The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
WHEELING, WEST VIRGINIA MSA ISTRICT METRO D H R T Y O U R D I S T R I C T, Y O U R D A T A MI U O X F FEDERAL RESERVE BANK of CLEVELAND SECOND QUARTER, 2013 ECONOMIC SNAPSHOT Wheeling— Holding Steady Wheeling metro April 2013 1-year change Unemployment rate Employment United States April 2013 1-year change 7.3 +0.1% 7.5 –0.6% 62,300 –0.5% 143,579,000 +1.2% Average weekly wages $571 Change in home prices +1.0% –0.13% +12.6% $824 +0.9% +3.0% +11.9% Sources: Bureau of Labor Statistics; staff calculations based on data provided by CoreLogic. The unemployment rate has been improving at about the same pace as the nation’s. Percent 12 UNEMPLOYMENT RATE 10 United States Wheeling West Virginia 8 6 4 2 0 2000 2002 2004 2006 2008 2010 2012 Wheeling’s unemployment rate in April (7.3 percent) is slightly below the nation’s (7.6 percent) and above West Virginia’s (6.6 percent). Declines in the metro’s rate during the recovery have been on par with the nation’s. However, Wheeling’s labor force has declined by 1.1 percent since the recovery began in June 2009, while the nation’s has increased 1.2 percent over the same period. Source: Bureau of Labor Statistics/Haver Analytics. GDP growth per capita has been strong—partly because of population loss. Index, 2007=100 115 GROSS DOMESTIC PRODUCT 110 heeling W West Virginia United States 105 100 95 90 GDP per capita is a useful measure of a region’s output. Wheeling’s GDP per capita has recovered from the recession a little more quickly than the nation’s and West Virginia’s. Wheeling’s growth in GDP per capita is due to a combination of population loss and strong GDP growth. 85 80 2000 2002 2004 2006 2008 2010 Source: Bureau of Labor Statistics/Haver Analytics. House prices have been rising since late 2012. Year-over-year percent change (3-month moving average) 20 HOUSING 15 10 5 heeling W United States West Virginia 0 –5 –10 –15 2005 2006 2007 2008 2009 2010 2011 2012 2013 Source: Staff calculations based on data provided by CoreLogic. Note: Index excludes distressed sales. House prices in Wheeling rose 1.0 percent in April. Year-overyear, they increased 12.6 percent, outperforming the nation and West Virginia. House-price changes turned from negative to positive in December 2012 and have remained positive since. WHEELING, WEST VIRGINIA MSA FOURTH DISTRICT METRO MIX 2 Y O U R D I S T R I C T, Y O U R D A T A SECOND QUARTER, 2013 EMPLOYMENT AND INDUSTRIAL SECTORS Employment has been declining. Index, 2007:M12=100 104 EMPLOYMENT 102 Employment in the Wheeling metro has declined in most months since December 2007, falling 4.6 percent from December 2007 to April 2013. The nation’s employment fell 1.8 percent, while West Virginia’s rose 1.3 percent. 100 United States West Virginia Wheeling 98 96 94 92 90 2005 2006 2007 2008 2009 2010 2011 2012 2013 Source: Bureau of Labor Statistics/Haver Analytics. Job growth has been strong in professional services and natural resources/construction. EMPLOYMENT GROWTH BY SECTOR Natural resources and construction Wheeling West Virginia United States From 2011:Q3 to 2012:Q3, the natural resources and construction sector added more jobs (839) than any other sector. Wheeling’s growth in that sector was about triple the nation’s. The professional and business services sector grew faster in Wheeling than in either the United States or West Virginia. Professional and business services Education and health services Trade, transportation, and utilities Financial activities Leisure and hospitality Government Other services Manufacturing Information –8 –6 –4 –2 0 Percent 2 4 6 Source: Bureau of Labor Statistics. Three sectors, which together employ nearly half the metro’s workforce, lost jobs. R ELATIVE EMPLOYMENT GROWTH Each of Wheeling’s fastest growing sectors —natural resources and construction; and professional and business services— accounts for about 10 percent of the metro’s employment. However, three other large sectors that together account for about 47 percent of employment—government; leisure and hospitality; and trade, transportation, and utilities—all lost jobs. Increasing employment growth Percent 6 Natural resources and construction 4 Professional and business services 2 Education and health services 0 Financial activities –2 –4 –6 0 Leisure, hospitality Government Other services Trade, transportation, and utilities Manufacturing Larger share of metro’s overall employment Information 5 10 15 20 25 Percent Source: Bureau of Labor Statistics. FEDERAL RESERVE BANK of CLEVELAND WHEELING, WEST VIRGINIA MSA FOURTH DISTRICT METRO MIX 3 Y O U R D I S T R I C T, Y O U R D A T A Rising building-permit activity in West Virginia indicates that people are buying new homes. SECOND QUARTER, 2013 HOUSING MARKET BUILDING PERMITS Index, 2007:M12=100, 3-month moving average 250 Building-permit activity for West Virginia increased in 2012:Q1; the United States and Ohio had similar increases. This indicates that housing and labor markets have improved to the point where individuals are again purchasing new homes. Monthly buildingpermit data is unavailable for the metro, but annual data shows that Wheeling’s trend in permits has been similar to West Virginia’s. 200 150 100 United States Ohio West Virginia 50 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 Source: Census Bureau/Haver Analytics. INCOME Weekly wages have been falling recently. Index, 2007:M12=100, 3-month moving average 110 AVERAGE WEEKLY INCOME 108 106 104 West Virginia United States Wheeling 102 100 Average weekly wages measure the earnings of the employed. In the Wheeling metro, average weekly wages fell from a high of $625 in December 2008 to $559 in June 2012. Wheeling saw a larger increase in wages during the recession than did the nation and West Virginia. Since fall of 2011, Wheeling’s wage trend has been similar to the nation’s. 98 96 94 2007 2008 2009 2010 2011 2012 2013 Source: Bureau of Labor Statistics/Haver Analytics. Income per capita has been stable. Thousands of dollars 50 INCOME PER CAPITA 45 United States Wheeling West Virginia 40 Wheeling’s income per capita increased 6.3 percent from 2007 to 2011. During the recent recession, income per capita was relatively stable in Wheeling and West Virginia, but it declined in the nation. 35 30 25 2000 2002 2004 2006 2008 2010 Source: Bureau of Labor Statistics/Haver Analytics. FEDERAL RESERVE BANK of CLEVELAND WHEELING, WEST VIRGINIA MSA FOURTH DISTRICT METRO MIX 4 Y O U R D I S T R I C T, Y O U R D A T A SECOND QUARTER, 2013 DEMOGRAPHICS AND EDUCATION Wheeling metro United States Change from Change from 2011 2009 2011 2009 Population 147,143 +1.7% 311,588,000 +1.6% Adults with less than a high school diploma 11.3% –1.6% 14.1% –0.7% Adults with a bachelor’s degree or higher 20.9% +1.7% 28.5% +0.6% 43.5 +0.3 years 37.3 +0.5 years $39,328 +3.9% $50,502 –4.1% Median years of age Median household income WHEELING, WEST VIRGINIA The Wheeling metropolitan area is the 268th largest (out of 366) in the United States. Sources: Census Population estimates; American Community Survey. All monthly figures are seasonally adjusted and all dollar figures are in current dollars. The charts in this publication use gray shading to indicate recessions. Several charts use indexed measures to facilitate comparisons across regions and have a reference line at 100. These numbers can be thought of as the percentages of pre-recession levels. If levels were growing before the recession, pre-recession indices will be below 100; if levels were falling before the recession, pre-recession indices will be above 100. The Federal Reserve Bank of Cleveland, including its branch offices in Cincinnati and Pittsburgh, serves the Fourth Federal Reserve District (Ohio, western Pennsylvania, the northern panhandle of West Virginia, and eastern Kentucky). Published by the Federal Reserve Bank of Cleveland. clevelandfed.org FEDERAL RESERVE BANK of CLEVELAND