Oakland County’s October unemployment rate is the lowest it has been since 2008 as the county continues to outperform the region and the state. The not-seasonally adjusted unemployment rate for October was 7.8 percent in Oakland County. The Detroit MSA was 9 percent and the State of Michigan was 8.3 percent.
Oakland County Executive L. Brooks Patterson said the numbers validate the county’s economic diversification efforts in the knowledge-based economy through initiatives such as Emerging Sectors, Medical Main Street and Automation Alley.
“I think that’s great news,” Patterson said. “It shows our programs are working and we intend to pour it on.”
The last few October jobless rates in Oakland County were:
- 9.0 percent in 2012
- 9.5 percent in 2011
- 11.6 percent in 2010
- 14.0 percent in 2009
- 7.6 percent in 2008
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, 253 companies have invested $2.6 billion creating 29,825 jobs and retaining 13,828. For more information about Emerging Sectors, go to AdvantageOakland.com.