NORTH CAROLINA S N A P S H O T A MONTHLY UPDATE OF THE FIFTH DISTRICT FEDERAL RESERVE BANK OF RICHMOND. August 2018
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1 August 21 August Summary s economy generally strengthened, according to recent reports as total employment grew and household conditions improved; however, housing market reports were mixed. Labor Markets: Payroll employment rose.3 percent in in June as firms added 13,2 net new jobs. The leisure and hospitality industry saw the biggest increase during the month (, jobs), followed by education and health services (2,7 jobs) and trade, transportation, and utilities (2, jobs). Meanwhile, only two industries reported job cuts in the month: professional and business services (1,7 jobs) and manufacturing (1, jobs). Since June 217, payroll employment in rose 2.3 percent (13, jobs), which outpaced the Fifth District and national growth rates. Professional and business services reported the largest employment gain (21, jobs or 3. percent) since last June, followed closely by trade, transportation, and utilities (19, jobs or 2. percent). Material increases were also reported in education and health services (1, jobs), leisure and hospitality (11,3 jobs), and construction (9, jobs). Household Conditions: s unemployment rate edged down.1 percentage point to.2 percent in June and declined.2 percentage point from June 217. In the first quarter of 21, the share of mortgages with payments 9 or more days past due decreased to 1.2 percent. The delinquency rate for fixed and adjustable rate conventional loans declined in the first quarter to.9 percent and 1. percent, respectively. Also in the first quarter of 21, real personal income in rose. percent and was up 1.9 percent since the first quarter of 217. Housing Markets: issued,19 new residential permits in June, down 17. percent from the prior month and up 2. percent from June 217. The Charlotte MSA issued the most permits in June (1,32 permits) while Durham reported the largest percentage increase in the month of 2. percent (7 permits). housing starts totaled,3 in June, down 27. percent from the prior month but up 13. percent on a year-over-year basis. According to CoreLogic Information Solutions, home values appreciated. percent in May and increased. percent since May 217. Home prices rose in every MSA in the month and on a year-over-year basis. A MONTHLY UPDATE OF THE FIFTH DISTRICT A Closer Look at Occupational Employment Occupational Employment Statistics (OES) are released annually by the Bureau of Labor Statistics to provide detailed estimates of wages and employment across occupations at the national, state, and metro level. According to the most recent data in 217: The median annual wage across all occupations in was $3,7, with the 2th percentile earning $23,1 and the 7th percentile earning $,. Office and administrative support was the largest occupation in, as it was in the Fifth District and the U.S., and had a median annual wage of $33,1. Management positions were the highest paid in, with a median annual wage of $1,9, more than triple the median wage for all occupations. Food preparation and serving related occupations were the lowest paid, with a median annual wage of $19,2. Wage Range for the Ten Largest Occupations in 2th to 7th Percentile with Median Marked, 217 All Occupations 1. Office and Administrative Support 2. Sales and Related 3. Food Preparation and Serving. Production. Transportation and Material. Education, Training, and Library 7. Healthcare Practitioners and. Business and Financial Operations 9. Management 1. Installation, Maintenance, and Annual Wage ($, Thous.) 1
2 August 21 Labor Market Conditions Payroll Employment Performance Payroll Employment (SA) Period Level (s) MoM % Change YoY % Change Year-over-Year Percent Change in June 21 - Total June 1, Fifth District - Total June 1, Total June, Logging and Mining June Construction June Manufacturing June Trade, Transportation, and Utilities June Information June Financial Activities June Professional and Business Services June Education and Health Services June Leisure and Hospitality June Other Services June Total Employment Performance Government June Year-over-Year Percent Change in June 21 Metro Payroll Employment (NSA) Period Level (s) YoY % Change Asheville MSA - Total June Charlotte MSA - Total June 1, Durham MSA - Total June Fayetteville MSA - Total June Greensboro-High Point MSA - Total June Raleigh-Cary MSA - Total June Wilmington MSA - Total June Winston-Salem MSA - Total June Total Logging and Mining Construction Manufacturing Trade, Transportation, and Information Financial Activities Professional and Business Education and Health Services Leisure and Hospitality Other Services Government (SA) Fifth District (SA) (SA) Asheville MSA Charlotte MSA Durham MSA Fayetteville MSA Greensboro-High Point MSA Raleigh-Cary MSA Wilmington MSA Winston-Salem MSA
3 August 21 Labor Market Conditions Unemployment Rate Unemployment Rate (SA) June 1 May 1 June 17 Through June Fifth District Asheville MSA Charlotte MSA Durham MSA Fayetteville MSA.2.1. Greensboro-High Point MSA.2.1. Raleigh-Cary MSA Wilmington MSA Winston-Salem MSA Civilian Labor Force (SA) Period Level (s) MoM % Change YoY % Change June 12, Fifth District June 1, Labor Force June, Year-over-Year Percent Change through June 21 3 Asheville MSA June Charlotte MSA June 1, Durham MSA June Fayetteville MSA June Greensboro-High Point MSA June Raleigh-Cary MSA June Wilmington MSA June Winston-Salem MSA June Initial Unemployment Claims (NSA) Period Level MoM % Change YoY % Change June 93, Fifth District June, June 12,
4 August 21 Household Conditions Real Personal Income Real Personal Income (SA) Period Level ($mil) QoQ % Change YoY % Change Year-over-Year Percent Change through Q1:1 Q1:1 1,732, Fifth District Q1:1 1,2, Q1:1 399, Median Family Income Period Level (s) QoQ % Change YoY % Change Asheville MSA Q1: Charlotte MSA Q1: Durham MSA Q1: Fayetteville MSA Q1: Greensboro-High Point MSA Q1: Raleigh-Cary MSA Q1: Winston-Salem MSA Q1: Non-Business Bankruptcies Period Level QoQ % Change YoY % Change Mortgage Delinquencies Q2:1 2, Percent 9+ Days Delinquent through Q1:1 Fifth District Q2:1 1,7.1.2 Q2:1 3, Mortgage Delinquencies (% 9+ Days Delinquent Q1:1 Q:17 Q1:17 All Mortgages Conventional - Fixed Rate Conventional - Adjustable Rate All Mortgages All Mortgages Conventional - Fixed Rate Conventional - Adjustable Rate
5 August 21 Real Estate Conditions New Housing Units Permits: New Private Housing Units Period Level MoM % Change YoY % Change Year-over-Year Percent Change through June 21 June 121, Fifth District June 1, June, Asheville MSA June Charlotte MSA June 1, Durham MSA June Fayetteville MSA June Greensboro-High Point MSA June Greenville MSA June 12.. Hickory MSA June Jacksonville MSA June Raleigh-Cary MSA June 1, Wilmington MSA June Winston-Salem MSA June Housing Starts Total Private Housing Starts (SAA Period Level (s) MoM % Change YoY % Change June 1, Fifth District June June Thousands of Units (SAAR) June 21
6 August 21 Real Estate Conditions House Price Index (CoreLogic) House Price Index (2=1) Period Level MoM % Change YoY % Change Year-over-Year Percent Change through May 21 May Fifth District May May Asheville MSA May Charlotte MSA May Durham MSA May Fayetteville MSA May Greensboro-High Point MSA May Greenville MSA May Hickory MSA May Jacksonville MSA May Raleigh-Cary MSA May Wilmington MSA May Winston-Salem MSA May Greensboro MSA Median Home Sales Price (NAR) Median Home Sales Price - NAR (NS Period Level ($s) QoQ % Change YoY % Change 2 Year-over-Year Percent Change through Q1:1 Charlotte MSA Q1: Durham MSA Q1: Greensboro-High Point MSA Q1: Raleigh-Cary MSA Q1: Median Home Sales Price - NAHB Period Level ($s) QoQ % Change YoY % Change Asheville MSA Q1: Charlotte MSA Q1: Durham MSA Q1: Fayetteville MSA Q1: Greensboro-High Point MSA Q1: Raleigh-Cary MSA Q1: Winston-Salem MSA Q1:
7 August 21 Real Estate Conditions Charlotte MSA Office Vacancy Rate Housing Opportunity Index (%) Q1:1 Q:17 Q1:17 Through Q1:1 Asheville MSA Charlotte MSA Durham MSA Fayetteville MSA Greensboro-High Point MSA Raleigh-Cary MSA..1.9 Winston-Salem MSA Commercial Vacancy Rates (%) Q1:1 Q:17 Q1:17 Office Vacancies Raleigh/Durham Charlotte Retail Vacancies Raleigh/Durham.9.. Raleigh/Durham CSA Industrial Vacancy Rate Charlotte.1.3. Through Q1:1 Industrial Vacancies Raleigh/Durham Charlotte
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