Many parts of the nation are experiencing an economic recovery and the numbers are especially encouraging when it comes to unemployment. Lehigh Valley is one such area. The region is currently looking at the highest employment numbers since 5 years ago in 2008. Let’s look at the recovery in our region and see how it may affect our community in the years to come.
- The regions unemployment rate dropped to 8.3%.
In 2008 the employment number in the Lehigh Valley area reached over 400,000 working individuals. The numbers consistently dropped over the 5 year period to follow but, in March of 2013 the area reached this number once again. State officials and economists have said that this information is encouraging and there are good indications that the growth should continue.
- Hiring spike expected through October.
In April, when the study was published, it was expected that local businesses would increase their hiring for the next six months. This trend could easily continue taking the area well into 2014 and beyond. Continued growth in small businesses as well as increased hiring for many established corporations is still anticipated.
- The numbers may not affect the unemployment rate.
One particular side effect of increased hiring in a region is that many individuals who had become discouraged and given up looking for a new job will now have confidence to return to the market. These people will not be counted in the official unemployment records as they have not been receiving benefits consistently throughout the 5 year period of the economic downturn.
- Population increase affects availability of jobs.
Two additional factors will also affect the market in the Lehigh Valley region. Some people have relocated to the area and others have reached the age where they will be entering the job market for the first time. However, national trends show that this kind of population increase won’t negatively affect the job market in the area moving forward.
Are you looking for a new position in the Lehigh Valley area? HTSS is locally owned and operated and can help you find your next opportunity.