County's jobless rate falls to 2.1%

Saturday, May 19, 2007

From staff, wire reports

Huntsville Times

Local employers add nearly 4,000 jobs last month

Madison County's unemployment rate dropped again in April, falling to 2.1 percent from 2.5 percent in March.

Alabama's unemployment rate in April fell to 3.3 percent, slightly less than the 3.4 percent recorded in March. The comparable national rate for April was 4.5 percent, according to the Alabama Department of Industrial Relations.

County employers added nearly 4,000 jobs in April, bringing the total number of employed workers to 161,589. Only three counties have lower unemployment rates - Shelby (1.8 percent), Baldwin (2.0) and Blount (2.0). Wilcox had the state's highest rate at 6.8 percent.

The Huntsville metropolitan area, which includes Madison and Limestone counties, continues to have the lowest jobless rate in the state at 2.1 percent.

Employment in the state in April grew by 5,700 over the previous month. Over the past 12 months, employment in Alabama has grown by 30,800.

Gov. Bob Riley said Alabama's good economic fortune can continue if voters approve a constitutional amendment on June 5 to increase the limit on the state's economic incentives fund.

"We have a strong economy in Alabama today, but we can make it even stronger with the approval of this amendment on June 5," Riley said in a news release. "As we've seen just recently, the competition for new jobs is intense. To compete and win, we must be able to offer economic incentives."

The constitutional amendment that goes before voters on June 5 was unanimously approved by the Legislature during a special session in February. It raises the current $350 million limit on the Capital Improvement Trust Fund to $750 million.

The increase will be used at least in part to provide some of the incentives that helped convince German steelmaker ThyssenKrupp AG to locate a $3.7 billion plant in Mobile County, bringing 2,700 jobs. Louisiana also had been courting the plant.

The Capital Improvement Trust Fund is funded from royalties paid to the state by oil and gas companies that operate off Alabama's coast.

Neal Wade, director of the Alabama Development Office, said the June 5 vote is critical for Alabama's future. "We have the opportunity to set the stage for a decade of growth in Alabama, but only if this amendment is approved," Wade said.

Tennessee's unemployment rate for April was 4.4 percent, down from the March rate of 4.7 percent, the Tennessee Department of Labor and Workforce Development said.

Last month's rate was the lowest in six years for Tennessee and below the national figure of 4.5 percent.

"As the figures show, Tennessee is doing well economically," state Labor Commissioner James Neeley in a news release. "The last time Tennessee was below the national unemployment rate was July of 2004. Tennessee's steady economic growth over the last few years is beginning to show in the unemployment rate."



County's jobless rate falls to 2.1% Saturday, May 19, 2007 From staff, wire reports Huntsville Times Local employers add nearly 4,000 jobs last month Madison County's unemployment rate dropped again in April, falling to 2.1 percent from 2.5 percent in March. Alabama's unemployment rate in April fell to 3.3 percent, slightly less than the 3.4 percent recorded in March. The comparable national rate for April was 4.5 percent, according to the Alabama Department of Industrial Relations. County employers added nearly 4,000 jobs in April, bringing the total number of employed workers to 161,589. Only three counties have lower unemployment rates - Shelby (1.8 percent), Baldwin (2.0) and Blount (2.0). Wilcox had the state's highest rate at 6.8 percent. The Huntsville metropolitan area, which includes Madison and Limestone counties, continues to have the lowest jobless rate in the state at 2.1 percent. Employment in the state in April grew by 5,700 over the previous month. Over the past 12 months, employment in Alabama has grown by 30,800. Gov. Bob Riley said Alabama's good economic fortune can continue if voters approve a constitutional amendment on June 5 to increase the limit on the state's economic incentives fund. "We have a strong economy in Alabama today, but we can make it even stronger with the approval of this amendment on June 5," Riley said in a news release. "As we've seen just recently, the competition for new jobs is intense. To compete and win, we must be able to offer economic incentives." The constitutional amendment that goes before voters on June 5 was unanimously approved by the Legislature during a special session in February. It raises the current $350 million limit on the Capital Improvement Trust Fund to $750 million. The increase will be used at least in part to provide some of the incentives that helped convince German steelmaker ThyssenKrupp AG to locate a $3.7 billion plant in Mobile County, bringing 2,700 jobs. Louisiana also had been courting the plant. The Capital Improvement Trust Fund is funded from royalties paid to the state by oil and gas companies that operate off Alabama's coast. Neal Wade, director of the Alabama Development Office, said the June 5 vote is critical for Alabama's future. "We have the opportunity to set the stage for a decade of growth in Alabama, but only if this amendment is approved," Wade said. Tennessee's unemployment rate for April was 4.4 percent, down from the March rate of 4.7 percent, the Tennessee Department of Labor and Workforce Development said. Last month's rate was the lowest in six years for Tennessee and below the national figure of 4.5 percent. "As the figures show, Tennessee is doing well economically," state Labor Commissioner James Neeley in a news release. "The last time Tennessee was below the national unemployment rate was July of 2004. Tennessee's steady economic growth over the last few years is beginning to show in the unemployment rate." © 2007 The Huntsville Times © 2007 al.com All Rights Reserved.