2018 was an excellent year for job growth across the United States, with many states seeing a sharp increase in jobs and average wages paired with declining unemployment figures.
The effects of this economic upturn have brought a renewed sense of security and rejuvenation, but few places saw a boost quite like Alabama. In fact, 2018 was a record year for the state: the percentage of job growth was 2.2% higher than the previous year, with the actual number of jobs added totaling 44,300. The job growth in Alabama was also higher than the national average, which stood at 1.8%.
Alabama Labor Secretary Fitzgerald Washington said economists were modest in their estimates of Alabama’s growth rate, which saw 27,000 jobs added last year. The final results exceeded expectations, with the business service, manufacturing, and government sectors seeing the largest gains in 2018.
The explosion in jobs meant falling unemployment numbers. As of February 2019, 2,127,626 people were employed either full-time or part-time, which is 27,431 more than the previous year.
Meanwhile, 82,304 people were considered unemployed, which is the second lowest number recorded in the history of the state. To put that in a different perspective, all but one of the 67 counties in Alabama saw their unemployment numbers fall. Shelby County has the lowest unemployment rate at 2.9%. The biggest cities with the lowest unemployment at 2.7% are Vestavia Hills, Northport, and Homewood.
Increased wages
Wages also rose in 2018 and continued into 2019. According to Alabama’s Department of Labor, the average weekly salary of an employee in the private sector increased in 2018 to reach $839.59 in February of 2019, which is $33.54 more than previous amount.
All of these factors together represent an overall increase in the quality of life for those living in Alabama. Boasting of these gains, Alabama is seeing more people moving to the state in the same manner businesses are pulling up stakes and choosing to open offices in Alabama.
Real estate in Alabama
You may even be considering making the move yourself. The good news is that the Alabama real estate market is as vibrant as the local economy. Those looking to buy new single-family homes enjoy the luxury of lower prices. Meanwhile, the value of homes in Alabama has risen, with the average price being just under $100 per square foot.
Birmingham is the best place to purchase real estate in Alabama. As the state’s most populous city, Birmingham has attracted a large number of businesses throughout its history, resulting in the construction of a wide variety of residential business facilities to suit a wide variety of needs. Buyers and investors alike could stand to make a substantial profit if economic trends continue.
Are you ready to embark on a journey exploring Alabama real estate? Contact the top local people for the job. Ron Young and his experienced team of Realtors at Wedowee Lake & Lands Realty are the top-producing real estate agents in their area. Call them at 1-256-357-9600 or email them at ron(at)lakewedowee(dotted)org.