West Palm Beach, Fla. (March 11, 2024) – In January 2024, Palm Beach County's unemployment rate increased to 3.3 percent, remaining lower than the national average and just slightly higher than the state average, indicating the county's robust local economy. Despite this uptick from last year, favorable employment conditions persist, as CareerSource Palm Beach County and the Florida Department of Commerce reported. (all numbers not seasonally adjusted):
- In January 2024, nonagricultural employment in Palm Beach County was 695,400, an increase of 11,000 jobs (+1.6 percent) over the year.
- The Education and health services (+6.0 percent); construction (+5.2 percent); government (+4.3 percent); and manufacturing (+3.3 percent) industries grew faster in the metro area than statewide over the year.
- Palm Beach County had the second fastest annual job growth rate compared to all the metro areas in the state in the education and health services (+6.0 percent); construction (+5.2 percent); and government (+4.3 percent) industries.
“Despite a slight increase in unemployment, Palm Beach County's strong job growth reflects our resilient local economy. We're dedicated to supporting our community's employment needs and ensuring ongoing prosperity.,” 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/loss by industry sector: In the past year, Palm Beach County experienced significant job gains in education and health services, government, and trade, transportation, and utilities. However, sectors like professional and business services, leisure and hospitality, and information experienced declines.
|
Industry
|
Change
|
Total Jobs
|
|
Education/health services
|
+6,600 jobs
|
117,200
|
|
Government
|
+2,700 jobs
|
65,800
|
|
Trade/transportation/utilities
|
+2,600 jobs
|
128,100
|
|
Construction
|
+2,200 jobs
|
44,600
|
|
Financial activities
|
+500 jobs
|
49,900
|
|
Leisure and hospitality
|
-1,600 jobs
|
93,400
|
|
Professional business services
|
-1,700 jobs
|
132,900
|
|
Information
|
-400 jobs
|
11,500
|
Every March, the U.S. Department of Labor, Bureau of Labor Statistics, and the Florida Department of Economic Opportunity release January employment and unemployment figures. The one-month delay is due to a statistical data vetting process called Benchmarking of the previous year’s data. The February employment and unemployment figures will be released as usual on Friday, March 22nd.
Driving Economic Growth: The Palm Beach County Business Development Board’s Impact and Initiatives
CareerSource Palm Beach County’s partner, the Palm Beach County Business Development Board (BDB) has played a pivotal role in fostering significant economic growth, facilitating 101 corporate relocations or expansions, generating 7,945 new jobs, and injecting a total of $675.7 million in capital investment since 2020.
A recent study by the state's former chief economist underscores this impact, shedding light on emerging industries that have contributed $20.64 billion in personal income and employed 256,752 individuals. Notably, the finance sector leads in personal income generation, while life sciences/healthcare spearheads job creation and corporate headquarters boast the highest average salary.
The BDB announces the expansion of five local companies, resulting in the creation of 521 high-paying jobs within the county. Apart from its primary function of attracting businesses to the area, the BDB actively supports the expansion endeavors of local companies through a range of initiatives. These initiatives include a visitation program involving annual meetings with 100 local companies, county-wide appreciation bus tours offering exclusive behind-the-scenes insights, roundtable discussions with business leaders chaired by Palm Beach County Commissioners, and a new collaborative business survey conducted in partnership with Kaufman Rossin.
Recent expansions facilitated by the BDB include Evo Door & Window, Bush Brothers, United Franchise Group, and Aventusoft.
March 2024 Job Fairs and Hiring Events
CareerSource Palm Beach County has scheduled the following job fairs and hiring events for March 2024:
- Mar. 19 – CareerSource Palm Beach County Job Fair
- Mar. 28 - City of Delray Beach - Automotive Industry Career Fair
- Mar. 29 – Amrit Hiring Event
More information about these events will be available 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.
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.