The McMinnville Area is Looking Strong in Jobs
by Nathan Knottingham
The State of Oregon Employment Department released the Mid-Valley Economic Indicators for Yamhill County last week…and the news is looking good!
You will find the one page report on this link.
Growth in the labor markets is a tricky thing. We all want growth and development, however, grow too quickly and the risk of losing the support is high which continues to create instability. So to see reports that show strong growth YOY (year over year) from January 2014 to January 2015 adding more than 360 private sector jobs, that is a win! Follow that with the same YOY comparison adding 270 public sector jobs and we are really feeling good about sustainable growth.
State Employment Economist Nick Beleiciks says, “The large drop in Oregon’s January unemployment rate was the result of very strong job growth in recent months. More Oregonians are employed than ever before and the strength of the labor market is showing across the major indicators” (oregonemployment.blogspot.com, March, 24, 2015).
Who is leading the charge for job growth in our region? The answer is clearly marked in this report showing that manufacturing led the creation trend with 330 jobs added of the overall 360 private sector jobs added in our county. New jobs is a huge benefit to the economic health of our area. New manufacturing jobs can be added by growth of current manufacturers and bringing in new manufacturing to this area. It can be estimated that there will be continued growth in traded sector and manufacturing for some time to come.
Another positive trend is the drop in unemployment YOY and that Yamhill County is reporting lower than the State of Oregon. More of our labor force is working regularly. Although one outlier that I do not have currently is the number of unemployment claims that expired out of the system without being added back to the work force. However, if any indication can be taken from our member Express Employment Professionals then we are sure there are more jobs available then there are people ready to work. Therefore, the unemployment number could continue to drop in the future.
There is a cherry on top of this report as well. Note the graph on the bottom right of the one page report: Manufacturing jobs “have returned to or are near their pre-recession peak.”
So far, the trends are going the right direction. The McMinnville Area Chamber of Commerce continues to support all businesses in our area and is here to help you with any issues you have. Make sure you’re contacting the resources at your disposal to make sure your business, and your community, continue sustainable and determined growth for years to come.