Anderson forecast 2014.

• Author: Dulaney, Emmett

The economy in 2013 has been a mixed picture for Anderson. While the unemployment rate in Madison County decreased by more than 1 percentage point since 2012, it remains approximately 15 percent above the state's rate. The labor force increased, but remains below levels of three years ago. The Flagship Enterprise Center (business incubator) has assumed more of a landlord role, and the housing market appears to be on the uptick with the number of building permits issued rebounding from a record low in 2012. Unfortunately, more people are receiving food stamps and the county continues to suffer in several areas.

The Numbers

This article includes the most current data available on various measures of economic activity from public sources for the Anderson metropolitan area (Madison County). The goal is to analyze changes over the past year and provide a market forecast summary for the Anderson area, which appears in the conclusion of this article.

Employment

The unemployment rate decreased from 2012 to 2013 in Madison County (see Table 1). The preliminary unemployment rate for August 2013 is 8.6 percent, down from 9.8 percent a year earlier. The unemployment rate is consistently running 15 percent higher than the state unemployment rate (7.5 percent, not seasonally adjusted). The number of =employed workers in Madison County decreased by more than 300 workers over the course of the year while the labor force increased by about 800 workers. The decreasing unemployment and increasing labor force have led to a lower unemployment rate and suggest that previously frustrated job seekers are returning to the labor market.

TABLE 1: Madison County Labor Force and Unemployment, September 2012 to August 2013 Year Period Labor Force Unemployment Unemployment Rate September 60,697 5,616 9.3% October 60,469 5,571 9.2% 2012 November 60,084 5,612 9.3% December 60,159 6,038 10.0% Annual 60,424 5,871 9.7% January 60,419 7,023 11.6% February 60,154 6,860 11.4% March 59,880 6,575 11.0% 2013 April 60,223 5,787 9.6% May 60,767 5,788 9.5% June 61,487 6,056 9.8% July 61,241 5,967 9.7% August 61,569 5,313 8.6% Note: Data are not seasonally adjusted. Source: Bureau of Labor Statistics Though the population of the area has not changed much over the past 20 years, the demographics of those living in the area have changed. One manifestation of this in recent years is the decrease in the number of residents filing tax returns and the value of those returns (see Table 2). In...