We are pleased to share with you more good news about the performance of the Licking County economy. A link to the most recent State of Ohio Labor Force Estimates, released today, is included below.  A few observations about the data, and our community's performance:

 

• For the second month in a row, Licking County's total employment has reached historic levels. The county's employment level is higher than at any time since January, 1970. 
• The State of Ohio's (Non-Seasonally Adjusted) Unemployment Rate for June (5.9%) was below the U.S. (Non-Seasonally Adjusted) rate for the same month  (6.3%). This trend has been in place since March, 2014 (the rates were the same - 7.0% - in February). Ohio's June figure is .6% higher than that reported in May;
• U.S. unemployment rate (Non-Seasonally Adjusted) for June is .2% higher than the May figure; 
• Licking County's May Unemployment Rate (5.1%) is .5% higher than the May rate;
• June's county rate represents the second lowest unemployment figure for 2014, bested only by April and May;
• Licking County's June Unemployment Rate is below the rate of all but 21 other Ohio counties. Four (4) other counties also reported a 5.1% unemployment figure. Sixty-two (62) of Ohio's 88 counties reported higher rates of unemployment;
• Licking County's most recent Unemployment Rate decreased 2.3% percentage point (7.4%, vs. 5.1%), period to period, compared with June, 2013. Approximately 1,300 more people were employed in June, 2014, versus June, 2013;
• Licking County's Unemployment Rate has fallen 1.6 percentage points (6.7%, vs. 5.1%), since January, 2014;
• Licking County's reported Civilian Labor Force for May (86,300) is the 4th highest reported since January, 1970. It is also the highest level reported this calendar year;
• Licking County's reported Employment (81,800) is the highest reported since January, 1970! This exceeds, by approximately 700 people, the previous high - reported in May, 2014.

Our county's June unemployment rate is .2% higher than that for JobsOhio-designated 11-county Columbus Region  (4.9%) Licking County's rate is nearly the mid-point in the region. Six (6) counties have lower reported rates of unemployment for May (Delaware County: 4.1%, Union County: 4.4%; Franklin County: 4.8%;  Logan County: 4.7%; Madison County: 4.9%; Morrow County: 4.9%).  

Licking County and Comparative Labor Force Data

All counties within the Greater Columbus Region experienced relative stability (variance of 1.0%, or less, in either direction) in the rate of unemployment, from May to June. Licking County's June unemployment rate is significantly lower (2.0% - 2.1%) than those of the counties immediately to our East and Southeast. This continues to support the observation  that our economic base remains strong and stable, our neighbors within Licking County are highly employable, yet there remains a sufficient number of people of diverse talents available for potential employers within reasonable proximity. This is increasingly important, as the region reaches the level considered "statistical full employment" by many economists.

This observation is further fueled by labor force statistics. A comparison of the May-to-June reported data indicates that all but one county within our 11-county region experienced an increase in Civilian Labor Force from May to June. All but two of those counties experienced growth in employment. Licking County generated approximately 9% of the growth in Total Employment in our region from May to June, and approximately 10% of the growth in Civilian Labor Force, over the same period. 

Licking County experienced the 3rd highest numerical increase in both Total Employment and Civilian Labor Force, from May to June. That figure should also be viewed within the context of Franklin County's location within our region, as that community realizes numerical increases disproportionate to the balance of the region. 

Licking County's ease of access, immediately available work force, and proximity to areas of high unemployment, enables us to point out to potential employers that a significant regional labor pool remains available to Licking County employers. The sustained strength of both Civilian Labor Force and Total Employment reinforce this perspective. Using only physical adjacency of counties and current unemployment estimates as defining criteria, Licking County affords employers with a labor pool of approximately 50,000 available workers. The functional reality is that this number is likely even greater, given commuting patterns and "acceptable drive time."

The bottom line:  The most broadly-observed barometer of employment - the unemployment rate - remains consistent, and "competitive." Most significantly, the critical measures of economic health and stability - total civilian labor force and employment - are historically strong. It is worth noting that the 10 highest levels of Total Employment, and 8 of the 10 highest levels of Civilian Labor Force reported for Licking County since January 1970, have occurred since early 2012. The total reported number of unemployed (4,400) is at its second-lowest level this year, and since December, 2006. 

While there is always the opportunity for improvement, and we should never lose sight of the fact that these numbers report on the condition of real people in our community, these indicators - particularly when evaluated in a broader context - continue to suggest a stable economic base, sustained growth, and a positive trend.  As noted above, as the county and the region approach statistical full employment, our ability to deliver quality, skilled workers will be tested.  We are fortunate, in our county, to have a strong network of workforce development partners and progressive thinkers who will enable us to maximize our opportunities to advance the quality of our labor force and continue to differentiate ourselves within our region, and the state.   

We are always available to discuss these data, or any other development-related issue, at your convenience. Thank you for your continued support, and leadership, to make our great community even greater.