Economic Snapshots for MT, NV, and OR - June 2019
This month’s Economic Snapshots provide an overview of state and national trends highlighting indicators such as employment, demographics, housing, consumer sentiment and more.
Montana's labor market is growing at a slow, but steady pace. In April, the state’s year-over-year employment growth slowed slightly from March, dropping from 0.9 percent to 0.8 percent. Montana’s unemployment rate decreased slightly to 3.6 percent; the lowest unemployment rate recorded in 12 years. Montana added 3,900 jobs over the past year, with professional and business services (+1,400) and financial activities (+1,200), adding the largest number of employees. Only the construction (-500), information (-400), and manufacturing (-300) sectors lost jobs year-over-year. The Montana housing market continues its growth, with housing prices rising at 6 percent. In April, the state's foreclosure rate was the third-lowest in the nation.
Nevada’s labor market continues to be the hottest in the country. In April, the state’s year-over-year employment growth was 3.6 percent - the highest rate in the nation. The unemployment rate is slightly above the national average at 4.0 percent. Nevada added 49,600 jobs over the past year, with the professional and business services (+13,300), construction (+13,000), manufacturing (+5,400) and trade, transportation, and utilities (+5,400) sectors experiencing the largest employment gains. Only the information (-300) sector experienced job losses. Home values continue to rise thanks to fast population gains and strong employment growth. In April, Nevada’s median home value rose 9.2 percent from the year before versus a 6.1 percent rise nationwide.
Oregon’s labor market continues to grow. In April, the state’s year-over-year employment growth rate increased from 1.8 percent to 2.0 percent. The unemployment rate is above the national average at 4.3 percent. Oregon added 48,200 jobs over the past year, with the trade, transportation, and utilities (+8,400), education and health services (+8,400), and construction (+7,000) sectors experiencing the largest employment gains. Only the financial activities (-100) and natural resources and mining (-100) sectors experienced job losses. Over the last year, home prices rose by 4.6 percent across the state versus 6.1 percent nationwide. Despite the slowdown in price growth, Oregon's median home value remains one of the highest in the country at $346,000.