Palm Beach County Unemployment Rate Drops Significantly to 3.0%, Marking Major Improvement from 3.6%

Palm Beach County Unemployment Rate Drops Significantly to 3.0%, Marking Major Improvement from 3.6%

West Palm Beach, Fla. (Jan. 24, 2024) – CareerSource Palm Beach County and Florida Commerce announced today that the unemployment rate dropped significantly to 3.0 percent in December 2024, down from 3.6 percent earlier in November 2024, matching the rate from December 2023. This figure is slightly lower than the state unemployment rate of 3.1 percent for the same period. (All numbers not seasonally adjusted).

Industries experienced notable growth:

• Employment Growth: Nonagricultural employment in Palm Beach County increased by 9,100 jobs (+1.3 percent) in December 2024.
• Industry Growth: Leisure and Hospitality (+4.6 percent), Government (+3.0 percent), and Education and Health Services (+2.4 percent) grew faster locally than statewide.

The employment growth in Palm Beach County indicates a thriving local economy, attracting businesses and creating more job opportunities. The implications of these trends include a strong performance in the Leisure and Hospitality sector, which boosts the region's reputation as a prime tourism destination.

"The sharp drop in our unemployment rate is a testament to the resilience and vitality of our local economy," said Julia Dattolo, President and CEO of CareerSource Palm Beach County. "These positive trends reflect our commitment to supporting job growth and economic development. We are excited to continue this momentum into 2025."

Job growth/loss by industry sector:

Workforce Highlights for 2024

Here are some of CareerSource Palm Beach County’s key workforce achievements and community engagement initiatives:

Employment Gains: Palm Beach County set record low unemployment rates twice in 2024 – 2.9% in May and 3.0% in June. The county’s unemployment rate also stayed at or below 3.6% for 11 consecutive months.

Family Strengthening: The Non-Custodial Parent Employment Program received over $6.5 million in funding, enhancing self-sufficiency and strengthening families across Palm Beach County.

Hope Florida Initiative: 73% of Hope Florida participants facing employment barriers secured jobs, thanks to the support from Hope Navigators and the Employ Florida system.

Business Growth: Palm Beach County saw 23 successful relocation and expansion projects, resulting in the creation of 1,556 new jobs and $152 million in capital investments.

Economic Prosperity: The county's average salary reached $74,801, ranking second highest among Florida's 67 counties. ​​​​​​​

Information sourced from the FloridaCommerce press release dated January 24, 2024

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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 1 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.