Grant County economy growing

GRANT COUNTY - A Wenatchee-based state Employment Security Department economist says an estimated 130 nonfarm jobs were added in Grant County since July 2007.

Across the state, nonfarm jobs increased by 1 percent during the past year, stated regional labor economist Tihamiyou Baba Moussa.

Grant County's nonfarm jobs and salaried positions grew by 0.5 percent, which was an increase from last year's 27,900 jobs in July 2007 to 28,030 jobs in July 2008, stated Moussa.

"Sometimes fast growth is good, sometimes it is not," Moussa said.

He used an analogy of two cars when explaining growth, with one car speeding and the other driving the speed limit.

In the long term, it's better for the health of your car to avoid speeding, he said.

For the health of the economy, rapid growth can mean people have more money to spend, which results in rising prices because there's more demand for goods in the market. So people will have to spend more money to buy the same item, Moussa explained.

But sometimes fast growth is good, such as when an area needs to pull out of a recession, he said.

Throughout the year, manufacturing industries in Grant County surpassed the statewide numbers with a 10.6 percent increase, or 670 jobs.

The sectors offering services, such as stores and gas stations, decreased by 2.4 percent or 520 jobs, according to Moussa.

Statewide, manufacturing stayed flat and services-providing groups grew by 1.3 percent, he said.

From July 2007, Grant County's unemployment rate increased by 470 people for a total of 2,550 unemployed (the total labor force is 43,080).

Grant County's unemployment rate increased by 1 percent to 5.9 percent from last year. The state unemployment rate for July is 5.4 percent, as compared to last year's percentage of 4.4 percent.

Highlights from July 2007 to July 2008 also included:

• Trade, transportation and utilities increased by 0.9 percent, or 50 jobs, as compared to the state increase of 0.7 percent.

• Information and financial activities went up by 2.9 percent, or 30 jobs. The state's percentage decreased by 0.1 percent in this area.

• Government jobs decreased by 70 jobs, or 0.9 percent. Throughout the state, government positions increased by 0.5 percent.