NORTH CAROLINA A MONTHLY UPDATE OF THE FIFTH DISTRICT FEDERAL RESERVE BANK OF RICHMOND. October 2018

Size: px

Start display at page:

Download "NORTH CAROLINA A MONTHLY UPDATE OF THE FIFTH DISTRICT FEDERAL RESERVE BANK OF RICHMOND. October 2018"

Dwayne Boyd
5 years ago
Views:

October 21 October Summary s economy improved, according to recent reports. Payroll employment increased and the household unemployment rate declined. Meanwhile, housing market reports were upbeat.

The professional and business services industry saw the biggest increase during the month (,9 jobs), followed by trade, transportation, and utilities (1, jobs).

On the downside, education and health services cut the largest number of jobs in August (2,2 jobs), followed by leisure and hospitality, which shed 1,3 jobs.

1 October 21 October Summary s economy improved, according to recent reports. Payroll employment increased and the household unemployment rate declined. Meanwhile, housing market reports were upbeat. A MONTHLY UPDATE OF THE FIFTH DISTRICT A Closer Look at Mortgage Delinquency and Foreclosu Labor Markets: Employers in added 1, net new jobs (. percent) to their payrolls in August. The professional and business services industry saw the biggest increase during the month (,9 jobs), followed by trade, transportation, and utilities (1, jobs). Smaller gains were reported in construction (1, jobs), financial services (3 jobs), and other services (2 jobs). On the downside, education and health services cut the largest number of jobs in August (2,2 jobs), followed by leisure and hospitality, which shed 1,3 jobs. reported year-over-year employment growth of 2.3 percent (12, jobs) as job gains occurred in every industry. The largest contributors to the net increase over the year were professional and business services (3, jobs) and trade, transportation, and utilities (21, jobs). Material increases were also reported in education and health services and construction, which each added 11,3 jobs since last August. Household Conditions: s unemployment rate edged down.2 percentage point to 3.9 percent in August and declined. percentage point from August 217. In the second quarter of 21, the share of mortgages with payments 9 or more days past due decreased to 1.1 percent. Delinquency rates for fixed-rate and adjustable-rate loans declined in the second quarter to. percent and 1.7 percent, respectively. In the second quarter of 21, real personal income in rose. percent and was up 2.3 percent since the second quarter of 217. Housing Markets: issued 7,3 new residential permits in August, up 21. percent from the prior month and up 9.2 percent from August 217. The Charlotte MSA issued the most permits in August (2,27 permits) while the Wilmington MSA reported the largest percentage increase in the month of 3. percent by issuing 1 permits. housing starts totaled 2, in August, up 2.1 percent from the prior month and up 21. percent on a year-overyear basis. According to CoreLogic Information Solutions, home values appreciated.1 percent in July and appreciated.7 percent since July 217. House prices rose on a year-over-year basis in every MSA in the state. 1

2 October 21 Labor Market Conditions Payroll Employment Performance Payroll Employment (SA) Period Level (s) MoM % Change YoY % Change Year-over-Year Percent Change in August 21 - Total August 19, Fifth District - Total August 1, Total August, Logging and Mining August Construction August Manufacturing August Trade, Transportation, and Utilities August Information August Financial Activities August Professional and Business Services August Education and Health Services August Leisure and Hospitality August Other Services August Total Employment Performance Government August Year-over-Year Percent Change in August 21 Metro Payroll Employment (NSA) Period Level (s) YoY % Change Asheville MSA - Total August Charlotte MSA - Total August 1, Durham MSA - Total August Fayetteville MSA - Total August Greensboro-High Point MSA - Total August Raleigh-Cary MSA - Total August Wilmington MSA - Total August Winston-Salem MSA - Total August Total Logging and Mining Construction Manufacturing Trade, Transportation, and Information Financial Activities Professional and Business Education and Health Services Leisure and Hospitality (SA) Fifth District (SA) (SA) Asheville MSA Charlotte MSA Durham MSA Fayetteville MSA Other Services Greensboro-High Point Raleigh-Cary MSA Wilmington MSA Winston-Salem MSA Government

3 October 21 Labor Market Conditions Unemployment Rate Unemployment Rate (SA) August 1 July 1 August 17 Through August Fifth District Asheville MSA Charlotte MSA Durham MSA Fayetteville MSA.9.. Greensboro-High Point MSA Raleigh-Cary MSA Wilmington MSA Winston-Salem MSA Civilian Labor Force (SA) Period Level (s) MoM % Change YoY % Change August 11, Fifth District August 1, Labor Force August, Year-over-Year Percent Change through August 21 3 Asheville MSA August Charlotte MSA August 1, Durham MSA August Fayetteville MSA August Greensboro-High Point MSA August Raleigh-Cary MSA August Wilmington MSA August Winston-Salem MSA August Initial Unemployment Claims (NSA) Period Level MoM % Change YoY % Change August 73, Fifth District August, August 11,

4 October 21 Household Conditions Real Personal Income Real Personal Income (SA) Period Level ($mil) QoQ % Change YoY % Change Year-over-Year Percent Change through Q2:1 Q2:1 1,12, Fifth District Q2:1 1,7, Q2:1 37, Median Family Income Period Level (s) QoQ % Change YoY % Change Asheville MSA Q2: Charlotte MSA Q2: Durham MSA Q2: Fayetteville MSA Q2: Greensboro-High Point MSA Q2: Raleigh-Cary MSA Q2: Winston-Salem MSA Q2: Non-Business Bankruptcies Period Level QoQ % Change YoY % Change Mortgage Delinquencies Q2:1 2, Percent 9+ Days Delinquent through Q2:1 Fifth District Q2:1 1,7.1.2 Q2:1 3, Mortgage Delinquencies (% 9+ Days Delinquent Q2:1 Q1:1 Q2:17 All Mortgages Conventional - Fixed Rate Conventional - Adjustable Rate All Mortgages All Mortgages Conventional - Fixed Rate Conventional - Adjustable Rate

5 October 21 Real Estate Conditions New Housing Units Permits: New Private Housing Units Period Level MoM % Change YoY % Change Year-over-Year Percent Change through August 21 August 11, Fifth District August 1, August 7, Asheville MSA August Charlotte MSA August 2, Durham MSA August Fayetteville MSA August Greensboro-High Point MSA August Greenville MSA August Hickory MSA August Jacksonville MSA August Raleigh-Cary MSA August 2, Wilmington MSA August Winston-Salem MSA August Housing Starts Total Private Housing Starts (SAA Period Level (s) MoM % Change YoY % Change August 1, Fifth District August August Thousands of Units (SAAR) August 21

6 October 21 Real Estate Conditions House Price Index (CoreLogic) House Price Index (2=1) Period Level MoM % Change YoY % Change Year-over-Year Percent Change through July 21 July Fifth District July July Asheville MSA July Charlotte MSA July Durham MSA July Fayetteville MSA July Greensboro-High Point MSA July Greenville MSA July Hickory MSA July Jacksonville MSA July Raleigh-Cary MSA July Wilmington MSA July Winston-Salem MSA July Greensboro MSA Median Home Sales Price (NAR) Median Home Sales Price - NAR (NS Period Level ($s) QoQ % Change YoY % Change 2 Year-over-Year Percent Change through Q2:1 Charlotte MSA Q2: Durham MSA Q2: Greensboro-High Point MSA Q2: Raleigh-Cary MSA Q2: Median Home Sales Price - NAHB Period Level ($s) QoQ % Change YoY % Change Asheville MSA Q2: Charlotte MSA Q2: Durham MSA Q2: Fayetteville MSA Q2: Greensboro-High Point MSA Q2: Raleigh-Cary MSA Q2: Winston-Salem MSA Q2:

7 October 21 Real Estate Conditions Charlotte MSA Office Vacancy Rate Housing Opportunity Index (%) Q2:1 Q1:1 Q2:17 Through Q2:1 Asheville MSA Charlotte MSA. 9.. Durham MSA Fayetteville MSA Greensboro-High Point MSA Raleigh-Cary MSA Winston-Salem MSA Commercial Vacancy Rates (%) Q2:1 Q1:1 Q2:17 Office Vacancies Raleigh/Durham Charlotte Retail Vacancies Raleigh/Durham..9.9 Raleigh/Durham CSA Industrial Vacancy Rate Charlotte.1.1. Through Q2:1 Industrial Vacancies Raleigh/Durham Charlotte

A MONTHLY UPDATE OF THE FIFTH DISTRICT ECONOMY FEDERAL RESERVE BANK OF RICHMOND

A MONTHLY UPDATE OF THE FIFTH DISTRICT ECONOMY FEDERAL RESERVE BANK OF RICHMOND December 217 December Summary Reports on s economy were mostly positive in recent months as payroll employment rose and housing market indicators showed signs of improvement while household conditions