NWA economy adds more than 11,000 jobs from May 2014 to May 2015

The well-oiled machine that is the Northwest Arkansas economy continued in May to set employment records, and added more than 11,000 jobs to the bustling metro area since May 2014. Metro tourism and travel jobs set a new record in May.

The jobless rate in the metro area during May was 4.3%, up from 4% in April but below the 4.7% in May 2014, according to figures from the U.S. Bureau of Labor Statistics. The area jobless rate has been at or below 6% for 22 consecutive months, and below 5% the previous 15 months. The May numbers are subject to revision.

Metro employment during May of 238,730 was slightly above the 238,702 in April, and up 11,328 jobs compared to the 227,402 in May 2014. The size of the Northwest Arkansas regional workforce during May was estimated at 249,504, up from the 245,592 in April, and up 10,847 compared to the 238,657 in May 2014.

The regional economy has more than fully recovered from the Great Recession. 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 May compared to May 2014, and all had jobless rate increases compared to April. During May, the lowest metro jobless rate in the state was 4.3% in Northwest Arkansas and the highest rate was 7.7% in the Pine Bluff area.

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

Unemployed persons in the region totaled 10,774 during May, up from the 9,907 during April and below the 11,255 during May 2014.

Jobs in the Trade, Transportation and Utilities sector — the region’s largest job sector —  totaled 51,600 in May, up from 51,500 in April, and up from the 49,400 in May 2014. The sector hit record employment of 52,400 in December 2014.

The Northwest Arkansas manufacturing sector employed an estimated 27,200 in May, up from 27,100 in April, but down from the 27,300 during May 2014. Sector employment is down 17.8% from a decade ago when May 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 23,400 during May, up from 22,700 in April and better than the 22,400 in May 2014. May employment, if not revised, marks a new high for the category. Employment in the regional sector is up more than 47% compared to the 15,900 employed in May 2005.

In Education & Health Services, employment was 25,100 during May, unchanged compared to April and up from 24,500 during May 2014. April and May employment are records for the category. 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 May, up from 33,400 in April and up compared to 32,700 during May 2014. The sector hit an employment high of 33,600 in November.

NATIONAL NUMBERS
Unemployment rates were lower in May than a year earlier in 346 of the 387 U.S. metro areas, higher in 36 areas, and unchanged in five, noted the broad BLS report.

The U.S. unemployment rate in May was 5.5%, up from 5.4% April and down from 6.3% from a year earlier. Arkansas’ jobless rate was 5.7% in May, unchanged from April and down from 6.2% in May 2014.

Oklahoma’s jobless rate during May was 4.3%, up from 4.1% April, and down compared to 4.6% in May 2014. The Missouri jobless rate during May was 5.8%, up from 5.7% in April and below the 6.2% in May 2014.

ARKANSAS METRO AREAS
Fayetteville-Springdale-Rogers
May 2015: 4.3%
April 2015: 4%
May 2014: 4.7%

Fort Smith
May 2015: 5.9%
April 2015: 5.7%
May 2014: 6.2%

Hot Springs
May 2015: 5.9%
April 2015: 5.7%
May 2014: 6.3%

Jonesboro
May 2015: 5%
April 2015: 4.8%
May 2014: 5.7%

Little Rock-North Little Rock-Conway
May 2015: 5.1%
April 2015: 4.8%
May 2014: 5.6%

Memphis-West Memphis
May 2015: 6.6%
April 2015: 5.9%
May 2014: 7.3%

Pine Bluff
May 2015: 7.7%
April 2015: 7.4%
May 2014: 8.4%

Texarkana
May 2015: 5%
April 2015: 4.9%
May 2014: 6.2%

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%