In a closely related breakthrough, Asheville’s average hourly earnings broke $20 for the first time. The rate jumped by nearly 6% from a year earlier; the largest percentage increase since 2008. At $20.20 an hour, Asheville’s average hourly earnings is sixth highest among the state’s metros. Asheville’s current unemployment rate, at 6.8%, is the lowest rate among all fourteen North Carolina metros and well below the statewide rate of 9.1% and 4% increase in median home values. This low rate translates into the fewest number of persons unemployed in a third quarter since 2008. Additionally, among all of the state’s metros, Asheville currently holds the lowest rate of new unemployment insurance claims being filed, less than 0.4% of the total labor force.
Source: US Bureau of Labor Statistics
To read more about the regional economy and its impact on the housing markets in Buncombe, Henderson, and Haywood counties check out the Beverly-Hanks & Associates Quarterly Market Report.