Palm Beach County Unemployment Rate Drops to 2.6 Percent; 31,100 Jobs Added Over Year

West Palm Beach, Fla. (Oct. 21, 2022) – Palm Beach County’s unemployment rate for September 2022 announced today is 2.6 percent, below the year-ago rate of 3.9 percent and below August’s 2.9 percent. The county’s rate remains below the 3.3 percent national rate and matches Florida’s rate. The county’s unemployment rate has remained below the nation’s for more than two years, according to the latest monthly reports released today by CareerSource Palm Beach County and the Florida Department of Economic Opportunity (all numbers not seasonally adjusted).

For more than a year, there are more job openings than unemployed people in Palm Beach County. There are 34,449 job openings vs. 20,428 unemployed people in September. Total nonagricultural employment in the county is 667,300 adding 31,100 jobs over the year – a 4.9 percent gain.

Palm Beach County’s record low unemployment rate of 2.3 percent occurred in April 2022. Outside of the Great Depression, the county’s record high unemployment rate reached 14.7 percent in April 2020.

“Palm Beach County’s job market has stayed resilient with hiring increasing as the tourism season ramps up,” said Julia Dattolo, President and CEO of CareerSource Palm Beach County, the nonprofit organization chartered by the state to lead workforce development in Palm Beach County.

Job growth by industry sector: For more than a year, the leisure/hospitality industry sector has led the county in over-the-year job growth – adding 11,100 jobs for a 13.7 percent jump. The industry is receiving an unexpected boost in filling leisure/hospitality job vacancies after the South Florida Business Council Tourism Embassy reached out to their counterparts in southwest Florida offering industry employment and housing assistance in Palm Beach, Broward and Miami-Dade counties. According to officials, some 200 candidates have contacted the agency about employment here. Membership is comprised of general managers of large hotels and resorts in the tri-county area.

Jobs in four industry sectors – leisure/hospitality, other services, education/health services, and government -- grew faster in the county than statewide over the year.

By the numbers, over-the-year job gains/losses in Palm Beach County were:

Industry                                               Change                         Total jobs

Leisure/hospitality                                +11,100 jobs                 92,100             

Education/health services                     +7,100 jobs                   109,700

Trade/transportation/utilities                +4,500 jobs                   121,300

Other services                                       +4,500 jobs                   35,000

Manufacturing                                      +1,100 jobs                   21,500

Construction                                         +1,000 jobs                   40,300

Financial activities                                 +800 jobs                      46,900

Government                                         +800 jobs                      63,800

Information                                          +300 jobs                      10,700

Professional/business services               -100 jobs                      125,800

Trends Observed This Period

Positive:

• Continued strong job market and wage growth; workers have enjoyed historic wage gains and more leverage at their jobs for more than a year
• Continued strong consumer demand
• Replacing destroyed vehicles, rebuilding housing, infrastructure, etc. from Hurricane Ian will boost spending, drive state GDP up
• Tourism season ramps up in Palm Beach County

Negative:

• Inflation remains among historic highs
• High costs of food, housing, energy
• Hurricane Ian worsened state housing shortage; rebuilding is complicated by shortage of construction workers and supplies/materials
• Higher interest rates may weaken worker leverage in job market, lead to layoffs
• Renewed prospect of national railroad labor strike

Upcoming Job Fairs/Hiring Events

• Boynton Beach Job Fair, Wed. Oct. 26, 9 a.m. – 1 p.m., Boynton Beach Arts & Cultural Center
• Paychecks for Patriots Job Fair for Veterans, 9 a.m. – 1 p.m., Wed. Nov. 9, Hilton PBI Airport
• Glades Job Fair & Food Giveaway, Wed. Nov. 16, Belle Glade Library & Civic Center

More information on these events will be available at www.careersourcepbc.com.

New CareerSource Board Chair, Vice Chair, Secretary Appointed

Christopher Cothran, NextEra Energy Resources executive, was appointed Board Chair at yesterday’s meeting of the board of directors of CareerSource Palm Beach County. David Markarian, veteran legal advocate and business professional, was named Board Vice Chair and Dr. Laurie George, United Way of Palm Beach County President and CEO, will serve as Board Secretary. Mr. Cothran follows David Talley, who has served as board chair since Oct. 2018, the maximum term allowed by the organization’s bylaws.
 

Looking for a New Career? Here’s Help!

CareerSource offers virtual and in-person job fairs, classes and facilities for job searches, grants for job skills training for those who qualify, career development and consulting – at no cost! During the past five program years, CareerSource Palm Beach County assisted nearly 45,000 residents find employment/reemployment ranging from entry level to executive suite, with salaries from these jobs creating $700 million in annual wages. CareerSource also awarded $14.7 million in grants to area businesses and employees for job training and educational assistance during that time.  More information is at www.careersourcepbc.com.

CareerSource also provides services to help rebuild and sustain businesses in today’s challenging marketplace. CareerSource absorbs the cost of most of these services including recruitment, assessments and referrals of qualified job candidates; space and staff assistance for screening/interviewing candidates; and grants for training employees.

Next monthly employment reports for Florida and Palm Beach County:  State and local employment reports for Oct. 2022 are scheduled for release on Nov. 18, 2022. 

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Note to editors: You are invited to interview a CareerSource spokesperson on local employment and economic trends. Please call 561.340.1061 ext. 2229 for scheduling before 3 p.m. today.

Note: The unemployment rate is a measure of how many people in the labor force are out of a job. For example, if total employment holds constant and unemployed Americans stop looking for work, thereby leaving the labor force, the unemployment rate will fall even though no jobs have been added. Conversely, if employment holds steady and recent graduates enter the labor force looking for work, the unemployment rate will rise even though no jobs have disappeared.

IN COMPLIANCE WITH THE STEVENS AMENDMENT:

CareerSource Palm Beach County, Inc. is the direct service provider for various workforce programs supported by the U.S. Departments of Labor, Health and Human Services, Education and other agencies as part of awards totaling $15,851,406 (revised annually). Unless otherwise stipulated, all statements, news releases, requests for proposals, bid solicitations and other applicable documents are fully funded from federal sources.