Home building and construction job growth to ease Triangle unemployment rate

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The Triangle’s unemployment rate has risen slightly, but an economist says this isn’t because the economy is doing bad: It is because the region is pulling job seekers from the rest of the country — and things should continue to improve, especially in home building and construction.

“Hiring is strong,” Vitner was quoted as saying in the Raleigh News and Observer. “More and more businesses are hiring workers.”

Vitner projects that consumers, who benefit from the stronger dollar and lower energy prices, will drive growth in the second half of the year.

“Home sales and construction should be stronger,” he said. “Things tied to residential construction (such as) financial services and insurance should do better.”

The region’s unemployment rate in June was 5.1 percent, up a notch from 5 percent in May, according to data released by the N.C. Department of Commerce and seasonally adjusted by Wells Fargo. The Triangle’s unemployment rate also stood at 5 percent in June 2014.

“It’s hard to reduce the unemployment rate when you have so many job seekers coming in looking for jobs,” he was quoted as saying. However, Vitner said the Triangle’s unemployment could fall three-tenths of a percentage point in the second half of the year as hiring accelerates.

So far this year, the Triangle has added 6,500 jobs; 1,900 in June.

The Triangle added 1,900 jobs in June. So far this year, it has added 6,500 jobs.

The area’s overall unemployment rate has done better than the state as a whole, which increased to 5.8  in June, the fourth consecutive monthly increase.

 

 

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