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Home appreciation rates in the Asheville metro area exceeded both the nation and state for the fourth quarter and full year 2003. According to the Office of Federal Housing Enterprise Oversight, homes in the Asheville metro appreciated 4.2 percent in the quarter, 7.99 percent for the year and 37.34 percent over five years. Surpassing all other North Carolina metros, the Asheville metro placed 84th among the 220 U.S. metros ranked in the report. Although not ranked, the Jacksonville metro led the state for one-year appreciation, at 8.65 percent.
January 2004 unemployment rates for the Asheville metro moved up to 4.3 percent, ending a streak of 21 months with the lowest rates among all metros in the state. The December rate was 3.5 percent. Historically, January offers the highest monthly unemployment rates of the year, owing to relatively low retail and travel activity. The rate is still comparably low, second only to Raleigh's 4 percent, and well below the state's overall rate of 6.3 percent. At 8.4 percent, the Rocky Mount metro held the highest unemployment rates in the state. While higher than December, the January 2004 unemployment rate in the Asheville metro is 0.6 points below the rate in January 2003, and marks the thirteenth straight month with rates lower than one year earlier. Overall employment for the Asheville metro in January is up 2.1 percent over last year, meaning there are 2,380 more people now employed than in January 2003. Nationally, employment increased 0.8 percent and in the state 1.2 percent. The total number unemployed in the Asheville metro dropped by nearly 10 percent over the same 12-month period.
March 2004 marks the first month that the U.S. Census Bureau publishes residential building permit data for the newly expanded, four-county Asheville metro area. The first report, reflecting activity in January 2004, shows a value of $34.8 million for 224 residential units. Only 10 of the units, less than 5 percent of the total, were multi-family structures.
Hotel/motel sales in February 2004 were up 9 percent from one year ago, marking the fifth straight month with positive year-over-year growth. The figures reflect data from properties in Buncombe County. Echoing the trend in hotel/motel sales, February 2004 passenger traffic at the Asheville Regional Airport is up 10 percent over February 2003. The increase is the fourth consecutive month with double-digit, year-over-year percentage growth.
The 2002 average wage per job in the four-county Asheville metro area increased 1.3 percent to $28,206 in one year. The growth rate and average wage figure both were below the nation's growth rate of 1.6 percent and $36,167 average wage per job. Likewise, local numbers did not match the state's one-year growth rate of 2.1 percent, and average wage per job of $32,200.
The biannual survey of commercial real estate in the Asheville area by the Karnes Research Company reports declining vacancy rates in all three market segments: office, retail and industrial. From the first half of 2002 to the second half of 2003, vacancy rates declined 2.9 percent in office space, 0.4 percent in retail space and an average of 10 percent in warehouse/flex industrial space. More than 255,000 square feet of new commercial space was added during the same period. The survey includes 342 buildings, more than 10.7 million square feet of commercial space. Information provided by the Asheville Metro Business Research Center (Photo Courtesy of the Asheville Convention & Visitors Bureau)
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