Economic Trends

Statistics and Analysis

Rowan County’s overall labor force remains strong with growth at the start of 2007 but the unemployment rate outpaced the rest of the state.

As illustrated in the Labor Force Chart (Figure 1), for all of 2006 about 2,300 people joined the local labor market and almost all were employed and with the number of unemployed decreasing by about 200 while the employed increased by 2,500. Through February 2007 (latest figures available from the Bureau of Labor Statistics), this pattern continues with solid labor market growth of 400 with about 50 less people unemployed and about 450 more people employed. There were some anomalies within the market though, with a spike in unemployment in January, a common season event. No mass lay-off or closure occurred within the sample period. Regardless, the Rowan County labor market appears to have a good ability to absorb excess availability and the statistics for the end of 2006 and start of 2007 are positive.

Figure 1: Labor Force Chart

Contrasting the Rowan County unemployment rate with the overall rate for the State of North Carolina and the Charlotte Combined Statistical Area provides further insight in the local economic health. As illustrated in Unemployment Rate Chart (Figure 2), Rowan County’s unemployment rate follows a similar pattern as the region and State. As previously discussed, the spike in unemployment in June and the subsequent absorption and employment growth appears to have not been unique to Rowan. It is positive that Rowan’s unemployment rate curve is similar to the region’s and State’s curves and implies that the County’s economy is integrated within the region and State. So, the rising tide can be reasonably expected to proverbially raise Rowan’s boat.

Figure 2: Unemployment Rate Chart

The core message of these statistics and analysis is that Rowan has a strong local economy that continues to grow and develop. While unemployment is higher locally, it is neither disproportionate nor anomalous.