Jacksonville, AL – Economic Summit Highlights The Strong Labor Market and Growth Outlook for East Alabama
As per the JSU Media Department the JSU Center for Economic Development and Business Research organized the 2023 Economic Summit on campus on May 19 to discuss the economic circumstances within the university’s fifteen-county area, and to identify issues unique for this region. East Alabama region.
With more than 75 state, local and national community and economic development actors, present JSU economic development initiatives were reviewed, and regionally-specific economic indicator metrics were discussed. Attendees also received a copy of the center’s 2022 Annual Report, which can be found online.
“Data for the JSU region indicate not just growth in population however, there are also increases with respect to the size of homes and median house values the median household income, and per household earnings,” added Jeff Hooie, JSU research analyst. “We were extremely pleased to present this positive results to our stakeholders and partners during the Summit.”
The Dr. Ben Boozer, a JSU finance professor, explained that the majority of jobs are available in Northeast Alabama now require additional training, and there is a steady increase in jobs that require postgraduate degrees or bachelor’s levels. The number of vacant homes for homeowners decreased while the number of rental jobs increased, indicating that the housing market is still strong. housing market.
When it comes to growth in employment educational services increased to become the leading industry in the region, while manufacturing was the most important overall sector. Food preparation and related occupations increased, as did sales and related jobs. Future projections show growth to come in all of these areas throughout the entire region. In every one of the top occupations including those in the field of food preparation and serving receiving the highest wage increases. The gains were notable in the transportation and material-moving jobs as well as sales and related jobs as well as administrative and office supporting roles.
The labor market continues to change in a post-pandemic environment for numerous sectors. The lower levels of labor available are a sign of a less plentiful quantity of labor, as people have either resigned from the workforce or decided not to work. An increased demand for workers when businesses have reopened after the pandemic has led to an increase in wages. The 2023 projections show moderate wage growth throughout the region, while the performance of the labour market depends on the decline in unemployment.
“As East Alabama continues to thrive, JSU and the Center for Economic Development will remain a reliable partner by offering economic impact studies as well as retail market analysis to ensure that the community’s stakeholders are able to make the right choices for sustainability and growth,” Jennifer Green, director of the center stated.
The Center for Economic Development and Business Research is located in the Jacksonville State University College of Business and Industry. It examines the regional, local and state economy, studies the economic impact of demand and other analysis related to East Alabama issues; and employs economic theory in research through its publications.
