The Columbus economy in February 2022 continued its slow recovery from the Covid pandemic crash of 2020. Let’s break it down.
Overall Metro Area February 2022 and Change from February 2021
Labor Force: 1,126,967 +9,435
Employed: 1,085,393 +27,948
Unemployed: 41,574 -18,513
Unemployment Rate: 3.7% -1.7
Total Non-Farm Jobs: 1,102,000 +25,400
Overall Metro Area February 2022 and Change from February 2020 (Pre-Pandemic)
Labor Force: 1,126,967 +10,719
Employed: 1,085,393 +13,820
Unemployed: 41,574 -3,101
Unemployment Rate: 3.7% -0.3
Total Non-Farm Jobs: 1,102,000 -9,400
In most categories, the metro area overall has fully recovered to levels just before the pandemic crash- and has improved upon most metrics. Non-farm jobs is the only area that has not yet fully recovered.
Now let’s view the results by industry.
Mining/Logging/Construction
2/2020———–2/2021———-2/2022
42,500————41,000———44,400
The construction industry (Columbus doesn’t have a significant mining or logging industry) has surpassed pre-Covid levels.
Manufacturing
2/2020———–2/2021———-2/2022
73,000———–71,700———-72,600
Manufacturing hasn’t fully recovered, but appears likely to within the next few months.
Trade/Transportation/Utilities
2/2020———–2/2021———-2/2022
215,600———-222,800———234,900
This industry has gone well past pre-pandemic levels is one of the strongest performing in the metro area.
Information
2/2020———–2/2021———-2/2022
16,500———–15,200———-16,500
Information has fully recovered to pre-pandemic levels, but only just. It remains to be seen how much further it will improve as the industry had been losing jobs steadily since the end of 2018.
Financial Activities
2/2020———–2/2021———-2/2022
85,900———–85,000———-84,600
Unlike other industries, financial activities did not drop significantly during the crash. It did fully recover all lost jobs by November of 2021, but has slid some since.
Professional and Business Services
2/2020———–2/2021———-2/2022
178,800———-176,500———175,400
As with the Financial Activities sector, this industry did fully recover by the fall of 2021, but is now lagging a bit.
Education and Health Services
2/2020———–2/2021———-2/2022
165,100———-158,500———159,700
Although recovering slowly and ahead of last year, this industry has yet to return to pre-pandemic levels. Part of the reason for this may have been the mass resignations within the health industry due to burnout from stress.
Leisure and Hospitality
2/2020———–2/2021———-2/2022
106,800———-87,200———-96,500
This industry was arguably hit the hardest of any during the pandemic crash (jobs fell by nearly 50%), and in many cases has struggled to fill existing jobs as the economy has improved. Still, trends suggest that the industry will be fully recovered by this summer.
Other Services
2/2020———–2/2021———-2/2022
41,900———–38,800———-40,400
Another industry that will likely be fully recovered by summer or early fall.
Government
2/2020———–2/2021———-2/2022
185,300———-179,900———177,000
As the state capital, Columbus has always been heavy in this industry. However, for whatever reason, government jobs just haven’t been coming back as much and may not recover fully until sometime next year.
While the overall metro has largely recovered, several industries have not. However, most are trending towards passing pre-pandemic levels by this summer- barring any other economic problems from Covid or global events.
The Bureau of Labor Statistics, the source of this data, is useful for local employment data for any metro area in the United States.