|
Weaknesses in housing market and manufacturing weigh on region's economy
You would have to go back, way back -- past the 2004 hurricanes, past
9/11, past the first election of George W. Bush to the presidency, even
before the election of the first George Bush -- to find out when this
last happened.
Unemployment across Manatee, Sarasota and Charlotte counties is worse than the state average.
It
seems a sure sign that the impact of the suffering housing market and
recent layoffs at some of Southwest Florida's manufacturing companies
is making itself known at the unemployment office.
According to
statistics released Friday by the Florida Agency for Workforce
Innovation, Charlotte County had the region's highest rate at 5.5
percent and the ninth-highest rate in Florida last month. Its rate was
up 0.8 percentage points from June and 1.7 percentage points from this
time last year.
Sarasota County's unemployment rate was 4.4
percent -- the second-highest in the region -- and up 0.6 percentage
points from last month and 1.2 percentage points from July 2006.
Manatee
County had a rate of 4.2 percent, 0.5 percentage points higher than
last month and up a full percentage point from this time last year.
Meanwhile,
Florida's seasonally adjusted total rose from 3.5 percent in June to
3.9 percent in July. That still placed the Sunshine State as the lowest
of the 10 most populous states.
The national unemployment rate was 4.6 percent.
"For
a number of months, declines in the construction industry have had an
effect on Florida's job market," said Monesia T. Brown, director of the
Florida Agency for Workforce Innovation. "National markets, in addition
to Florida, are feeling the impacts of declines in construction,
tightening financial markets and higher gas prices."
Florida's
annual job growth rate reflected a slight increase in July. The state's
1.6 percent job growth was higher than the national rate of 1.4 percent.
The state is now ranked third in job growth among the nation's 10 most populous states, behind Texas and California.
From
July 2006 through last month, job growth was led by education and
health services, which gained 38,100 jobs. The state has had 59
straight months of growth.
Charlotte had the ninth highest unemployment rate among Florida's 67 counties; Sarasota was No. 28; and Manatee was No. 37.
The
highest unemployment rate was in Hendry County, southeast of Charlotte
County near Lake Okeechobee, at 9.9 percent, while the lowest was in
Walton County, in the Florida Panhandle, at 2.4 percent.
Traditionally,
the job market in Charlotte, Manatee and Sarasota counties has shown
low unemployment relative to the rest of Florida because of the
region's tourism and service industries.
But layoffs in recent
months in the region's manufacturing industry have compounded
continuing job losses in the home building and real estate sector.
Manatee
County's CFI Manufacturing-Carter Grandle Furniture, for example, cut
100 employees at the beginning of the year after filing for bankruptcy
protection.
Wellcraft Marine, also in Manatee, has trimmed 70
jobs; Honeywell International is cutting 125 manufacturing jobs from
its Sarasota County plant; and Cooper Industries is closing its WPI
Interconnect Products plant in Manatee County, cutting 99 workers.
UNEMPLOYMENT SPIKES IN THE REGION
CHARLOTTE COUNTY
July 2007: 5.5%
June 2007: 4.7%
July 2006: 3.8%
SARASOTA COUNTY
July 2007: 4.4%
June 2007: 3.8%
July 2006: 3.2%
MANATEE COUNTY
July 2007: 4.2%
June 2007: 3.7%
July 2006: 3.2%
Source: Florida Agency for Workforce Innovation
http://www.heraldtribune.com/article/20070818/BUSINESS/708180596
|