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:

• The State of Ohio's (Non-Seasonally Adjusted) Unemployment Rate for May (5.3%) was below the U.S. (Non-Seasonally Adjusted) rate for the same month  (6.1%). This trend has been in place since March, 2014 (the rates were the same - 7.0% - in February). Ohio's May figure is the same as that reported in  April;
• U.S. unemployment rate (Non-Seasonally Adjusted) for May is .2% higher than the April figure; 
• Licking County's May Unemployment Rate (4.6%) is equal to the April rate;
• May's county rate represents the lowest unemployment figures for 2014. April and May's rate of unemployment are
  at the lowest level since November, 2006 ;
• Licking County's May Unemployment Rate is below the rate of all but 17 other Ohio counties. Five (5) other counties also reported a 4.6% unemployment figure. Sixty Five (65) of Ohio's 88 counties reported higher rates of unemployment;
• Licking County's most recent Unemployment Rate decreased 1.9% percentage point (6.5%, vs. 4.6%), period to period, compared with May, 2013. Approximately 1,000 more people were employed in May, 2014, versus May, 2013;
• Licking County's Unemployment Rate has fallen 2.1 percentage points (6.7%, vs. 4.6%), since January, 2014;
• Licking County's reported Civilian Labor Force for May (85,000) is the 15th highest reported since January, 1970. It is also the 3rd highest level reported this calendar year;
• Licking County's reported Employment (81,100) is the highest reported since January, 1970!

Our county's May unemployment rate is .2% higher than that for JobsOhio-designated 11-county Columbus Region  (4.4%) 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: 3.7%, Union County: 3.9%; Franklin County: 4.4%; Fairfield County: 4.5%; Logan County: 4.4%; Madison County: 4.5%).

All counties within the Greater Columbus Region experienced relative stability (variance of .5%, or less, in either direction) in the rate of unemployment, from April to May. Seven (7) counties experienced either no change or a miniscule increase in their respective unemployment rates. Licking County's May unemployment rate is significantly lower (1.8% - 2.0%) than those of the counties immediately to our East and Southeast. This continues to support the observation  that our economic base remains stable, our neighbors within Licking County are comparatively 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 April-to-May reported data indicates that all but 3 counties within our 11-county region experienced an increase in Civilian Labor Force from April to May. Our community represents approximately 8% of the growth in Total Employment in our region from April to May, and approximately 7% of the growth in Civilian Labor Force, over the same period.

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 41,000 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 8 of the 10 highest levels of Civilian Labor Force and Total Employment reported for Licking County since January 1970, have occurred since January, 2013. The total reported number of unemployed (3,900) is at its lowest level since December, 2006.

While there is always 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, sustainable 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.