Determining the strength of the economy isn’t always as straightforward as it seems. However, it’s been proven that the amount of jobs and job opportunities available can directly impact economic health. That’s why the news of Alabama’s unemployment rate—and its record-breaking low—is a great sign to everyone living in the state.
More on Alabama’s Unemployment Rate Scores—and Their Impact
In January, Fitzgerald Washington—the Department of Labor Secretary of Alabama—had some amazing news. He relayed that the December unemployment rate reported in our state in had decreased compared to the one documented in the year before. That’s comparing a rate of 2.7 percent to 3.8 percent—and a 1.1 percent decrease in unemployment. As for Lee County, it boasts an impressive unemployment rate of 2.2 percent—0.5 percent less than the state average.
Even better, Alabama has earned a great honor—one the whole country can applaud! Our state’s unemployment rate is the fifth-lowest in the United States of America! More than 2.2 million Alabamians have jobs—and that’s something to celebrate.
The past year has brought two major improvements for Alabama. Not only were more than 46,000 jobs introduced to the state, but wages have grown by $15.14 a month too. That upward trend is important, because it signals the potential for upward mobility and salary increases in local jobs.
The Main Takeaway: What This Means for Real Estate
More job opportunities and increasing wages are the perfect pairing for those wanting to buy a home. If you’re thinking of moving to—or within—Alabama, now is a great time. In fact, if you’re considering making Auburn or Opelika your home, local job opportunities are on the rise. The upcoming Opportunity Zone business park and Auburn Culinary Center mean the arrival of even more new jobs.
Summary
Alabama’s unemployment rate scores deserve a round of applause. With unemployment at such a record-breaking low, it’s an excellent time to think about moving—especially to the Lee County area. Ready to get started? Ryan Roberts is on the job! Just fill out our contact form here to get started. Want to learn more about local news? Check out our blog here.