Business is good in Douglas County
Information provided by Douglas County
Douglas County, which now has the sixth highest median income in the nation, has seen its unemployment figures dip below 4 percent for the first time since 2008 in recent months.
According to data from the U.S. Bureau of Labor Statistics, the County’s unemployment rate hit 3.4 percent in September and preliminary data for November has the County at 3.3 percent, a 1.6 point year-over-year drop.
Demonstrating an 8.8 percent increase in average weekly wages from year to year, Douglas County has also exhibited the second highest increase nationally, according to the Bureau.
That increase has helped to give the County the sixth highest median income in the nation at $99,767, nearly double the national average of $52,300. The data, compiled in September by Sentier Research, shows Douglas County as the only western county ranked in the top 10.
Consistent job growth – an additional 4,800 jobs were created year over year in the County – and higher incomes have also led Douglas County businesses to witness a 5.3 percent increase in total retail sales from the conclusion of the third quarter in 2013 to the same time in 2014. The largest increase has been in the sporting goods, hobby, book, and music store sector, which has seen an increase in sales of 36.3 percent.
“All of these statistics are related,” said Commissioner Jill Repella. “As our business climate continues to increase, more people have jobs and wages go up, the local economy flourishes and the County becomes a more desirable place to call home.”
The average sales price for single-family homes in the County rose 10.2 percent, or $40,900 for the year, leading to the end of the third quarter in 2014. The number of foreclosure filings in the County also hit a 12-year low in the third quarter of 2014 with just 92 filings made. Single-family attached home sales grew 18.9 percent compared to the previous year.