Job growth highlights Labor Day report
By MATT GOURAS - Associated Press Writer - 09/01/06
Labor Commissioner Keith Kelly, in the agency’s annual Labor Day report, said there are a number of bright spots for the state. The unemployment rate has been hovering near an all-time low and a demand for state commodities is projected to continue.
‘‘We’re ahead of the national economic picture,’’ he said.
He said low unemployment has spurred individual economic and average annual wage growth. Montana recently moved from 41st in per capita personal income up to 39th among the states, he said.
Other points made in the presentation:
n Occupations projected to grow at the fastest rates, such as software engineers and physician assistants, tend to require more education. n Economies in fast-growing western and southern Montana counties are diversifying, while the rest of the state is becoming more focused in areas such as agriculture and natural resources.
‘‘Foreign demand has driven record high commodity prices for Montana’s natural resources, spurring employment growth,’’ Gov. Brian Schweitzer said in a statement. ‘‘Building upon Montana’s inherent industry strengths (mining, health care and construction) we have the ability to continue to experience positive gains.’’
The average annual wage in Montana reached $29,157 in 2005, a 4.8 percent increase over the previous year. Taking inflation into account, the real purchasing power increased 1.3 percent, the report said. The U.S. average wage remained steady at $40,671.
Some of the fastest growing wage sectors in Montana were natural resources and mining, with an average wage of $48,656; construction, with an average wage of $51,228 and manufacturing, with an average wage of $44,272.
Agency economists said the state’s mix of major economic sectors is projected to remain about the same for the next 10 years. Some of the faster growing economic sectors will be machinery manufacturing, waste management, social assistance and technology areas.
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