The Local Workforce Investment Area Three which includes Winnebago, Boone, and Stephenson Counties have seen more than a two-percentage point drop when comparing September 2022 to September 2021 as reported by the Illinois Department of Employment Security Economic Information and Analysis Division (IDES).
In addition to the year-over-year move from 7.3% to the current 5.7%, the month-over-month unemployment rate has also decreased a significant amount from 6.5% in August of 2022 to the current 5.7%. The last time these numbers reached this level in September was 2019.
Manufacturing and Trade, Transportation, and Utilities were the biggest industries contributing to this decrease by adding 1,700 and 2,300 jobs respectively since last year. These industries continue to be the largest employment sectors in the area and have been mainstays of our region’s economy. Strong industry sectors like these will continue to provide opportunities for diversification and our economic well-being.
“This means our community has more employment opportunities, the ability to continue educational pursuits within different fields, and sustainable growth for employers located here. All of which demonstrates our region is a great place to live and work,” states Therese Thill, President of RAEDC.
The region has continued to develop education-to-workforce pipelines to support manufacturing and primary employers with the skilled workforce needed to grow, offer more services, and continue to be an economic driver for the region.
Learn more about the industries in our region at RockfordIL.com.