Job Growth Fastest in the State

As reported in our latest Quarterly Market Report, The Asheville MSA (Buncombe, Haywood, Henderson, Madison counties) began the year with exceptionally strong employment gains. Up 3.9 percent over the year,
the MSA is the fastest growing metro area in the state and is outpacing both the state and nation.

Source: NC Employment Security Commission
Source: NC Employment Security Commission

By adding more than 6,000 jobs through the first two months of 2013, our post-recession expansion is up to 31 consecutive months of growth. The pace of growth has accelerated during the last six months, historically averaging an annual growth rate of about one percent; during the last six months rates have steadily risen to near four percent. The surge in new job creation is led by the Leisure and Hospitality sector, up 2,500 new positions, nearly 12 percent over 2012. The sector’s strength confirms the region’s historically strong attraction to visitors and vacationers. Other industries contributing to job growth include Retail, adding 1,400 jobs, and Health Services, up 1,300. The broad based expansion even includes the Manufacturing sector which added 250 jobs in the first quarter.

For an even more in-depth look at the regional economies and how they are affecting the real estate market, go to beverly-hanks.com/reports.

(Source: Tom Tveidt, Syneva Economics)