Gross Domestic Product
Real GDP (a measure of economic growth) increased from 2011-2016, going from $250 billion to $264 billion.
Private-sector employers have added 245,000 jobs since 2010, the national low point for private-sector employment. From 2017 to 2018 the private sector has added approximately 35,000 net new jobs for a total of 2,460,000 putting it above the 2008 pre-recession high of 2,360,000 total jobs. Average hourly wages in the private sector have grown since 2007, going from $20/hr to $24.80/hr in 2018.
Manufacturing employment has decreased since 2001, especially during the recession. There were 185,000 jobs in this sector in 2018, down from 255,000 in 2001 and below pre-recession levels. Average hourly wages of manufacturing employees have grown since 2001, going from $16/hr to $22/hr by 2018.
There were 100,000 jobs in the Transportation and Warehousing sector in 2018, above pre-recession levels by 5,000 jobs, showing mild growth in this sector. The average wage in the Transportation and Warehousing sector was $17/hr in 2018.
The unemployment rate in 2018 is 3.6%, down from the prior year’s 3.8% rate. This is below the national average of 3.9% unemployment.
The House Price Index, a measure of the cost of housing, declined after 2008 but has risen since 2014, going from 270 to 320 by 2018.