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