Oakland County’s job growth since 2010 has outpaced other key counties of similar population around the United States, Oakland County Executive L. Brooks Patterson announced on June 30.
“Oakland County plays a significant role in Michigan’s economic recovery because of our deep dive into the knowledge-based economy,” Patterson said. “And from the looks of it, we are a leader in the nation as well.”
Oakland County has 11 percent more jobs than it had in 2010, said Dan Riley, a market research analyst in the Department of Economic Development & Community Affairs. Using the May 2014 jobs numbers just released by the Bureau of Labor Statistics (BLS), Riley compared Oakland County to other counties of similar size – the same ones to which the University of Michigan compares Oakland County in its annual economic outlook report:
Wake County, N.C. | 10 percent
Macomb County, Mich. | 9.4 percent
DuPage County, Ill. | 7.9 percent
Hennepin County, Minn. | 6.6 percent
Orange County, Calif. | 6.2 percent
Fairfield County, Conn. | 3.9 percent
Nassau County, N.Y. | 2.4 percent
Fairfax County, Va. | 2.3 percent
Montgomery County, Md. | 2.2 percent
The May 2014 jobs figures from the BLS indicate that Oakland County’s labor force increased by 5,600 participants to 594,916 and the number of employed residents grew by 2,800. Because of more participation in Oakland County’s work force, the May unemployment figure for Oakland County is 6.9 percent, up from 6.5 percent in April.
“Greater participation in our county work force indicates that individuals have growing confidence in our economy,” Patterson said.
In an effort to diversify the economy, Patterson launched Oakland County’s Emerging Sectors initiative in 2004 to identify the top 10 sectors that will attract and retain sustainable, high-paying jobs to the region in the 21st century. Companies in these Emerging Sectors are involved in such leading-edge fields such as advanced electronics & controls, advanced materials & chemicals, communications & information technology, robotics & automation, and Oakland County’s Medical Main Street.
Since its inception, 284 companies have invested $2.71 billion creating 31,379 jobs and retaining 16,282. For more information about Emerging Sectors, go to www.AdvantageOakland.com.