Omaha, Neb., September 10, 2020 – The Greater Omaha Chamber today announced Monthly Economic Indicators (MEI) for July 2020, with private hourly wages rising more than a dollar an hour over this time last year.
In July 2019, average private hourly wages in Greater Omaha were $27.90, compared to $29.22 in July 2020.
Single-family construction permits, valued at $57 million, were also up over July 2019.
Although the report noted growth in wages and single-family construction permits, other categories, such as unemployment, reflected the ongoing impact of COVID-19.
“Greater Omaha is continuing to see the effects of the coronavirus on the economy,” the report stated. “The unemployment rate rose from 3.2 percent to 6.3 percent in July 2020 compared to July 2019, which is above Nebraska’s (5.3 percent) but below the U.S. (11.6 percent). Greater Omaha has seen a decrease of approximately 30,300 net jobs compared to July 2019.”
Despite a nationwide reduction in economic activity due to the pandemic, a recent study released by the U.S. Bureau of Economic Analysis examining Q1 2020 GDP by state showed, “GDP decreased in every state, with the U.S. growth rate at -5.0%. Nebraska saw the smallest decrease, at -1.3 percent over their 2019 Q4 GDP. Iowa experienced a slightly larger decrease of -3.5 percent,” according to the chamber’s MEI report.
About Greater Omaha
Greater Omaha is a No. 1 ranked up-and-coming-tech hotspot and Time magazine’s 2017 No. 3 Most Up-and-Coming City in America. Recognized for its “We Don’t Coast” attitude, and named America’s No. 2 Best Small City, Greater Omaha is home to more than 30 communities and nearly 1 million people, with a youthful population (more than 40 percent are age 24 or younger), low cost of living and steady economic growth that outpaces the nation. Berkshire Hathaway, Mutual of Omaha, Peter Kiewit Sons’ Inc. and Union Pacific – all Fortune 500 companies – call Greater Omaha “home.”
About the Greater Omaha Chamber
The mission of the Greater Omaha Chamber is to champion a thriving business community and a prosperous region through visionary leadership and collaboration.