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December 5, 2024

Unemployment rate more than triples in heart of North Carolina’s Hurricane Helene disaster zone

ASHEVILLE, N.C. – The economic fallout from Hurricane Helene is beginning to become apparent in unemployment data from North Carolina.The unemployment rate in hard-hit Buncombe County rose from 2.5% in September to 8.8% in October – a jump of more than 6%, according to data from the North Carolina Department of Commerce.The Asheville metro was hit hard by the remnants of Hurricane Helene, which dropped more than a foot of rainfall on already saturated grounds.More than 230 people were killed after the Category 4 hurricane made landfall along Florida’s Big Bend on Sept. 27 and raced through the Appalachians. The storm system’s catastrophic flooding caused widespread destruction in the Southeast, making the hurricane the deadliest to impact the U.S. mainland since Hurricane Katrina in 2005.COLORADO MAN FIXES UP RVS FOR VICTIMS OF HURRICANE HELENEScott Martin, a Fox Business contributor and market expert, says he believes impacts will continue to be felt well after the storm.”That’s a trend that’s going to be hard to stop now,” Martin said, referring to the increasing unemployment figures. “Eventually, it will slow down, but it’s getting worse.”Officials estimated more than 8,000 jobs were lost in the Asheville metro from September to October, highlighting the scope of the devastation as businesses struggle to recover.Tourism is a vital part of the region’s economy, but it suffered a significant hit after the historic storm.Most of the job losses were reported to be from the leisure and hospitality sectors, which are expected to take a long time to recover.”It’s a major part of their economy, and it’s not coming back right away,” Martin explained. “Businesses are damaged, roads are taken out, and people are wondering what they’re coming back to.”Annual events like leaf-peeping and Christmas tree picking have been largely off-limits, as the infrastructure in many areas is too damaged to safely accommodate the usual crowds.HURRICANE HELENE STILL DISRUPTING SOME SHIPPING SERVICES AS HOLIDAY SEASON APPROACHESThe real estate market is also said to be struggling, with analysts estimating home sales down around 30% compared to the same time period in 2023.Despite the challenges, Martin remains cautiously optimistic that a full recovery will take place, though the timeframe remains uncertain.”Things will rebuild. Things will get back together,” said Martin.Businesses and residents affected by the weather are eligible for a low-interest disaster loan from the U.S. Small Business Administration.Additional aid packages are being debated in the state legislature, but relief likely won’t reach the hardest-hit areas until well into 2025.