By Ronica Shannon
Register News Writer
RICHMOND —
Madison County is among the top 10 Kentucky counties with the lowest unemployment rate, according to a release issued Thursday by the Kentucky Office of Employment and Training, an agency of the Kentucky Education and Workforce Development Cabinet.
As of April, Madison County’s unemployment rate was 8.6 percent, compared to 9 percent in April, 2009. That is 1.6 percent less than the state’s overall unemployment rate of 10.1 percent.
Unemployment rates fell in 93 Kentucky counties between May 2009 and May 2010, according to the release.
Fayette County recorded the lowest jobless rate in the Commonwealth at 7.7 percent. It was followed by Woodford County, 7.8 percent; Oldham County, 8 percent; Calloway County, 8.1 percent; Franklin County, 8.3 percent; Boyd County, 8.5 percent; and Ballard, Madison, McCracken and Robertson counties, 8.6 percent each.
Richmond’s recent retail growth and stable base of industrial factories could play a role in the county’s lower jobless rate.
The story of retail development in Madison County over the past few years begins and ends with Richmond Centre, the open-air shopping complex still under development along Interstate 75.
Discount store chain Meijer opened in May and department store chain Belk opened an anchor store on the opposite end of the facility near clothing retailer T.J. Maxx.
Along with new businesses, several retailers chose to move their stores from the Richmond Mall to Richmond Centre. Mall anchor stores JCPenney and Goody’s closed their mall locations in favor of larger stores in Richmond Centre, and theater operator Cinemark constructed a new 12-screen movie house in Richmond Centre while continuing to operate their Richmond Mall location as a discount theater. Other stores that left the mall in favor of Richmond Centre include Deb, RadioShack, Hibbett Sports and Hastings.
About 50 industrial factories are located in Richmond, and Berea has about 30, according to a working document of all industries within the county maintained by Richmond Industrial Development Director Jimmy Howard.
The latest large industrial development in Richmond continues to be the Wisconsin-based Sub-Zero/Wolf, which makes luxury kitchen appliances.
The U.S. seasonally adjusted jobless rate decreased from 9.9 percent in April 2010 to 9.7 in May 2010, according to the U.S. Department of Labor.
“Since May 2009, Kentucky’s nonfarm employment has advanced by 12,900 professionals,” said Justine Detzel, chief labor market analyst for the Office of Employment and Training. “This marks the first year-over-year increase in nonfarm employment since February 2008, ending a string of 26 months in a row of year-over-year employment losses.”
It previously was reported that the plant will be hiring approximately 100 people.
Magoffin County recorded the state’s highest unemployment rate — 19.1 percent. It was followed by Jackson County, 17.4 percent; Menifee County, 17 percent; Metcalfe County, 14.8 percent; Powell County, 14.4 percent; Fulton and Grayson counties, 13.9 percent each; McCreary County, 13.8 percent; Wolfe County, 13.6 percent; and Morgan County, 13.5 percent.
Visit www.workforce.ky.gov for more unemployment statistics for Kentucky and Madison County.
Ronica Shannon can be reached at rshannon@richmondregister.com or 624-6608.
