Tuesday, June 2, 2009

Rogue Valley Hopeful of a Summer Turnaround

As springtime returns to the Rogue Valley, unemployment rates typically retrench from their seasonal winter peaks. But as unemployment rates climbed to rates not seen since the deep recession of the early 1980s, don't expect a dramatic decline in the foreseeable future as the recession's grip on the economy has only shown scant signs of abating. Southern Oregon experienced broad-based declines in many industries over the past year. Industries showing the greatest strain are those reliant on construction and home building, building materials, and manufacturing of durable goods, particularly wood products and other building products manufacturing like furniture, doors, and cabinets.

Sectors holding up relatively well include health care and social assistance, which is showing over-the-year job growth in the Rogue Valley. Tourism-related employment begins its seasonal upturn in the spring. Those in the leisure and hospitality sector are hoping that expected lower gasoline prices for the 2009 season will offset the slow over all economy and bring car- and SUV-loads of travelers to the picturesque valley in the summer months ahead.

Guy Taur is the Regional Economist responsible for compiling employment estimates for the Rogue Valley area, including Josephine and Jackson counties. His monthly release of these data can be found here.

No comments: