Columbus Economy May 2022



Columbus Economy May 2022

Now hiring sign

For the Columbus economy May 2022 report, we will look for any signs that the local economy is being negatively affected by ongoing inflation and higher energy prices.

Overall Metro Area May 2022 and Change from May 2021
Labor Force: 1,132,871 +24,699
Employed: 1,100,438 +43,723
Unemployed: 32,433 -19,024
Unemployment Rate: 2.9% -1.7
Total Non-Farm Jobs: 1,123,200 +28,300

The 2.9% May unemployment rate for the Columbus metro remains one of the lowest in more than 30 years, and all metrics were better than they were a year ago.

Overall Metro Area May 2022 and Change from February 2020 (Pre-Pandemic)
Labor Force: 1,132,871 +12,067
Employed: 1,100,438 +23,598
Unemployed: 32,433 -11,531
Unemployment Rate: 2.9% -1.0
Total Non-Farm Jobs: 1,123,200 +11,800
The metro area has surpassed pre-pandemic data across the board.

Now let’s view the results by industry.

Mining/Logging/Construction
5/2020———–5/2021———-5/2022

43,200————45,700———47,500
This industry has fully recovered from the pandemic and continues to set new highs.

Manufacturing
5/2020———–5/2021———-5/2022

66,700———–71,900———-72,300
Although manufacturing has largely recovered from pandemic lows, it remains *well* below anytime before 2000.

Trade/Transportation/Utilities
5/2020———–5/2021———-5/2022

205,400———-221,000———238,000
This industry is at 30 year highs.

Information
5/2020———–5/2021———-5/2022

15,500———–15,600———-16,600
The industry has been in somewhat of a decline overall since the Dot.com boom of the late 1990s. It recovered most pandemic losses, but seems unlikely to do much better in the long run.

Financial Activities
5/2020———–5/2021———-5/2022

83,900———–84,500———-83,700
Financial activities jobs have declined slightly since recovering its pandemic losses.

Professional and Business Services
5/2020———–5/2021———-5/2022
166,500———-179,600———178,200
As with the financial activities industry, this industry initially recovered from the pandemic, but has stagnated a bit since then.

Education and Health Services
5/2020———–5/2021———-5/2022

145,600———-159,700———158,800
These industries have been somewhat stagnant as well since around October, 2020.

Leisure and Hospitality
5/2020———–5/2021———-5/2022
69,000———-97,200———-107,600
This industry was arguably hit the hardest of any during the pandemic crash, but have recovered fairly strongly since then. However, because the fall was so great, it has not completely come back to date.

Other Services
5/2020———–5/2021———-5/2022

32,800———–39,800———-41,500
This industry is on track for full recovery by late summer.

Government
5/2020———–5/2021———-5/2022

177,500———-179,900———179,000
Government jobs remain below where they were pre-pandemic, and have shown little movement either way.

Overall, the metro has recovered from the pandemic and most metrics are generally positive, but not all industries are doing equally well. There remains no sign of any impending downturn.

The Bureau of Labor Statistics, the source of this data, is useful for local employment data for any metro area in the United States.

Columbus Economy April 2022

Columbus economy April 2022

For the Columbus economy April 2022 report, we look at how the situation has continued to improve from the pandemic-related crash of 2020. High inflation rates had yet to affect things like hiring, which remained strong. Let’s break it down.

Overall Metro Area April 2022 and Change from April 2021
Labor Force: 1,120,035 +13,475
Employed: 1,087,123 +37,439
Unemployed: 32,912 -23,964
Unemployment Rate: 2.9% -2.2
Total Non-Farm Jobs: 1,111,100 +25,100

The 2.9% April unemployment rate for the Columbus metro was the lowest rate since May 2001, and only a few tenths of a percent off the lowest since at least 1990.

Overall Metro Area April 2022 and Change from February 2020 (Pre-Pandemic)
Labor Force: 1,120,035 -769
Employed: 1,087,123 +10,283
Unemployed: 32,912 -11,052
Unemployment Rate: 2.9% -1.0
Total Non-Farm Jobs: 1,111,100 -300
The metro area overall is just about where it was pre-pandemic, though more people are employed now than at that time.



Now let’s view the results by industry.

Mining/Logging/Construction
4/2020———–4/2021———-4/2022

40,300————44,800———45,900
This industry has been recovering nicely from pandemic lows, and should hit all-time highs over the summer.

Manufacturing
4/2020———–4/2021———-4/2022

63,400———–71,800———-72,800
Manufacturing has nearly fully recovered to pre-pandemic levels.

Trade/Transportation/Utilities
4/2020———–4/2021———-4/2022

190,200———-220,200———235,800
This industry completely recovered and consistently hitting record highs.

Information
4/2020———–4/2021———-4/2022

15,400———–15,400———-16,600
Information has fully recovered to pre-pandemic levels, but only just. This industry has been fairly stagnant, if not in decline, since 2001.

Financial Activities
4/2020———–4/2021———-4/2022

83,700———–85,200———-82,900
Unlike other industries, financial activities did not drop significantly during the crash. It did fully recover all lost jobs, but is now sliding down further than during the pandemic. It’s unclear why.

Professional and Business Services
4/2020———–4/2021———-4/2022
162,900———-177,800———178,600
This industry did recover most pandemic losses, but plateaued in 2016 and has been unable to do much since then.

Education and Health Services
4/2020———–4/2021———-4/2022

142,100———-159,600———157,900
Hit extremely hard during the pandemic, the industries of health and education have not yet been able to fully recover. Healthcare in particular is having an extremely difficult time finding workers, and is losing people to burnout.

Leisure and Hospitality
4/2020———–4/2021———-4/2022
56,100———-93,100———-101,500
This industry was arguably hit the hardest of any during the pandemic crash. These jobs fell by nearly 50%. They’ve made a strong comeback, but not quite yet to pre-pandemic levels.

Other Services
4/2020———–4/2021———-4/2022

29,600———–39,400———-41,500
This industry is on track for full recovery by late summer.

Government
4/2020———–4/2021———-4/2022

178,400———-178,700———177,600
While the fall during the pandemic was not as dramatic as other types of jobs, government jobs have largely stagnated since the crash well below their pre-pandemic levels. It’s unclear if its local level or state and federal level jobs that have not returned.

All said, the metro area has just about fully recovered from pandemic effects- and is doing better now than before in some respects- but some industries continue to lag behind. Inflation and energy prices are hitting people hard, and that is not just true in the United States. Nearly all nations are seeing similar effects, and the longer these global conditions last, the more likely it is that it harms the upward movement of the economy.

The Bureau of Labor Statistics, the source of this data, is useful for local employment data for any metro area in the United States.