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By Warren Watkins The Daily Citizen Searcy's unemployment rate has dropped more than a full percentage point from last year, a change officials are linking to the development of the Fayetteville Shale Play. According to figures published by Talk Business Quarterly magazine, 5.53 percent of Searcy workers were unemployed in May, June and July, down from 6.79 percent in the same months of 2007. The rate puts Searcy in an elite group of cities in the state where more people are working compared to the past, but the only city in that group not located in the southwest quarter of the state. El Dorado's unemployment rate is a still-high 7.11 percent, down from 9.09 percent in 2007; Texarkana is at 4.21 percent, down from 5.33 percent; Hot Springs reported 6.14 percent, a drop from 7.15 percent. “I think a large part of this is the natural gas impact on our community,” said Buck Layne, president of the Searcy Regional Chamber of Commerce. “By that I don't mean just the companies that are employing natural gas people but the people that are associated with that, for example, the hotels, new apartments and restaurants. We call that the multiplying factor.” Layne said proof of the local economy's strength is the area's housing industry, which is not reacting the same way as in other parts of the state or country during the current economic downturn. “Our new housing permits continue to be pretty strong for a city our size, and I think that has a lot to do with natural gas industry,” Layne said. A combination of factors are ultimately responsible for the good economy in White County, Layne said. “Education and health care are extremely important to our community,” Layne said “Lots of things going on at the university, the high school and the hospital. We're just fortunate to be in a city and county where we are and in a state with a surplus. We're in a good place in time.” Layne said the good economic news also carries responsibility. “The biggest challenge we're going to face is producing a trained workforce, people that are ready to go to work as soon as they graduate high school or college,” Layne said. “The jobs of tomorrow are going to be different form the jobs of today. We need to make sure the young people that are coming through our education system and those that are going back to school are being trained with the latest technology. Businesses today require skills that previous employers did not require. Everything's becoming more computerized and more technical. We've got to continue to learn and keep up with what the employers are requiring.” Staying ahead of the natural gas development has “taught us how to adapt,” Layne said. “Two years ago or three we were not aware of the natural gas technology available to extract gas out of the ground and the economic impact it was going to have on our economy,” Layne said. “There is going to be something after natural gas. The economy is going to get better and more jobs are going to be there. We don't know what those jobs will be, we can only make sure our young people are trained.” Jim House, owner of The Course at River Oaks and the incoming chairman of the board for the chamber, agreed with Layne that the natural gas industry was fueling the local economy. “While everything else is rather slow nationally, like the housing industry, the Fayetteville Shale seems to be providing a number of jobs in the gas industry that is filling in the blanks a great deal,” House said. “The contractors I've talked to say that the housing sector for them is holding up fairly well.” Two major housing contractors told House they haven't noticed any slowdown yet. “The rental units in town are fairly full, as are the apartments and condos,” House said. “All of that leads back to the energy situation. That seems to be giving us a shot in the arm.” A spokesman for Chesapeake Energy recalled the White County economic impact study funded by Chesapeake and presented by Kathy Deck in October indicated that White County's unemployment rate has been coming in at well below the national average for some time, thanks in large part to the presence of the natural gas industry. Wages and tax revenue in the county have also been increasing, the study showed. “Chesapeake is pleased to be a contributing member of White County's thriving economy,” said Mark Raines, Chesapeake spokesman. “We have found a receptive business environment here and a strong and willing workforce.” |
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