Palm Beach County Sees Sharp Drop in Unemployment to 2.9% in May 2024, Signaling Robust Economy
Palm Beach County Sees Sharp Drop in Unemployment to 2.9% in May 2024, Signaling Robust Economy
West Palm Beach, Fla. (June 21, 2024) – Palm Beach County's unemployment rate fell to 2.9% in May 2024, down from 3.2% in April 2024, indicating a strengthening job market and improved economic conditions, according to the latest data released today by CareerSource Palm Beach County and FloridaCommerce (all numbers not seasonally adjusted).
- In May 2024, nonagricultural employment in Palm Beach County increased by 11,700 jobs, reaching a total of 702,400 jobs, marking a 1.7% growth over the year.
- The Construction, Education and Health Services, Government, and Manufacturing industries in Palm Beach County grew faster than the statewide average, with the Education and Health Services industry experiencing the fastest annual job growth rate among all metro areas in the state at 6.0%.
Job growth/loss by industry sector: Over the past year, significant job growth occurred in Education and Health services, Construction, Government, Trade, Transportation, and Utilities, Leisure and Hospitality, and Manufacturing, with declines in Professional and Business Services, Financial Activities, Information, and Other Services.
|
Industry
|
Change
|
Total Jobs
|
|
Education/health services
|
+ 6,700 jobs
|
119,000
|
|
Construction
|
+ 3,400 jobs
|
46,200
|
|
Government
|
+ 3,100 jobs
|
67,800
|
|
Trade/transportation/utilities
|
+ 1,600 jobs
|
126,800
|
|
Leisure and hospitality
|
+ 1,000 jobs
|
97,500
|
|
Manufacturing
|
+ 600 jobs
|
22,300
|
|
Information
|
- 500 jobs
|
11,400
|
|
Financial activities
|
- 700 jobs
|
49,100
|
|
Professional business services
|
- 3,200 jobs
|
132,000
|
The recent decrease in Palm Beach County's unemployment rate to 2.9% in May 2024, down from 3.2% in April, is a positive indicator of economic health. Julia Dattolo, President and CEO of CareerSource Palm Beach County, aptly summarizes, "Decreasing unemployment in Palm Beach County signifies a vibrant and resilient economy. It's a testament to the hard work of our businesses and workforce. This positive trend not only boosts individual livelihoods but also strengthens our community's overall prosperity."
CareerSource Palm Beach County Offers Crucial Resources for Hurricane Preparedness and Response
June marks the beginning of hurricane season, and CareerSource Palm Beach County (CSPBC) is committed to supporting organizations with vital resources to prepare and respond effectively.
Palm Beach County’s Hurricane Planning Guide is an excellent tool for organizations to stay informed and prepared. Access the guide here: Palm Beach County Hurricane Planning Guide.
In addition, Florida Commerce has recently released a Business Damage Assessment Survey to assess the needs of Florida business owners affected by recent storms. If your business has been impacted, please take a moment to complete the survey: Business Damage Assessments Survey - Florida Disaster.
Learn more about the Florida Small Business Emergency Bridge Loan Program designed to aid affected businesses by visiting Florida Small Business Emergency Bridge Loan Program.
CareerSource Palm Beach County is here to support business through every season. Stay safe and prepared with the CSPBC team. Click here to contact the Business Services team.
June & July 2024 Hiring Events & Workshops
CareerSource Palm Beach County has scheduled the following hiring events and workshops for June & July 2024:
- June 26th: LinkedIn Workshop Online and In-Person
- June 27th: Resume Coaching Workshop In-Person
- July 15th – 18th: Professional Placement Network Online Workshops
- July 18th: Multi-Industry Job Fair
Employers: To participate in the July 18th job fair, click here.
More information and to register, visit the events calendar on www.careersourcepbc.com.
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Note to editors: You are invited to interview a CareerSource spokesperson on local employment and economic trends. Please call 561.340.1060 ext. 2489 for scheduling before 3 p.m. today.
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.
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