Unemployment is down and residential building permits are up, according to the most recent data from the County Economic Research Institute.
The county’s unemployment rate in September, 2017 was 2.9 percent, down from 4.3 percent in 2012, and below the past five year average of 3.6 percent.
That’s good news for most of us. High unemployment increases government costs when benefits must be paid. It also reduces spending power of unemployed individuals and creates has a negative impact on the overall economy.
Unemployment also weakens our society thru its less notable impact: mental health and general well being, insecurity and tension, job stagnation and loss of skills.
So the decrease in unemployment trend is an overall benefit to society, even as it causes employers to increase wages and benefits in a competitive environment.
Increased spending power also translates to increased residential building permits. Year to date, 1,435 single-family building permits have been issued county wide. A five year average is 1,190.
So it’s good news this Holiday Season.
Merry Christmas.