Labor Market Update

Unemployment rates (not seasonally adjusted) increased in 91 counties in October 2024, decreased in three, and remained unchanged in six. Buncombe County had the highest unemployment rate at 8.8 percent while Currituck County had the lowest at 2.6 percent. Fourteen of the state's metro areas experienced rate increases and one remained unchanged. Among the metro areas, Asheville had the highest rate at 7.3 percent while Durham-Chapel Hill and Wilmington each had the lowest at 2.9 percent. The not seasonally adjusted statewide rate was 3.6 percent.

The questions may sound subjective compared with the usual Census Bureau fare, but they’re the next big step in a slow-building but snowballing academic effort to better measure the non-pecuniary benefits we get from our jobs. As the luckiest Americans worry less about their basic needs, more of us are seeking jobs with a moral or social mission.
“As traditional third places where Americans engage with their community are waning,” said Smith, the AmeriCorps CEO, “it’s great to see that workplaces are creating a space where employees can put their values into action.”
For better or worse, this shift has blurred the boundary between professional and civic life.

One enduring impression from contacts is that events such as Hurricane Helene, while devastating, also show how communities rally together during difficult times. Many reported a feeling of hope amid struggle and an eagerness to rebuild. Although the path forward for many households and businesses is uncertain, the recovery efforts underway stand as reminder of the resilience of our Fifth District communities. As a regional bank, we are committed to listening, learning, and coming to a more complete understanding of the lasting impact of the storm on our region in the weeks and months ahead.

This morning, the US Bureau of Labor Statistics released its first batch of official statistics covering the impact of Hurricane Helene on North Carolina's economy. This article describes what we know so far about the employment impact of Helene-or, at least, what we think we know, given the preliminary nature of these statistics.

Usually, the Harrah’s Cherokee Center is a place to see a show, catch a game and be entertained. On Friday, Nov. 8, its purpose was to help residents get back on their feet.

Mountain Area Workforce Development Board has received funding through the North Carolina Department of Commerce, Division of Workforce Solutions and the US Department of Labor to create a temporary employment program for clean up and humanitarian needs as a result of Hurricane Helene. The individuals employed in the program may perform clean up or humanitarian functions for public, for-profit, or non-profit entities in the counties approved by FEMA for up to one year. This project includes Buncombe, Henderson, Madison, and Transylvania Counties for this region. If you are outside of this region, contact the Workforce Board for that area. Worksites must pay at least $15 per hour. Wage should be market competitive. Total hours are capped at 2,000 hours. Participants cannot work over 40 hours per week. Public, private, for-profit, and non-profit entities that are interested in applying to be worksites should answer the following survey. We anticipate this program will begin after January 1, 2025.

What had been a hot job market in and around Asheville, N.C., might take a while to heal, noted Nathan Ramsey, director of the Mountain Area Workforce Development Board in western North Carolina. Helene hit the region during its peak fall tourism season, and with the water system still in shambles, its breweries, hotels and eateries are unable to open.“ We could see our unemployment rate going to 10 percent or more based on these numbers, and the damage isn’t over as more layoffs are anticipated,” Mr. Ramsey said. A big concern is the loss of housing, which could push local residents to relocate — even if rebuilding creates more jobs in construction down the road. 

Tropical Storm Helene Update The devastation to Western North Carolina has greatly impacted many businesses and families. If you or your business are impacted, view a list of available resources. If you are in a position to help, the North Carolina Disaster Relief Fund is accepting donations to support the communities most impacted.

Helene Disaster Assistance: View information and resources available to North Carolina businesses impacted by Hurricane Helene

Love Hendo embodies our community’s resilience, providing critical support to local businesses through the All in for Hendo fund, originally created during COVID-19. Evolving to meet various business needs, this fund now powers the Love Hendo Business Recovery Fund. Supported by the Community Foundation of Henderson County, Henderson County Chamber of Commerce, Tourism Development Authority, Partnership for Economic Development, Blue Ridge Community College Small Business Center, and Friends of Downtown Hendersonville, you can contribute through donations, sponsorships, or by purchasing a Love Hendo T-shirt. Business owners affected by recent challenges can apply for funding through the LoveHendo website or contact the Community Foundation of Henderson County at (828) 697-6224 or email at info@cfhcforever.org.

Western North Carolina Small Business Initiative Welcome to the Western North Carolina Small Business Initiative Was your small business harmed by Hurricane Helene? The Western North Carolina Small Business Initiative is here to help. The initiative is partnering with local Community Development Financial Institutions (CDFIs) to provide relief

Grants for BUNCOMBE businesses New Asheville-Buncombe Rebuilding Together Grant Fund Businesses located within Buncombe County may request up to $25,000 in reimbursement for costs associated with Hurricane Helene.

The U.S. Chamber of Commerce Foundation has launched the Small Business Hurricane Recovery grant program in partnership with American Express to support small businesses impacted by Hurricanes Helene and Milton. 

The program will provide $5 million in funding, distributing $5,000 grants to 1,000 eligible small businesses across the Southeast to support their recovery and help them build resilience against future disasters. 



Eligible small businesses can apply now until Sunday, November 17, 2024, at 11:59pm ET.  

TOGETHER WE ARE WNC STRONG New WNC Strong: Helene Business Recovery Fund Providing vital and rapid relief loans to Western North Carolina small businesses impacted by Tropical Storm Helene. Helene...Read more

Helene help center Updated WNC Strong: Helene Disaster Relief & Business Recovery Resources Find what you need to navigate your small business through this unprecedented time. We're here for you...Read more

Business Assistance & Resources After Hurricane Helene, our local business community has proven its strength and unity in the face of adversity. As your Chamber, we are honored to be here for you, providing a hub for essential resources from FEMA, the Small Business Administration, and others.

FEMA is actively supporting Hurricane Helene response efforts. Apply for FEMA assistance here, by calling 800-621-3362 or on the FEMA app. Restaurant Disaster Relief Fund: Click here for the application link and eligibility requirements for the Restaurant Disaster Relief Fund (RDRF).

Following a federal disaster declaration because of Hurricane Helene, DUA benefits are available in 25 counties as well as the Eastern Band of Cherokee Indians. The counties are as follows, and more counties may be added to the list of those eligible for DUA at a later date: Alexander, Alleghany, Ashe, Avery, Buncombe, Burke, Caldwell, Catawba, Clay, Cleveland, Gaston, Haywood, Henderson, Jackson, Lincoln, Macon, Madison, McDowell, Mitchell, Polk, Rutherford, Transylvania, Watauga, Wilkes, Yancey and Eastern Band of Cherokee Indians. The deadline to apply is December 2.