Roanoke: Lowest Unemployment Since November 2008
New unemployment figures confirm the recovery is strengthening in Roanoke, which just experienced its lowest level of unemployment since November 2008 and the lowest December figures since 2007.
Unemployment figures from the Bureau of Labor Statistics show there were 1,591 fewer unemployed in the Roanoke metro area in December 2013 when compared to December 2012. A separate employer survey from the Bureau of Labor Statistics shows that 1,600 jobs were added from December 2012 to December 2013, an increase of roughly 1 percent.
Last year appears to have been a good year for Roanoke’s economy. Data on economic growth revealed Roanoke outpaced 75 percent of metros in gross metro product growth in 2012. Regional employers have responded by adding jobs to meet growing demand. Consumers have responded as well: 2013 home sales were at their highest level since 2007 in terms of number sold. The average price of homes sold in 2013 was up 5.5 percent over 2012 and at the highest level since 2010.
Employment and Unemployment
| Employment | Unemployment Rate | |
| December 2007 | 164,400 | 3.4% |
| December 2008 | 162,100 | 5.0% |
| December 2009 | 155,700 | 7.8% |
| December 2010 | 156,200 | 7.1% |
| December 2011 | 158,000 | 6.3% |
| December 2012 | 160,200 | 5.8% |
| December 2013 | 161,800 | 4.9% |
Source: Bureau of Labor Statistics, Current Employment Statistics and Local Area Unemployment Statistics, 2014.
Housing Sales
| Number Sold | Average Price | |
| 2007 | 4,964 | $213,459 |
| 2008 | 3,962 | $197,889 |
| 2009 | 3,707 | $188,855 |
| 2010 | 3,269 | $195,310 |
| 2011 | 3,432 | $176,197 |
| 2012 | 3,666 | $180,302 |
| 2013 | 4,307 | $190,217 |
Source: Roanoke Valley Association of Realtors, 2014.