Year-over-year job growth up more than 4% in Northwest Arkansas

The most recent impressive pace of Northwest Arkansas job growth that began in early 2014 continues, with the number of jobs in July up more than 4% and the size of the workforce up more than 3% compared to July 2014.

The jobless rate in the metro area during July was 4.3%, up from 4.2% in June but below the 5% in July 2014, according to figures recent figures from the U.S. Bureau of Labor Statistics. July’s data is subject to revision. The area jobless rate has been at or below 6% for 24 consecutive months, and below 5% the previous 17 months.

Metro employment during July of 241,087 was above the 240,245 in June, and up 9,363 jobs, or 4.7%, compared to the 231,724 in July 2014. The size of the Northwest Arkansas regional workforce during July was estimated at 252,008, up from the 250,873 in June, and well above the the 244,013 in July 2014. June marked the first time the metro area workforce topped the 250,000 mark.

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 July compared to July 2014. However, six of the eight had jobless rate increases compared to June, with the Fort Smith and Memphis-West Memphis area being unchanged compared to June. During July, the lowest metro jobless rate in the state was 4.3% in Northwest Arkansas and the highest rate was 8.3% in the Pine Bluff area.

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

Unemployed persons in the region totaled 10,921 during July, up from the 10,628 during June and below the 12,289 during July 2014.

Jobs in the Trade, Transportation and Utilities sector — the region’s largest job sector —  totaled 51,700 in July, down from 51,800 in June, but up from the 50,000 in July 2014. The sector hit record employment of 52,400 in December 2014.

The Northwest Arkansas manufacturing sector employed an estimated 27,400 in July, unchanged compared to June, and below the 27,500 during July 2014. Sector employment is down 17.9% from a decade ago when July 2005 manufacturing employment in the metro area stood at 33,400. Average annual employment in the sector hit a high of 35,900 in 2000.

Employment in the region’s tourism industry was 22,800 during July, down from 23,200 in June but better than the 22,200 in July 2014. The sector hit a high of 23,300 in May. Employment in the regional sector is up 43.3% compared to the 15,900 employed in July 2005.

In Education & Health Services, employment was 24,700 during July, down from 24,900 in June but up from 23,900 during July 2014. April and May employment of 25,100 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 29,300 during July, down from 31,400 in June and up compared to 28,600 during July 2014. The sector hit an employment high of 33,600 in November 2014.

NATIONAL NUMBERS
Unemployment rates were lower in July than a year earlier in 359 of the 387 U.S. metro areas, higher in 20 areas, and unchanged in eight, noted the broad BLS report.

The U.S. unemployment rate in July was 5.3%, unchanged from June and down from 6.2% from a year earlier. Arkansas’ jobless rate was 5.6% in July, down from 5.7% in June and down from 6% in July 2014.

Oklahoma’s jobless rate during July was 4.5%, unchanged form June, and up from 4.4% in July 2014. The Missouri jobless rate during July was 5.8%, the same as in June and the same as July 2014.

ARKANSAS METRO AREAS
Fayetteville-Springdale-Rogers
July 2015: 4.3%
June 2015: 4.2%
July 2014: 5%

Fort Smith
July 2015: 5.9%
June 2015: 5.9%
July 2014: 6.3%

Hot Springs
July 2015: 6%
June 2015: 5.7%
July 2014: 6.6%

Jonesboro
July 2015: 5.2%
June 2015: 5.1%
July 2014: 6.1%

Little Rock-North Little Rock-Conway
July 2015: 5.1%
June 2015: 4.9%
July 2014: 5.8%

Memphis-West Memphis
July 2015: 7%
June 2015: 7%
July 2014: 8.2%

Pine Bluff
July 2015: 8.3%
June 2015: 8%
July 2014: 9.3%

Texarkana
July 2015: 5.4%
June 2015: 5.2%
July 2014: 6.6%

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%