Sumter County Housing Market Posts Gains

Despite a tepid housing market, the monthly jobless rate in Sumter County dropped just 0.20 percent of a percent in April, an indication that the local economy remains vibrant.
Even with recent declines in Florida mortgage activity, the news is as good in Lake and Marion counties. Of Florida’s 67 counties, Sumter is one of five with the sixth-lowest unemployment rate in the state.

The 2.5 percent unemployment rate that Sumter posted last month is just barely above what appears to be the county’s record low, Warren May said.

The rate in Sumter dropped to 2.3 percent in December 1999.

“It’s pretty remarkable,” May said of Sumter’s showing in April.

Walton County posted the lowest rate in Florida with 1.9 percent, followed right behind by Monroe and Liberty counties with 2.2 percent and Alachua and Okaloosa counties with 2.3 percent.

• In Lake County, the monthly unemployment rate dropped 0.20 percent in April to 3.3 percent.
• The Marion County jobless rate remained unchanged at 3.5 percent.

April job data for the tri-county area compares with a state unemployment rate of 3.4 percent and a national rate of 4.5 percent.

Amazingly, given the Florida housing market’s reputation as the epicenter of the nation’s real estate bust, the state continues to outperform the country in terms of employment.

Florida had the lowest unemployment rate of the 10 most populous states in the nation, the agency reported.

“The Florida job market is really tight,” May said.

The news is even better if you look at job creation in the tri-county area.

Since April last year, Sumter has added 4,582 new jobs, Marion has added 4,649 new jobs, and Lake has added 3,793.

In comparison, the state added 227,000 jobs since April last year. That’s an increase of about 2.6 percent in metro Orlando.

“In spite of pressures from a soft Central Florida housing market, we’re continuing to create jobs,” May said. “It is definitely positive growth.”

SOURCE: The Villages Daily Sun