Broward County Continues To Strengthen And Diversify Its Economy

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Broward County’s job report indicated a 4.0 percent unemployment rate in March 2017. This rate was 0.5 percentage point lower than the region’s year ago rate of 4.5 percent.

Nonagricultural employment increased by 27,800 jobs (+3.4 percent) over the year, with an employment of 845,300 in the Ft. Lauderdale-Pompano Beach-Deerfield Beach MSA (Broward County). The region’s jobless rate was 0.3 percentage point lower than the state rate (4.3 percent). Out of a labor force of 1,033,009 there were 41,645 unemployed Broward County residents.

“We’re very pleased to see that Broward County continues to be a leader in job creation with 27,800 jobs over the year and a 4.0 percent unemployment rate,” said Greater Fort Lauderdale Alliance President and CEO Bob Swindell. “Florida’s job growth for the past 80 months is a good indicator of the strength of our economy and of our success in working to diversify our economy. Prior to this, Florida had been losing jobs over three years “

Data and Analysis

The Ft. Lauderdale-Pompano Beach-Deerfield metro area had the second highest annual job growth compared to all the metro areas in the state in state in professional and business services (+9,600 jobs) in March 2017. The professional and business services (+6.6 percent); education and health services (+5.5 percent); and government (+2.2 percent) industries grew faster in the metro area than statewide over the year.

The major industry sectors that added jobs over the year in the metro were: professional and business services (+9,600 jobs); education and health services (+5,800 jobs); trade, transportation, and utilities (+3,500 jobs); construction (+3,000 jobs); government (+2,300 jobs); leisure and hospitality (+2,100 jobs); other services (+1,300 jobs); and manufacturing (+300 jobs). The financial activities (-100 jobs) industries lost jobs over the year. The information industry was unchanged over the year.

March 2016 to March 2017
Industry Job Change (% Change)
Professional and Business Services +9,600 (+6.6%)
Education and Health Services +5,800 (+5.5%)
Trade, Transportation and Utilities +3,500 (+1.9%)
Construction +3,000 (-7.0%)
Leisure and Hospitality +2,100 (+2.2%)
Manufacturing +300 (+1.1%)
Financial Activities -100 (-0.2%)
Information +0 (+0.0%)

    Source: U.S. Department of Labor, Bureau of Labor Statistics

 

 

The major sectors that gained jobs from February 2017 to March 2017 were professional and business services (+3,700 jobs); education and health services (+2,200 jobs); leisure and hospitality (+1,200 jobs); trade, transportation and utilities (+700 jobs); construction (+600 jobs); financial activities (+100 jobs); and manufacturing (+100 jobs). Information (-100 jobs) lost jobs over the year.

 

 

February 2017 to March 2017

Industry

Job Change (% Change)

Professional and Business Services +3,700 (+2.5%)
Education and Health Services +2,200 (+2.0%)
Leisure and Hospitality +1,200 (+1.2%)
Trade, Transportation and Utilities +700 (+0.4%)
Construction +600 (+1.3%)
Financial Activities +100 (+0.2%)
Manufacturing +100 (+0.4%)
Information -100 (-0.5%)

    Source: U.S. Department of Labor, Bureau of Labor Statistics

Florida’s seasonally adjusted unemployment rate for March 2017 was 4.8 percent, which is 483,000 jobless Floridians out of a labor force of 10,108,000. Florida’s unemployment rate is down 0.2 percentage point from 5.0 percent in February 2017, and down 0.1 percentage point from a year ago. Florida’s seasonally adjusted total nonagricultural employment was 8,554,000 in March 2017, an increase of 6,200 jobs (+0.1 percent) over the month. The state gained 246,100 jobs over the year, an increase of 3.0 percent. Nationally, the number of jobs rose 1.5 percent over the year. Florida’s over-the-year job growth rate has exceeded the nation’s rate since May 2012.

For Palm Beach County, the unemployment rate in the West Palm Beach metro area was 4.2 percent in March 2017. This rate was 0.3 percentage point lower than the region’s year ago rate of 4.5 percent. In March 2017 nonagricultural employment in the West Palm Beach-Boca Raton-Delray Beach Metro Division was 622,700, an increase of 14,200 jobs (+2.3 percent) over the year. Out of a labor force of 728,235 in the metro area, there were 30,539 unemployed residents in the region. For Miami-Dade County, the unemployment rate was 5.3 percent in March 2017. This rate was 0.2 percentage point lower than the region’s year ago rate of 5.5 percent. In March 2017 nonagricultural employment in the Miami-Miami Beach-Kendall Metropolitan Division was 1,175,900, an increase of 23,400 jobs (+2.0 percent) over the year. Out of a labor force of 1,396,538 there were 73,402 unemployed residents in the region.

In Broward County, we see year over year job growth and continued improvement in the local economy. Target industries, identified by the Greater Fort Lauderdale Alliance, are adding jobs to the community. As the primary economic development organization for Greater Fort Lauderdale/Broward County, the Greater Fort Lauderdale Alliance continues to help companies create, expand and retain high-wage jobs and generate capital investment in high value targeted industries, developing more vibrant communities and improving the quality of life for our area’s citizens. For more information, visit

 

Source:  The Greater Fort Lauderdale Alliance

 

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