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1997 LICKING COUNTY HOUSING FORUM: Employment
The 1996 annual average civilian labor force estimates for Licking County were total labor force - 70,500 - employment - 68,517 - unemployment - 2,700 - unemployment rate 3.8%. The most recent information about unemployment in Licking County was published in the Columbus Dispatch on August 16, 1997. The unemployment rate for July, 1997 was 3.6%, well below the state average of 4.2% and the national average of 4,8%. Unemployment in Licking County has been decreasing over the last ten years. Economic growth is occurring county-wide and the demand for housing is also increasing. Most developers are currently concentrating their efforts on developing up-scale single family homes for those individuals employed by these new industries locating in the county and especially for those employed in Columbus and Franklin County who commute daily. Therefore, those seeking affordable housing are often forced to locate on the fringe of the development where housing prices are generally more reasonable.
It is projected that employment opportunities in Licking County will with the Services sector providing the most jobs by the year 2010. Therefore, there will continue to be a demand for housing options at all price levels.
In 1995 the average weekly earnings for the Manufacturing sector were the highest when compared to the Construction, Trade, Government, and Services sectors. The Trade sector includes retail and wholesale positions. The Services sector includes a variety of positions from a doctor or nurse to a waitress. The lowest paying sector was Trade with an average weekly earning of $316.81. This means the average yearly salary for those employed in the Trade sector is approximately $15,206.88. With the average rent in Licking County approximately $450 to $700 per month and the average house payment on a thirty year mortgage approximately $500 for a decent home, this group would be paying approximately 40% of their monthly earnings for housing. According to HUD Section 8 standards. no more than 30% of a households monthly income should be devoted to rent and utilities. Therefore, anyone with an average salary of $1,267.24 per month should devote no more than ~30% per month to housing. Quality housing in this price range is scarce if not impossible to find in Licking County. These figures don't take into account household size. As family size increases, the difficulty in finding quality affordable housing also increases. Most construction of new apartments comprise one or two bedroom units, and many homes on the market priced at $75,000 or below are small (2 bedrooms) and usually in need of major repair which could cost up to $20,000. In addition many homes listed in this price range are mobile homes for purchase, located on lots for rent at $l00 to $200 per month. Many of these housing options do not qualify for FHA or conventional financing options.
Employment Projections
Source ODOD - Office of Statistical Research
Currently major employers in Licking County include: Anomatic Corp., Boeing Co., Denison University, Holophane Corp., Licking Memorial Hospital, Newark City Board of Education. Owens-Corning Fiberglass Corn., Rockwell Int'l Corp. (now Rockwell Automotive.) and State Farm Mutual Auto Insurance Company.
Employers expected to have a major impact on the employment market in the near future include. The Longaberger Company, Bear Creek, Hendrickson Auxiliary Axle Systems, THK Manufacturing of America, AFGD, Inc., Ohio Metal Technologies, Sun Field, Inc., Thompson Newspapers, Morrow Macke, Inc., and General Electric Quartz.
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