Business Solutions 4th Quarter 2023
Outlook for the Regional Holiday Season Job Market
This holiday season, it’s gratifying to note that at no other time in Palm Beach County’s history has there been a more diversified, high-quality employer base, making our economy more resilient – and contributing to record low unemployment rates for nearly two years!
Palm Beach County’s unemployment rate has stayed below the national rate for three years and has outperformed the state many times during that period. For more than two years, there have been more job openings than unemployed people in the county. See the Regional Economic Outlook story below for more details.
While the season is merry and bright for job seekers, our staff is busier than Santa’s elves assisting employers in all industries who are finding it very challenging to hire and retain the talent they need. These efforts include:
- Awarding $1.2 million in grants to area businesses and employees for job training and educational assistance in the county this program year.
- Expanding online virtual job fairs and hiring events connecting thousands of job seekers with employers. This program year we hosted/participated in 157 in-person and virtual job fairs/hiring events.
- Providing services to help employers prosper in this challenging environment including recruitment, assessments, and referrals of qualified job candidates; space and staff assistance for screening/interviewing candidates; and grants for training employees.
Our efforts and initiatives are not going unnoticed. Earlier this year, the National Association of Workforce Development Professionals (NAWDP) presented their National Workforce Employer of the Year award to CareerSource Palm Beach County and the Business Development Board of Palm Beach County for our partnership to improve economic and employment development in the region.
Our holiday gift to you -- let us help your organization with your hiring needs! Begin by accessing Business Services at our website: www.careersourcepbc.com where you can also contact any of our account managers to serve you.
Best wishes for a safe, prosperous, and happy holiday season!
The October unemployment rate for Palm Beach County is 3.2%, which is just above the state average of 3.0% and lower than the nation at 3.6% (all numbers not seasonally adjusted). This is a positive local job recovery since the Pandemic with about 1.5 open jobs for every job seeker.
Palm Beach County Labor Force Growth and Economic Diversification
The local labor force was over 792K in October and total nonagricultural employment in the county is 686,300 adding 9,300 new jobs year over. The labor force is made up of those working and those looking for work (unemployed) in Palm Beach County. The local labor force in Palm Beach County has grown by 355,952 persons since 1990 (see graph).
Why Economic Diversification Matters
Economic diversification is key to economic development in Palm Beach County as it moves to a more diverse production and trade structure. Resilient economies can absorb an external shock with limited negative impact on economic prosperity and their workforce. Several recent studies have identified leading indicators of economic resiliency including age of workforce, diversification of industries, and other key factors. Once upon a time Palm Beach County’s economy was dominated by agriculture and tourism. This created challenges in terms of exposure to industry sector-specific shocks, such as weather-related events in agriculture or sudden price shocks for food or fuel on tourism. Diversification helps to manage volatility and provides a more stable path for equitable growth and development.
While industries like agriculture and tourism remain essential sectors of our county’s economy, dominant industries driving job growth with increasing wages today are finance, insurance, professional business services and real estate.
While the composition of the workforce remains an important factor, the ability to connect that workforce with jobs is essential. This is why CareerSource Palm Beach County remains a central player in our ever-changing local employment landscape, providing re-employment tools and knowledge supporting local businesses in search of talent.
Our annual State of the Workforce Report will provide a complete picture of the characteristics of Palm Beach County’s workforce from the most in-demand jobs and workforce education and training to wages, employers, and key industry sectors. Look for details in our annual State of the Workforce report on our website this December.
President and CEO Julia Dattolo has been named 2023 Woman of the Year at the recent Palm Beach North Chamber of Commerce Woman of the Year Luncheon.
In presenting the award, the Chamber cited CareerSource Palm Beach County’s achievements as a national, state, and local leader in workforce development performance, innovation, and best practices under Julia’s leadership.
The Palm Beach North Chamber of Commerce strives to be a dynamic business and community resource serving 10 municipalities that make up the Palm Beach North area.
Showcase your businesses’ internship and career opportunities alongside 50 of the county’s top corporate citizens and thousands of high school students at the annual Claim Your Future Showcase Jan. 30 at the Palm Beach County Convention Center. The event is held annually to inspire and feature the many career paths available to local high school students. CareerSource Palm Beach County is one of the sponsors at the showcase hosted by the Business Development Board (BDB) of Palm Beach County.
Exhibitors receive:
- Access to thousands of local high school students throughout the day
- 8’ exhibit table with room for brochures, signage, business cards, company information, etc.
- Acknowledgement in a press release to 10,000 Palm Beach County leaders and in the Spring issue of Palm Beach County Business magazine
- Lunch for 2 and parking pass
To register for the event, click on this link to the BDB website: BDB Claim Your Future Showcase - January 30, 2024
The Business Development Board's Palm Beach County Business magazine is recognized as the quarterly business portrait showcasing local influencers and news in the county. Each quarter CareerSource Palm Beach County participates and this issue focuses on Summer Youth Work Readiness: A Career Launchpad and Finding a Career-Development 'Gold Mine'.
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