From the newsletter of Johnson Price Sprinkle PA:
Asheville Metro Economic Report – 2017 Second Quarter
The second quarter saw a continuation of long-term growth in the four-county Asheville metro (Buncombe, Haywood, Henderson and Madison counties). Positive monthly year-to-year job growth has continued uninterrupted for nearly seven straight years. The metro has held the lowest unemployment rate in the state for the last twenty-eight consecutive months; two and one-third years. Permitting for new residential building totaled 780 units with a value of $154.7 million. This marks the highest quarterly permit value since the third quarter of 2007.
⦁ In the second quarter of 2017, Asheville metro added an average of 3,500 net new jobs from a year earlier, earning an average growth rate of 1.9 percent. Positive monthly year-to-year job growth has continued uninterrupted for eighty-three straight months; one-month short of seven years.
⦁ Averaging 3.4 percent over the second quarter of 2017, Asheville metro’s unemployment rate continues to hold well below the nation and state. The metro has held the lowest unemployment rate in the state for the last twenty-eight consecutive months; two and one-third years.
⦁ The Health Services sector added 1,100 jobs over the year; accounting for one-third of Asheville metropolitan area’s employment growth, as it had in the first quarter. Positive job creation was experienced in nine of eleven major industry sectors. Two sectors experienced no change. No sector saw declines.
⦁ Buncombe County Hotel/Motel Sales set a new all-time second quarter high at $93.4 million; 6.9 percent above the second quarter of 2016. However, the growth rate is the weakest in four and one-half years; following double-digit growth in the previous eleven consecutive quarters.
⦁ Existing homes sold in the second quarter totaled 909, while the average sales price equaled $344,024. The number of homes sold is 22 percent lower than one-year earlier, while over the same period the average sales price gained 18 percent. This marks the fourth consecutive quarter with the number of homes sold declining when measured year-over-year, while average prices continue to increase; likely indicating limited inventory amid strong demand.
⦁ Permitting for new residential building totaled 780 units in the second quarter with a value of $154.7 million. This marks the highest quarterly permit value since the third quarter of 2007. In percentage terms, the number of units permitted is up 28.3 percent from one year earlier, the total value up 20.9 percent. Multifamily unit permits accounted for 35 percent of all residential units issued in the second quarter.