Key Takeaways:
Newport's unemployment rate remains below the state average as unemployment fell below pre-pandemic rates amid stability in the year-over-year rate.
The Newport region’s labor force and employment totals have fallen since the previous year, with negative workforce implications if the trend continues. However, the workforce overall remains highly educated and well-positioned to take on skilled jobs.
The job market is seeing more unique postings and increasing wages, still not in alignment with the cost of living for the region.
Bristol and Newport Counties are feeling the effects of a cooling housing market, albeit at different rates. This could push more markets towards a more balanced market (Newport) or a buyer’s market (Bristol).