West Palm Beach, Fla. (July 22, 2022) – Palm Beach County’s unemployment rate for June 2022 announced today remains near historic lows at 3.0 percent, below the year-ago rate of 4.9 percent, and below the 3.8 percent national rate. Florida’s rate is 2.9 percent. The county’s unemployment rate has remained below the nation’s for nearly two years and, until this month, had been below or tied with the state for the past year, 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).
In addition, for a full year, there are more job openings than unemployed people in Palm Beach County. On average there are almost two jobs available for every unemployed person – 44,423 job openings vs. 22,917 unemployed people in June. Total nonagricultural employment in the county is 656,500 adding 31,800 jobs over the year – a 5.1 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.
“Overall, Palm Beach County’s economy and its job market have performed better than the state and nation since the pandemic began in March 2020,” 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. “While today’s report reflects the expected seasonal slowdown in summer employment, it’s still very much a worker’s and job seeker’s market.”
For example, Palm Beach County had the largest over-the-year average weekly wage gain of 15.6 percent among the 343 largest counties in the nation, according to the latest report from the U.S. Bureau of Labor Statistics.
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 10,100 jobs for a 12.5 percent jump. Jobs in five industry sectors – leisure/hospitality, other services, education/health services, construction, and government -- grew as fast or faster in the county than statewide over the year.
By the numbers, over-the-year job gains in Palm Beach County were:
Industry Change Total jobs
Leisure/hospitality +10,100 jobs 91,100
Trade/transportation/utilities +5,300 jobs 121,200
Education/health services +4,600 jobs 106,500
Other services +3,300 jobs 34,200
Professional/business services +3,200 jobs 125,400
Financial activities +1,800 jobs 46,900
Construction +1,400 jobs 40,200
Manufacturing +900 jobs 21,400
Government +700 jobs 58,900
Information +500 jobs 10,500
Encouraging County Mid-Year Economic Report
The Business Development Board released a mid-year economic development report announcing year-to-date activity since Oct. 2021. It reported that 21 new corporate relocations and expansions will create 1,352 jobs, occupy 695,532 sq. feet of space, and bring nearly $90 million in capital investment. 14 of those are new-to-market companies from out of state.
New industry data show Palm Beach County is home to:
• 463 corporate, subsidiary & regional offices
• 2,897 financial services and hedge funds
• 1,628 aviation / aerospace / engineering companies
• 2,189 infotech companies
• 5,496 healthcare companies
• 682 distribution & logistics centers
• 1,424 manufacturing companies
Three Palm Beach County cities ranked in the top half of Verizon’s annual national award listing for “The Best Small Cities to Start a Business” and “The Top 50 Cities to Start a Small Business.” Palm Beach Gardens ranked eighth followed by Jupiter at 20 and Delray Beach at 23. Florida has seven of the top 50 cities nationally, second only to Washington.
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 60,000 residents find employment ranging from entry level to executive suite, with salaries from these jobs creating $1.2 billion in annual wages. CareerSource also awarded $10.1 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 July 2022 are scheduled for release on Aug. 19, 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 $17,610,090 (revised annually). Unless otherwise stipulated, all statements, news releases, requests for proposals, bid solicitations and other applicable documents are fully funded from federal sources.