Officially, Yellowstone County is at 4.7% unemployment for March 2009 (the latest figures that are available). This is the highest figure in 9 years, but it's still very modest. See this graph:



Unofficially, however, there's some crazy stuff going on in the local labor market that is not yet reflected in the stats. Layoffs and job losses are accelerating. In just the latest example, Rimrock Auto reports a 38% reduction in their workforce.

The sharp decline in residential construction and subdivision development is trickling down and resulting in many of the lost jobs. Contractors, suppliers, architects, and engineering firms are definitely feeling it by now.

These last few months, it's not been unheard of for small businesses to suddenly eliminate 50-75% of their positions. Even the hospitals, which most expected to weather the storm, are having difficulties. Benefits have been cut, and hiring has been suspended.

I'm not one for fear or alarmism, but the simple fact is that difficult times are here, employment-wise. The recession has hit Billings. As I noted previously, too many jobs here are related to real estate, commodities, and tourism for us not to be affected. It's especially important to be smart, be prudent, and think ahead these next few years.

The effects of all this on an already-ailing housing market may be dire. Stable jobs and adequate wages are key to a stable housing market, and those can be difficult to find in the present business environment.

It's not all bad news, though. Underrinner just broke ground on a new west-end Honda dealership. We'll see if they're good enough to make it work.