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Update: |
Unemployment rates =
reaches new=20
high
(Created:=20
Friday, May 8, 2009 1:56 AM CDT)=20
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TWC officials and economists say =
Collin=20
County is ahead of the curve, but times are starting =
to catch=20
up.
By Danny Gallagher, McKinney=20
Courier-Gazette
Collin County's unemployment =
figures=20
reached a new high in March.
The Texas =
Workforce=20
Commission found that unemployment in Collin County =
rose to=20
6.7 percent last March reaching a new six year high, =
according=20
to archived data.
The figure has been on a =
steady climb=20
throughout the first quarter of the year rising from =
6.5=20
percent in January to 6.7 percent in March. The =
percentage has=20
also seen a huge increase from the same time last =
year, from=20
4.1 percent in March of 2008, according to TWC=20
data.
Dr. Bernard Weinstein, professor of =
applied=20
economics at the University of North Texas and =
director of the=20
Center for Economic Development and Research, said =
that 6.7=20
percent is "considerably lower" compared to averages =
in the=20
Dallas-Fort Worth Metroplex and on the national=20
level.
"Collin County is doing a lot better =
than the=20
rest of the country," he said. "But Collin County and =
the=20
Dallas area are not insulated from the global =
recession. There=20
are also a lot of industries in Collin County that are =
very=20
sensitive to the business cycle, particularly in the=20
information technology sector."
The recent =
unemployment=20
figures were also affected by a slowdown in new home =
growth=20
and the retail sector, Weinstein said.
"New =
housing is=20
down about 50 percent where it was two years ago and =
retail=20
sales are down in Collin County as well elsewhere," he =
said.=20
"That means people are spending less money and =
retailers are=20
employing fewer people."
Collin County's most =
recent=20
figures were also on par with the state level, maxing =
out at=20
6.7 percent and marking an increase from the 4.6 =
percent level=20
set in March of 2008, according to TWC=20
data.TWC Chairman Tom Pauken said =
even=20
though the rate remained below the national average of =
8.5=20
percent, some Texans has to deal with the loss of =
their=20
jobs.
=93The Texas unemployment rate remained =
well below=20
that of the nation, although Texas suffered a net loss =
of jobs=20
in March,=94 Pauken said. =93While the national =
recession=20
continues to have an impact, TWC is focused on helping =
Texans=20
find employment and weather these challenging economic =
times.=94
Weinstein said that Texas didn't feel =
the=20
effects of the national recession until sometime after =
it=20
started to spread, but he doesn't expect Collin County =
or=20
Texas will "lag behind" when the tide starts to=20
turn.
"As bad as things are nationally, things =
are a=20
lot better in Texas, Dallas and certainly in Collin =
County,"=20
he said, "and we'll continue to see a rise [in =
unemployment]=20
in the next four months and the unemployment rate will =
rise in=20
Collin County as well but we will still be well below =
the=20
national average."
Contact Danny Gallagher at =
dgallagher@acnpapers.com.
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