 2015: 6.5%
Feb. 2015: 7%
March 2014: 7.9%

Pine Bluff
March 2015: 7.6%
Feb. 2015: 7.9%
March 2014: 9.2%

Texarkana
March 2015: 5.2%
Feb. 2015: 5.5%
March 2014: 6.77%

NORTHWEST ARKANSAS METRO AREA HISTORY
Past annual average unemployment rates
2014: 4.6%
2013: 5.6%
2012: 5.9%
2011: 6.5%
2010: 6.7%
2009: 6.4%
2008: 4.2%
2007: 3.8%
2006: 3.5%
2005: 3.4%
2004: 3.8%
2003: 3.8%
2002: 3.4%
2001: 3.1%
2000: 3.4%