Economic index shows Alleghany still behind

While many counties in the western part of the state are enjoying good economic news, Alleghany is lagging behind, according to a new index for the region.

The Western North Carolina Economic Index and Report, initiated by the Appalachian Regional Development Institute at Appalachian State University, said that overall, economic activity was down 0.3 percent from December 2002 to January 2003.

The index showed a significant surge during the last half of 2001, but has leveled off since then.

ASU announced the new index, which is compiled by ASU professors, April 17. Sponsors also include Advantage West and ASU's Walker College of Business. The report will be released monthly, an ASU release said. The index covers 25 western North Carolina counties, including the Asheville and Hickory-Morganton-Lenoir metro areas. Alleghany is at the northeastern tip of the covered region.

While Alleghany's seasonally-adjusted unemployment rate dropped from 10.1 percent in December 2002 to 9.6 percent in January, the decline was outstripped by other counties which had double-digit unemployment in December.

Transylvania's rate dropped from 13.9 to 9.0; Rutherford from 10.5 to 8.9; and Yancey from 10.6 to 7.7. Alleghany's ranking therefore dropped from 22nd to 25th, or worst of the 25 counties.

The rate for the region overall dropped from 7.4 to 5.7 percent. Alleghany's unemployment rate for January 2002 was listed at 6.0 percent.

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