The unemployment rate measures the percentage of workers who do not have job and are looking for work. Generally, an unemployment rate of four percent or lower indicates an economy at full-employment, or everyone who wants a job is employed. (At the full-employment stage, those without a job are usually transitioning between jobs, or recently entered the labor force and started looking for a job.) Low unemployment rates, while challenging for firms, can improve wage growth and encourage new residents, looking for job opportunities, to move to our region.
The region's unemployment rate dropped to 3.6 percent in 2023, it's lowest level in the last two decades.