Mexico’s economy stable after COVID ride

By: Dave Faries, Editor
Posted 12/21/20

Looking back on 2020, Mexico’s Economic Development Director Russell Runge offered a wry joke.

“It’s been a normal year,” he told the City County on Monday.

COVID-19 caused a spike in …

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Mexico’s economy stable after COVID ride

Posted

Looking back on 2020, Mexico’s Economic Development Director Russell Runge offered a wry joke.

“It’s been a normal year,” he told the City County on Monday.

COVID-19 caused a spike in unemployment that exceeded the levels seen during the recession. But the damage was temporary. And Runge counts more positives than negatives when it comes to the city’s economic state as the year comes to a close.

The average wage is up, both on an annual and hourly basis. Meanwhile the unemployment rate has dropped to 3 percent, down from its peak of 10.3 percent in April and May, as the pandemic roiled the economy.

“Some good things have happened,” Runge said.

The average annual wage is $37,289 as of 2019, up from $36,336 the year before.

A dozen new commercial projects, including Green Releaf, Precision Eye Care, United Credit Union and Spartan’s expansion. These are valued at more than $5.6 million.

There are new housing opportunities in Oak Acres with the completion of Plat 8. Runge said that the A.P. Green site is being replatted for future development, as well.

If there are issues, it is employers finding qualified workers.

“We’re in a good position – people are wanting to hire – but a bad position, because we don’t have the bodies they are looking for,” City Manager Bruce Slagle observed.

The department had launched a labor study earlier in the year to get a better idea of the strengths and weaknesses of the workforce. But the research was disrupted by the pandemic. Runge hopes a new labor study will help locate training needs and qualified workers.


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