Wenatchee Valley Unemployment Rate Drops Again in May Report
The Wenatchee Valley economic report for May was released, detailing yet another drop in the regional unemployment rate.
Back in April, the unemployment rate was measured at 4.1%. For May, the rate was at its lowest recorded reading at 3.2%.
The Wenatchee area’s labor pool grew in May compared to last May, increasing with 1,898 more residents. That is approximately a 3% upturn.
There were also 775 fewer unemployed residents compared to May in 2022. However, there are approximately 200 less jobs compared to last year.
Resident employment increased by 4.4%, which is larger than the 3% increase in the local labor pool, meaning there is a significant portion of residents working remotely within the valley.
This past May, there were 3,400 construction jobs within the local labor pool. Job growth in this area has stagnated.
During that time, the Pacific Appraisal Associates shared that they had 82 fewer closed sales during the first half of 2023 compared to the year prior.
Between May of 2022 and 2023, active listings jumped from 104 listings to 116 listings.
Home prices continued to decline by -5.2 percent, going from an average $485,000 to $460,000 between that time frame.