Kokomo’s unemployment rate shrank by more than two percentage points between August, 2013 and August 2014. For the same period, Kokomo’s labor force increased by 1,817.
According to the U.S. Bureau of Labor Statistics (BLS,) the Kokomo Metropolitan Statistical Area unemployment rate was 7.9 percent in August, 2013 and dropped to 5.7 percent in August, 2014.
“Kokomo’s labor force is steadily growing, employment is increasing and our workforce is producing high-value goods and services,” said Kokomo Mayor Greg Goodnight. “As a recent report on the nation’s GDP noted, we are seeing growth in several service industries including education and health service. This positive economic news is reflected throughout our City where millions of dollars of private investments are coupled with Kokomo’s quality-of-place developments.”
The newly released jobs numbers come on the heels of a U.S. Department of Commerce report which revealed that Kokomo experienced a 3.3 percent growth in GDP in 2013. The rate of increase placed Kokomo second among Indiana’s fifteen metro areas, and 82nd out of 381 metro areas in GDP growth.