While the number of jobs in Charlottesville continued to increase in 2008, the growth rate of those jobs has slowed since 2006, according to the Chamber Jobs Report released by the Charlottesville Regional Chamber of Commerce yesterday. The growth rate, though, is still above the national average — a fact possibly attributable to the University’s presence, Charlottesville Director of Communications Ric Barrick said.
Barrick said the report shows the City of Charlottesville has seen significant growth despite the troubles of the national economy; however, Barrick added that the data used to compile the report seems potentially inaccurate, and that until the city completes a further analysis of the actual data, it cannot provide a fully accurate assessment of economic development in Charlottesville. Still, Barrick maintained, the report can be used to gauge job growth in the city and its surrounding areas.
Barrick attributed the difference in the national and Charlottesville job growth rates to several factors. While many big businesses across the nation are downsizing as they become more efficient or because of the national economic downturn, the many small businesses in Charlottesville contribute to relative job market stability.
“Our bread and butter seems to be entrepreneurial businesses, which tend to see some fluctuations,” Barrick said. “[But] with smaller businesses, you might see small decreases, but not huge layoffs, which is good for us.”
Barrick also said the University helps to keep the city’s job rate afloat in times of economic difficulty.
“It’s an advantage to have a large university that can shelter you from the effects of a national economic downturn,” Barrick noted, adding that the large number of University-related construction and research projects has benefited the entire community in terms of creating new jobs and sustaining growth in the area.
Leonard Sandridge, executive vice president and chief University operating officer, said the University has been able to increase the number of jobs it provides in recent years, attributing this growth on Grounds to furthered efforts in the fields of scientific research and healthcare, as well as to the increase in student enrollment. The construction of new University buildings also plays a role, he said.
Other players in the Charlottesville economy have not seen as much growth, Barrick said. Although Charlottesville has not been hit as hard as other areas of the country by the economic downturn, the city government has frozen the number of jobs it offers until the economy improves, he noted.
On the whole, different sectors of the local economy show mixed results in terms of job growth rate. The local manufacturing industry has lost many jobs, Barrick said; though on the other hand, there has been a “boom” in the information technology and tourism industries. Barrick said he believes the Charlottesville tourism industry has increased because more people are taking regional vacations that are less expensive.
Though the report stated that local job growth has slowed in recent years, Sandridge said he still believes that, even with the difficulties faced by the national economy, students graduating from the University are “still in high demand” and will not be greatly affected by the trend. He noted that those majoring in high-demand fields, such as engineering or sustainability issues, should not be concerned.
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