Index sees growth in 3rd quarter
Economic activity in Guilford County saw slight growth during September, as unemployment remained steady and building activity grew, according to the monthly Triad Business Index report from local economist Don Jud.
Jud's Guilford County Business Index, which measures growth in the county, ended the month at 144.7, up 0.2 percent. In a news release today, Jud reported that the county index grew at an annualized rate of 3.6 percent during the 3rd quarter, compared to the 1.6 percent gain experienced by the nation's gross domestic product.
The county's unemployment rate remained at 4.6 percent during September, the level it stood at since March, and total employment in the county grew to 231,719 during September. Unemployment remains down from this time last year.
Residential building permits gained 10.4 percent from September 2005, though single-family permits remain down year-to-date, Jud reported.
County home prices, adjusted for inflation, declined 0.2 percent during the third quarter and remain down 1.1 percent year-to-date. The number of homes sold, Jude reported, declined 12.3 percent during the third quarter. Home-sales numbers are down 14.7 percent in the county during the past year, according to the index report.
Jud eyed the same factors in the Triad Business Index, which follows economic movement in the metropolitan statistical areas of Burlington, Greensboro/High Point and Winston-Salem. The Triad Index was up 0.3 percent in September, growing at an annualized rate of 4 percent during the third quarter.
Unemployment in the Triad was steady from August to September - at 4.7 percent. Notably, initial claims for unemployment insurance are down 51.5 percent during the past year in the Triad, Jud reported.
The region continued to see a decline in residential building permits, an indicator of interest in construction and area growth. Permits were off 2.4 percent during September in the Triad, and planned residential growth in the region has taken a nosedive during the past year - falling 20.2 percent, Jud reported.
Home prices in the Triad have seen growth during the past year, though Greensboro, High Point and Burlington aren't seeing as much of a boom as Winston-Salem.