VanAntwerp Attorneys, LLP
Phone: 606-618-0698

Are Kentucky businesses experiencing a strengthening economy?

Kentucky's preliminary unemployment rate remains at five percent, a slight reduction from last year's figure. The preliminary number for March 2017 came in at 0.1 percentage points lower than this time last year.

Compared to the U.S. rate of 4.5 percent (according to the Department of Labor) unemployment rates both statewide and nationally may be an indication of a strengthening economy for Kentucky-based businesses.

Some industries saw growth not only over the past month, but also throughout the year.

  • Manufacturing in Kentucky experienced the largest month-to-month expansion, seeing growth of 2,800 jobs, a 1.1 percent increase from the previous month. Overall, 7,700 jobs were added in the sector, an increase of 3.1 percent since March 2016.
  • Trade, transportation and utilities, the largest sector with more than 400,000 jobs increased by 1,600 in one month and 7,100 (1.8 percent) in one year.
  • The financial activities sector added 500 jobs since February 2017 and gained 2,100 or 2.3 percent from last year.
  • The information sector that includes traditional and software publishing, motion pictures and broadcasting, and telecommunications increased their jobs by 200 in one month and 1,300 in one year, a 5.7 percent increase since March 2016.

While other service sectors that include repair and maintenance, personal care and religious organizations also saw job growth, other sectors had mixed results in their monthly and yearly numbers.

  • Government jobs that include public education, administration agencies and state-owned hospitals added 1,800 jobs from the prior month, yet saw a decline of 1,200 positions since last year at this time.
  • Mining and logging jobs were up 100 jobs from the last month, but still experienced a decline of 1,300 positions from last year.
  • The leisure and hospitality sector (arts, entertainment, recreation, accommodation and food services) experienced similar drops with a decrease of 500 jobs since February 2017. Yet, the industry still held on to a net positive of 100 since last year.
  • While adding 6,800 jobs since March 2016, the professional and business services sector saw a downward trend, falling 1,300 jobs since the previous month.
  • The construction sector saw a decline of 2,000 jobs over the previous month while adding 2,900 jobs (a 3.8 percent increase) over the past year.
  • The educational and health services sector broke even with a few jobs to spare, experiencing a decline of 2,000 positions over the prior month, but gaining 2,200 jobs since last year.

A stronger economy means more opportunities for Kentucky businesses to grow, whether that involves expansion or acquisition. An experienced business attorney can serve as a significant and continuing step towards further success. For more information on how VanAntwerp Attorneys may be of assistance with your business needs, contact our office at 606-618-0698.

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