The Federal Reserve just released the latest edition of its Summary of Commentary on Current Economic Conditions, better known as the “Beige Book.” The Beige Book is a collection of largely anecdotal information gathered by Federal Reserve Bank officials from business and market experts throughout the country. It is published eight times each year.
The latest report states that the economy in the Kansas City district (which includes western Missouri, Kansas, Nebraska, Wyoming, Colorado, Oklahoma, and northern New Mexico) grew at a strong pace in October and early November. Other districts with economies growing at a strong pace included New York, Richmond, Chicago and Minneapolis. The Boston, Cleveland, Atlanta, Dallas and San Francisco districts also grew, but at a more modest pace. Economic growth in the St. Louis and Philadelphia districts was described as mixed.
The growth in the Kansas City district was attributed to increased optimism from manufacturers and increased demand for energy and agriculture products produced in the region. On the down side, real estate and construction activity continued to languish in the district.
For more information on the Federal Reserve Bank’s Beige Book, click here.
Thursday, December 2, 2010
Wednesday, November 24, 2010
Kansas City’s Real Estate Market Emerging Trends
The Urban Land Institute (ULI) released its “2011 Emerging Trends in Real Estate” report last month. The report grades the country’s major metropolitan areas on investment and development opportunities. It is no surprise that very few markets are seen as “markets to watch.” Washington, D.C., New York, San Francisco and Austin top the list as the best markets for commercial/multifamily investment and development. Out of the largest 51 metros in the country, Kansas City ranked in the bottom third. ULI’s report considers Kansas City a “modestly poor” investment prospect and a poor development prospect.
In looking at the prospects for these large metros, it does appear that things fare better in the traditional big cities on the coasts, like New York, Los Angeles, San Francisco-San Jose and Washington, D.C. Texas metros appear to be emerging, as does Denver, but most of the non-coastal metros have poor prospects.
Kansas City has never really been a trendsetter when it comes to real estate prospects, but its poor showing in the ULI report is still somewhat concerning. Markets that are perceived as established or emerging global cities are attracting the real estate development and investment while the secondary markets are being overlooked. If this perception is not changed, the gap between the hot, trendy markets and colder, secondary markets will widen.
In looking at the prospects for these large metros, it does appear that things fare better in the traditional big cities on the coasts, like New York, Los Angeles, San Francisco-San Jose and Washington, D.C. Texas metros appear to be emerging, as does Denver, but most of the non-coastal metros have poor prospects.
Kansas City has never really been a trendsetter when it comes to real estate prospects, but its poor showing in the ULI report is still somewhat concerning. Markets that are perceived as established or emerging global cities are attracting the real estate development and investment while the secondary markets are being overlooked. If this perception is not changed, the gap between the hot, trendy markets and colder, secondary markets will widen.
Monday, November 8, 2010
Are We Turning the Corner in Employment?
October employment figures for the U.S. were released today to overall positive reviews. The most positive feature was the month-to-month increase in employment of 151,000 jobs nationwide. Public-sector jobs lost 8,000, but a stronger-than-expected increase of 159,000 in the private sector made for the first positive growth since May.
The National Bureau of Economic Research declared the 2007-09 recession over 16 months ago. Despite this passage of time, a very sluggish employment market keeps us feeling as if we are still in the recession’s grip. This leads us to wonder, how does this recovery compare to the 2001 recession in terms of employment?
The chart below shows month-over-month change in private employment for the 16-month period after the end of the 2001 recession compared to the 16 months after the 2007-09 recession. (We chose to focus on private employment since temporary census hiring and layoffs skewed the total figures, and growth in employment in the long-term will ultimately depend on private hiring.) Notice that the columns to the left are both negative for many months after recession’s end. This is typical, as employment is a lagging indicator. Employers will typically not start hiring until they are fairly certain the economy is on solid footing.
Somewhat surprising is the difference we see beginning about eight months after the end of each recession. Private employment has grown faster in the 2007-09 recovery than in the 2001 recovery. In the current recovery, monthly private employment change has been positive since December 2009. The 2001 recovery did not exhibit steady private employment growth until almost two years after the recession ended.
There are two important things to keep in mind, however. First, we are celebrating a total employment increase of only 151,000 nationwide. While encouraging, this increase did nothing to the overall unemployment rate, which stayed steady at 9.6 percent. Economists estimate that for the unemployment rate to go down, the U.S. economy would need to add at least 200,000 jobs a month. Second, the 2001 and 2007-09 recessions are very different animals. The 2001 recession saw a loss of almost 3 million private sector jobs, which was tame by comparison to the nearly 8.5 million lost in the 2007-09 recession. So with a much deeper loss in the most recent recession, it stands to reason that the recovery should be a bit more robust.
Regardless, the positive take away from this should be 10 consecutive months of private employment growth nationwide. Granted, the monthly growth figures could be higher, but 10 months still looks like a positive trend.
The National Bureau of Economic Research declared the 2007-09 recession over 16 months ago. Despite this passage of time, a very sluggish employment market keeps us feeling as if we are still in the recession’s grip. This leads us to wonder, how does this recovery compare to the 2001 recession in terms of employment?
The chart below shows month-over-month change in private employment for the 16-month period after the end of the 2001 recession compared to the 16 months after the 2007-09 recession. (We chose to focus on private employment since temporary census hiring and layoffs skewed the total figures, and growth in employment in the long-term will ultimately depend on private hiring.) Notice that the columns to the left are both negative for many months after recession’s end. This is typical, as employment is a lagging indicator. Employers will typically not start hiring until they are fairly certain the economy is on solid footing.
Somewhat surprising is the difference we see beginning about eight months after the end of each recession. Private employment has grown faster in the 2007-09 recovery than in the 2001 recovery. In the current recovery, monthly private employment change has been positive since December 2009. The 2001 recovery did not exhibit steady private employment growth until almost two years after the recession ended.
There are two important things to keep in mind, however. First, we are celebrating a total employment increase of only 151,000 nationwide. While encouraging, this increase did nothing to the overall unemployment rate, which stayed steady at 9.6 percent. Economists estimate that for the unemployment rate to go down, the U.S. economy would need to add at least 200,000 jobs a month. Second, the 2001 and 2007-09 recessions are very different animals. The 2001 recession saw a loss of almost 3 million private sector jobs, which was tame by comparison to the nearly 8.5 million lost in the 2007-09 recession. So with a much deeper loss in the most recent recession, it stands to reason that the recovery should be a bit more robust.
Regardless, the positive take away from this should be 10 consecutive months of private employment growth nationwide. Granted, the monthly growth figures could be higher, but 10 months still looks like a positive trend.
Wednesday, October 13, 2010
Housing Price Chart From “Central Standard”
Below is the chart I referenced today on KCUR’s “Central Standard” program. The data comes from the Federal Housing Finance Agency. The chart shows how the housing values in these 6 metros all increased at relatively the same rate until about 2003. Then the housing bubble began to grow, especially in hot growth markets like Las Vegas and Miami and, to a lesser extent in Denver and Minneapolis-St. Paul. Kansas City, however maintained a stable rate of growth until the housing bubble burst in late 2007. During the recession in 2008 and early 2009 housing prices fell precipitously in those markets that saw huge increases in values just a few years earlier. In Kansas City, we did not experience the large increase, so consequently we did not experience a great home value collapse.
To close on a positive not, across all of these metros, it appears that the worst may be over. All are showing signs over the past few quarters that their home prices are stabilizing.
To close on a positive not, across all of these metros, it appears that the worst may be over. All are showing signs over the past few quarters that their home prices are stabilizing.
Wednesday, September 29, 2010
Area Unemployment Rate Remains Stubborn
The unemployment rate for August, released today, sits at 8.8 percent for the second consecutive month. One year ago the rate was 8.9 percent. Although the economy is now officially in recovery mode (the National Bureau of Economic Research declared the recession over as of June 2008) we have yet to see a surge in employment. There remains a great deal of uncertainty in the economy. Businesses are not going to start hiring again until they are confident the economy is on solid ground. While economic figures like GDP were encouraging earlier in the year, the third quarter numbers are not expected to be as strong. This will likely forestall many employers’ hiring plans even further. Unfortunately, this is looking more and more like a very slow recovery.
Monday, August 23, 2010
Competition for Open Jobs Remains High
For every job posting in the Kansas City area there are three unemployed persons, according to the job search site Indeed.com. Out of the top 50 metro areas, Kansas City ranks right in the middle at 25th. The best place to be looking for work according to the site was Washington, D.C., with one job posting for every one unemployed person. At the bottom of the list are Metro Detroit and the Miami area with eight unemployed persons for every job posting.
Friday, July 30, 2010
June Employment Numbers Released
Kansas City’s unemployment rate edged up from 8.3 percent to 8.5 percent in between May and June. This is still better than the 8.9 percent rate we had one year ago.
We typically see a boost in employment and labor force during the summer months as students are looking for work. This is clearly the case this summer, as the labor force (the number of people who are employed or are actively looking for work) increased by nearly 11,500. Employment also increased, but by less than 9,000, thus leading to a higher unemployment rate.
Historically, June is the high point of the year for employment rates because of seasonal summer jobs. Hopefully that will not be the case this year. If the economic recovery gains some traction and we begin to see some real employment increases we can look forward to higher employment levels in the months to come.
We typically see a boost in employment and labor force during the summer months as students are looking for work. This is clearly the case this summer, as the labor force (the number of people who are employed or are actively looking for work) increased by nearly 11,500. Employment also increased, but by less than 9,000, thus leading to a higher unemployment rate.
Historically, June is the high point of the year for employment rates because of seasonal summer jobs. Hopefully that will not be the case this year. If the economic recovery gains some traction and we begin to see some real employment increases we can look forward to higher employment levels in the months to come.
Friday, July 2, 2010
May Unemployment Rates Released
As much as we want the recession to be over and to be on a solid road to recovery, the sad fact is we are still a ways away from a strong economy, at least in terms of employment. Sure, April gave us reason to hope when the regional unemployment rate dropped from 9.3 percent to 8.3 percent. The number of people who were unemployed dropped by nearly 10,000 and actual number of people working climbed by nearly 12,000.
May’s numbers were released this week, and they were not bad, but they were not particularly good either. All variables (Labor Force, Employment, Unemployment and Unemployment Rate) leveled off instead of showing continued signs of improvement. The labor force increased by 213, unemployment decreased by 714, while employment grew by just 927. The unemployment rate remained unchanged at 8.3 percent.
Adding to this lackluster news is today’s release of the national employment numbers for June (remember the state and local figures will lag the national) indicating a net loss of 125,000 jobs. The loss of 225,000 temporary census jobs is largely to blame for the net decline. Were it not for the loss of these census jobs, the country would have added roughly 100,000 jobs. The bulk of these jobs (83,000) were in the private sector, but economy-wide, this increase barely makes a dent.
May’s numbers were released this week, and they were not bad, but they were not particularly good either. All variables (Labor Force, Employment, Unemployment and Unemployment Rate) leveled off instead of showing continued signs of improvement. The labor force increased by 213, unemployment decreased by 714, while employment grew by just 927. The unemployment rate remained unchanged at 8.3 percent.
Adding to this lackluster news is today’s release of the national employment numbers for June (remember the state and local figures will lag the national) indicating a net loss of 125,000 jobs. The loss of 225,000 temporary census jobs is largely to blame for the net decline. Were it not for the loss of these census jobs, the country would have added roughly 100,000 jobs. The bulk of these jobs (83,000) were in the private sector, but economy-wide, this increase barely makes a dent.
Friday, May 21, 2010
April Home Sales Figures are Strong
The Kansas City Regional Association of Realtors released its April home sales figures this week, and there is reason for cautious optimism. April saw 2,644 home sales, an increase of 672 from April 2009. Even more encouraging is the fact that these homes’ average selling price was up by more than $5,000 from one year ago.
Additional good news is that the overall housing inventory has leveled off at around 16,500 homes. There were actually fewer homes for sale in April 2010 than April 2009. On average, it takes 7.4 months for a home to sell in the Kansas City area, down from eight months one year ago.
Overall, this is all good news so why the cautious optimism? Undoubtedly the ending of the Housing Tax Credit in April spurred much of the activity last month. It is likely that many potential homebuyers made their purchases in April to beat the deadline, so we might see that sales are down in May and June because so many buyers already jumped into the market. May’s figures will be very telling. If sales plummet, we can assume April was an anomaly caused by the tax credit. However, if sales remain strong, we might be seeing the beginnings of the housing market recovery that the economy has been yearning for since 2008.
Additional good news is that the overall housing inventory has leveled off at around 16,500 homes. There were actually fewer homes for sale in April 2010 than April 2009. On average, it takes 7.4 months for a home to sell in the Kansas City area, down from eight months one year ago.
Overall, this is all good news so why the cautious optimism? Undoubtedly the ending of the Housing Tax Credit in April spurred much of the activity last month. It is likely that many potential homebuyers made their purchases in April to beat the deadline, so we might see that sales are down in May and June because so many buyers already jumped into the market. May’s figures will be very telling. If sales plummet, we can assume April was an anomaly caused by the tax credit. However, if sales remain strong, we might be seeing the beginnings of the housing market recovery that the economy has been yearning for since 2008.
Monday, May 17, 2010
Random Economic News
There are a couple of positive economic notes in today’s news. RealtyTrac reports that nationwide foreclosures dropped 9 percent in March and an additional 2 percent in April compared to the previous month. Now that we are a good three years into the housing crisis, it would appear that foreclosures may have finally reached their peak and we will see foreclosure numbers continue to decline.
The negative effect of foreclosed properties on all surrounding properties is well documented. While this negative impact should begin to slowly mitigate as foreclosure numbers drop, it is still far too early to declare victory over the housing crisis. An estimated 25 percent of all homeowners still owe more on their homes than they are worth. It will likely take years before the housing market gets back to some semblance of normalcy — and before homeowners can once again feel their home is a valuable asset and not a net negative to their financial well being.
On the employment side, first time unemployment filings declined again for the fourth straight week. This news comes on the heels of a solid April job growth number of 290,000.
These are not giant leaps ahead for the economy, but they can be looked at as baby steps in the right direction.
http://money.cnn.com/2010/05/13/real_estate/april_foreclosures/index.htm?hpt=T2
http://money.cnn.com/2010/05/13/news/economy/initial_claims/index.htm
The negative effect of foreclosed properties on all surrounding properties is well documented. While this negative impact should begin to slowly mitigate as foreclosure numbers drop, it is still far too early to declare victory over the housing crisis. An estimated 25 percent of all homeowners still owe more on their homes than they are worth. It will likely take years before the housing market gets back to some semblance of normalcy — and before homeowners can once again feel their home is a valuable asset and not a net negative to their financial well being.
On the employment side, first time unemployment filings declined again for the fourth straight week. This news comes on the heels of a solid April job growth number of 290,000.
These are not giant leaps ahead for the economy, but they can be looked at as baby steps in the right direction.
http://money.cnn.com/2010/05/13/real_estate/april_foreclosures/index.htm?hpt=T2
http://money.cnn.com/2010/05/13/news/economy/initial_claims/index.htm
Wednesday, April 28, 2010
March Unemployment Figures Released
Several signals in recent months have indicated that we are well on our way to economic recovery. Unfortunately we can’t include March’s employment data in that group. The Kansas City metro’s unemployment rate increased in March to 9.3 percent. This is an increase from 9.1 percent last month and 8.4 percent one year ago. The labor force (the count of all people who are either employed, or unemployed and are actively looking for work) declined to 1,025,298, the lowest figure since June of 2006. Meanwhile employment (the number of people who are employed) dropped to 930,131 — its lowest point since September 1996!
We can’t say these figures are a complete surprise. Employment is a lagging indicator, so we will not likely see employment growth until the recovery is deemed to be strong and sustainable. However, the fact that we have to go back to 1996 to see local employment at the same level we have today is still startling. These numbers really speak to the magnitude of the 2008-09 recession. Yes, we believe we are on our way to economic recovery, but it is certainly going to take a while, especially on the employment front.
We can’t say these figures are a complete surprise. Employment is a lagging indicator, so we will not likely see employment growth until the recovery is deemed to be strong and sustainable. However, the fact that we have to go back to 1996 to see local employment at the same level we have today is still startling. These numbers really speak to the magnitude of the 2008-09 recession. Yes, we believe we are on our way to economic recovery, but it is certainly going to take a while, especially on the employment front.
Wednesday, April 21, 2010
$136 Million Investment in Fairfax Plant Announced
General Motors CEO Edward Whitacre announced today that GM will be paying back the government loan it received last year four years ahead of schedule. Whitacre said much has changed at GM in the past year, and these changes have allowed them pay back the government and look forward to a brighter future.
This was certainly good economic news in itself, but the best news, at least for the Kansas City area, was Whitacre’s announcement that GM will invest $136 million in the Fairfax plant to make the next-generation Chevy Malibu. This investment will make Fairfax the primary manufacturer of the Malibu.
We have written much about the local auto manufacturing sector in this blog. Despite the severe downturn in this sector, Kansas City’s auto manufacturers have not only survived, but thrived. Last year, Fairfax added a third shift when there was speculation that it might lose jobs. The Claycomo plant continues to make two very popular models in Ford’s line. Now with news of today’s GM investment, we can say that auto manufacturing in Kansas City is one of the region’s economic bright spots.
This was certainly good economic news in itself, but the best news, at least for the Kansas City area, was Whitacre’s announcement that GM will invest $136 million in the Fairfax plant to make the next-generation Chevy Malibu. This investment will make Fairfax the primary manufacturer of the Malibu.
We have written much about the local auto manufacturing sector in this blog. Despite the severe downturn in this sector, Kansas City’s auto manufacturers have not only survived, but thrived. Last year, Fairfax added a third shift when there was speculation that it might lose jobs. The Claycomo plant continues to make two very popular models in Ford’s line. Now with news of today’s GM investment, we can say that auto manufacturing in Kansas City is one of the region’s economic bright spots.
Friday, April 2, 2010
Positive Economic News This Week
After two years of mostly dire economic news, three positive economic items released this week almost seems like an embarrassment of riches.
On Tuesday, the Conference Board announced that consumer confidence rebounded from a surprising dip in February. March’s index figure was 52.5, up from 46.4 in February. Consumer confidence had been increasing steadily between October 2009 and January 2010 before February’s drop.
Thursday’s bit of good news was a positive manufacturing report. The Institute for Supply Management’s manufacturing index rose for the eighth straight month in February. This index is based on a survey of purchasing managers and is seen as a reliable measure of manufacturers’ confidence in the economy.
And today, the Labor Department announced that the national economy added 162,000 jobs in March, the largest increase in three years. It is worth noting that an estimated 48,000 of those jobs are temporary Census jobs; still, the other 100,000-plus jobs will mark an end to the continuous job losses we experienced in 2008 and 2009. These new jobs did not lower the unemployment rate. It stands at 9.7 percent for the third straight month.
We will get updated employment data for the Kansas City area next week, on April 7, when February’s local data is released. March’s data will be released on April 28.
On Tuesday, the Conference Board announced that consumer confidence rebounded from a surprising dip in February. March’s index figure was 52.5, up from 46.4 in February. Consumer confidence had been increasing steadily between October 2009 and January 2010 before February’s drop.
Thursday’s bit of good news was a positive manufacturing report. The Institute for Supply Management’s manufacturing index rose for the eighth straight month in February. This index is based on a survey of purchasing managers and is seen as a reliable measure of manufacturers’ confidence in the economy.
And today, the Labor Department announced that the national economy added 162,000 jobs in March, the largest increase in three years. It is worth noting that an estimated 48,000 of those jobs are temporary Census jobs; still, the other 100,000-plus jobs will mark an end to the continuous job losses we experienced in 2008 and 2009. These new jobs did not lower the unemployment rate. It stands at 9.7 percent for the third straight month.
We will get updated employment data for the Kansas City area next week, on April 7, when February’s local data is released. March’s data will be released on April 28.
Monday, March 1, 2010
Kansas City Home Prices Expected to Continue Downward Trend
Kansas City home prices have not yet reached their low point according to a joint study from Moody’s and Fiserv. Kansas City home prices declined 1.3 percent between 3rd quarter 2008 and 3rd quarter 2009. The study predicts a further decline of 2.2 percent between 3rd quarter 2009 and 2010, and another 1.6 percent drop between 3rd quarter 2010 and2011.
Kansas City is not alone in this decline. The report indicates that all of our peer metros will also see some decline this year before showing signs of stability next year. Even though Kansas City’s housing prices appear to be stabilizing between the last two periods (-2.2 percent to -1.6 percent), the 1.6 percent decline will represent the greatest decline in values among the peer metros.
Among our peers, Minneapolis-St. Paul and Portland have seen the greatest drops in value. These declines are still tame compared to places like Miami, where prices will have dropped by a whopping 64 percent over the past three years.
Foreclosures continue to be the main cause for the declines. Foreclosure activity is expected to pick up in the spring, which will cause a flood of homes to enter the market, many at greatly reduced prices.
We have been looking for the housing market to stabilize and provide a steady foundation for a recovery for a while now. It is looking more and more like that will not happen anytime soon. Here in the Midwest, we can at least be thankful that our housing prices did not hyper-inflate as they did in many sunbelt states.
Thursday, January 28, 2010
Area Home Foreclosures Increased in 2009
RealtyTrac released its 2009 metro-level foreclosure activity report today. There is a definite “good news-bad news” angle to the Kansas City data. First, the bad news: there were more foreclosures in 2009 than there were in 2008. All told, 15,067 homes in the Greater Kansas City area had at least one foreclosure filing in 2009. This is an 11 percent increase from 2008 and a 50 percent increase over 2007. This represents 1.75 percent of housing units in the area, or one out of every 57 homes.
Now for the good news angle: the Kansas City area had fewer foreclosures than a lot of other areas, ranking 79th out of the largest 203 metros in the country in terms the percentage of homes in foreclosure. Our 1.75 percent rate falls well below the national average of 2.21 percent. Among our 9 peer metros, Kansas City ranks 5th on the list behind Salt Lake City (2.91 percent), Denver (2.78), Indianapolis (2.47), and Portland (2.26). Of our peers, Omaha had the lowest rate at .52 percent.
Las Vegas, Nev., was on top of this dubious list, with over 12 percent of its housing units — one out of every eight homes — in foreclosure in 2009. The top of the list was dominated by metros in the southwest and in Florida. In fact, 27 of the 30 metros with the highest foreclosure rates were in California, Nevada, Arizona or Florida.
Now for the good news angle: the Kansas City area had fewer foreclosures than a lot of other areas, ranking 79th out of the largest 203 metros in the country in terms the percentage of homes in foreclosure. Our 1.75 percent rate falls well below the national average of 2.21 percent. Among our 9 peer metros, Kansas City ranks 5th on the list behind Salt Lake City (2.91 percent), Denver (2.78), Indianapolis (2.47), and Portland (2.26). Of our peers, Omaha had the lowest rate at .52 percent.
Las Vegas, Nev., was on top of this dubious list, with over 12 percent of its housing units — one out of every eight homes — in foreclosure in 2009. The top of the list was dominated by metros in the southwest and in Florida. In fact, 27 of the 30 metros with the highest foreclosure rates were in California, Nevada, Arizona or Florida.
Tuesday, January 5, 2010
Metro Unemployment Rate Declines Slightly in November
Kansas City’s unemployment rate declined for the second straight month in November, although the decline was slight — from 8.4 percent to 8.3 percent. This is the lowest the local unemployment rate has been since April.
Looking under the surface we see that the decline occurred primarily because people dropped out of the labor force. The labor force dropped by 2,866, which overshadowed the decline in employment of 1,644. So even though there were fewer jobs, the unemployment rate dropped — because fewer people were participating in the workforce. For more on how the unemployment rates are calculated see our glossary. As we have mentioned before, we would prefer to see declining unemployment rates because employment is rising faster than the labor force.
By way of comparison, the national non-seasonally adjusted unemployment rate was 9.4 percent. (The adjusted unemployment rate was 10 percent. Since metro level seasonally adjusted unemployment rates are not available, we use the non-seasonally adjusted national figure for comparison.) Missouri’s unemployment rate rose to 9.2 percent from 8.9 percent in October. Kansas continues to have one of the lowest unemployment rates in the country at 6.2 percent.
Looking under the surface we see that the decline occurred primarily because people dropped out of the labor force. The labor force dropped by 2,866, which overshadowed the decline in employment of 1,644. So even though there were fewer jobs, the unemployment rate dropped — because fewer people were participating in the workforce. For more on how the unemployment rates are calculated see our glossary. As we have mentioned before, we would prefer to see declining unemployment rates because employment is rising faster than the labor force.
By way of comparison, the national non-seasonally adjusted unemployment rate was 9.4 percent. (The adjusted unemployment rate was 10 percent. Since metro level seasonally adjusted unemployment rates are not available, we use the non-seasonally adjusted national figure for comparison.) Missouri’s unemployment rate rose to 9.2 percent from 8.9 percent in October. Kansas continues to have one of the lowest unemployment rates in the country at 6.2 percent.
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