HUNTSVILLE, Ala. – The United States has hit its lowest unemployment rate in 50 years – 3.5 percent.
In Huntsville, the city’s unemployment rate has been below 3.5 percent since February, and in August, the city hit a record low.
Huntsville’s August unemployment rate was 2.3 percent, according to the Bureau of Labor Statistics. The Bureau also said the current labor force in Huntsville is 230,738 people. This includes everyone who could work as well. This time last year, there were 220,420 people in the labor force.
In one year the Huntsville labor force has grown more than 10,000 people. With space and defense agencies moving to the area, the city continues to grow.
The FBI plans to add more than 4,000 jobs in the next several years, on top of the new Mazda Toyota plant, which promises 4,000 jobs on its own. Many more companies are also hiring across north Alabama.
At the same time, the area’s housing market is also doing well.
Last month, there were nearly 1,500 homes sold in north Alabama. Those homes sold fast, too.
In Madison County, the average house was on the market for just 43 days.
Houses sold even faster in Limestone County, with the average house staying on the market for 41 days.