The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
WHEELING, WEST VIRGINIA MSA | SECOND QUARTER, 2014 Wheeling – An Improving Labor Market Recent increases in inflation-adjusted weekly wages and employment, as well as a corresponding decline in the unemployment rate suggest that the area’s labor market has improved. The mining sector is a key contributor to the recent employment gains, though these gains have been offset somewhat by declines in manufacturing and financial activities. The declining unemployment rate suggests a strengthening local labor market UNEMPLOYMENT RATE Percent 12 6 — Wheeling — West Virginia — United States — Nearby metro average 4 ■ Recession 10 8 2 0 2000 2002 2004 2006 2008 2010 2012 The unemployment rate in the Wheeling metro area fell from 7.5 percent in January 2013 to 6.6 percent in March 2014. The March rate was 0.1 percentage points lower than the US average at the time. Additionally, the 0.9 percentage point decline during this period was close to the national decline of 1.2 percentage points over the same span. Finally, the roughly 1 percent increase in the area’s labor force during this period, coupled with a declining unemployment rate, suggest a strengthening local labor market. 2014 Source: Bureau of Labor Statistics/Haver Analytics. Wheeling’s per capita GDP far exceeds that of the nation, state, and nearby metro areas Index, 2007=100 120 115 — Wheeling — West Virginia — United States — Nearby metro average 110 105 100 95 ■ Recession 90 85 80 2000 2002 2004 2006 2008 2010 GROSS DOMESTIC PRODUCT Per capita GDP continued to rise in the Wheeling metro area throughout the recession, as well as into the subsequent recovery. As of 2012, the area’s per capita GDP was almost 20 percent higher than it was in 2007. This pattern is very different from those in nearby metro areas, statewide in West Virginia, or for the US as a whole. While West Virginia’s per capita GDP levels are almost 10 percent higher than they were in 2007, levels for the US remain below where they were when the recession started. 2012 Source: Bureau of Economic Analysis/Haver Analytics. Employment levels in Wheeling are close to their pre-recession peak EMPLOYMENT Index, 2007: M12=100 102 101 100 99 98 97 96 95 94 93 92 2005 2007 EMPLOYMENT AND INDUSTRIAL SECTORS — Wheeling — West Virginia — United States — Nearby metro average ■ Recession 2009 2011 2013 Note: Data for July and August 2013 interpolated for Wheeling and West Virginia. Source: Bureau of Labor Statistics. Employment fell much less sharply during the recession in the Wheeling metro area (about 2 percent) than was the case in the US (about 5 percent). But while US employment levels have tended to rise since 2010, employment levels in Wheeling have mostly moved sideways until recently. From September 2012 to September 2013, gains in Wheeling-area employment exceeded 2 percent, slightly stronger than the gains seen nationally over the same period. As a consequence, employment levels in Wheeling as of September 2013 are close to their pre-recession peak. WHEELING, WEST VIRGINIA MSA FOURTH DISTRICT METRO MIX YOUR DISTRICT, YOUR DATA SECOND QUARTER, 2014 Several sectors outperformed their national counterparts EMPLOYMENT GROWTH BY SECTOR Several sectors saw notable employment increases in the Wheeling metro area from September 2012 to September 2013, including natural resources and mining (not pictured), construction, and professional and business services. All of these industry sectors saw stronger year-over-year employment gains than their national counterparts. Natural resources and mining employment, which accounted for about 6 percent of Wheeling’s total employment in late 2012, saw especially strong gains, growing by almost 34 percent year-over-year. However, over the same period, manufacturing and financial activities saw fairly sharp employment declines. Construction — Wheeling — West Virginia — United States Professional and business services Trade, transportation, and utilities Information Leisure and hospitality Government Education and health services Financial activities Manufacturing -10 -8 Source: Bureau of Labor Statistics. -6 -4 -2 0 Percentage change 2 4 6 Wheeling’s weekly wages have risen sharply Dollars, three-month moving average WEEKLY WAGES 900 850 Inflation-adjusted weekly wages have risen sharply in the Wheeling metro area since early 2013. From March 2013 to March 2014, real wages rose almost 10 percent locally, compared with an increase of about 0.5 percent for the US as a whole. Nevertheless, Wheeling’s real wages are still about three-quarters of the national average. — Wheeling — West Virginia — United States — Nearby metro average 800 750 700 650 ■ Recession 600 550 500 2007 2008 2009 2010 2011 2012 2013 2014 Source: Bureau of Labor Statistics/Haver Analytics. DEMOGRAPHICS AND EDUCATION Wheeling metro area 2012 Population United States Change from 2009 2012 Change from 2009 146,420 -1.0% 313,914,000 +2.3% Adults with less than a high school diploma 10.8% -2.6% 14.1% -0.7% Adults with an undergraduate degree or higher 18.3% -0.2% 28.5% +0.6% 43.5 -0.1 years 37.4 +0.6 years $42,931 -0.9% $52,916 -5.1% Median age (years) Median household income WHEELING, WEST VIRGINIA According to 2012 Census estimates, Wheeling is the 282nd largest of the 381 metropolitan statistical areas in the US. Sources: Census Population estimates; American Community Survey. All monthly figures are seasonally adjusted and all dollar figures are in current dollars. 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 indexes will be below 100; if levels were falling before the recession, pre-recession indexes will be above 100. Employment data in the Metro Mix come from the Quarterly Census of Employment and Wages, which we have found to be the earliest accurate source of the number of jobs in metro areas. 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). www. clevelandfed.org FEDERAL RESERVE BANK of CLEVELAND