unemployment and a massive increase in people within the Armed Forces. Due to the proximity to several military facilities, this increase is not unfounded. TABLE X: TOTAL POPULATION IN AND OUT OF THE LABOR FORCE AND ARMED FORCES 2010 13,047 9,445 8,562 818 65 72.4% 3,602
2019 18,870 13,367 12,544 488 335 70.8% 5,503
% Change 45% 42% 47% -40% 415% 53%
FT
Total Population ages 16 + Total Labor Force Employed Unemployed Armed Forces Participation Rate Population NOT in the Labor Force
CD RA
Following the aftermath of the 2008 recession, Hanahan’s unemployment rate peaked in 2012 at 10.5%.In comparison, Berkeley County and South Carolina’s unemployment rate peaked the following year in 2013 at 11.9% and 11.4% respectively. Since then, as seen in Figure X, Hanahan’s unemployment rate has been in a steady decline. As of 2019, the unemployment rate was estimated at 3.7%. The steady decline has led Hanahan, in 2019, to have the second lowest unemployment rate, only behind Moncks Corner (2.4%). This is well below the Berkeley County (5.0%) and South Carolina (5.8%) unemployment rates in 2019. FIGURE X: CHANGE IN UNEMPLOYMENT RATE BETWEEN 2010 AND 2019 12% 10%
9.9%
8.7%
8%
10.5%
9.8%
VP
6.9%
6%
5.4%
4.9%
4.3%
4%
3.9% 3.7%
NO
2%
0%
2010
2011
2012
2013
2014
2015
2016
2017
2018
Available Employment Characteristics and Trends
2019
By focusing on the characteristics of the people participating in the Labor Force, additional trends can be observed that further identify any areas of improvement. The age groups with the highest employment rate are naturally between the age range of 20 and 59, which accounts for over twothirds of Hanahan’s labor force. As seen in Figure X, there is a large spike in employment in the young adult age groups while a steady decline in the years close to and after retirement age. This is a typical trend, however, as young adults are staying in college longer, the percent of 20- to 24year-olds in the labor force could decline in coming decades.
23
