Broward County’s Sees Year Over Year Job Growth And Continued Local Economy Improvement

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Broward County’s job report indicated a 4.6 percent unemployment rate in November 2016. This is a decrease of 0.2 percentage points from the year ago rate of 4.8 percent.

Nonagricultural employment increased by 30,700 jobs (+3.8 percent) over the year, with an employment of 845,900 in the Ft. Lauderdale-Pompano Beach-Deerfield Beach MSA (Broward County).

The region’s jobless rate was 0.2 percentage point lower than the state rate (4.8 percent). Out of a labor force of 1,023,225 there were 46,926 unemployed Broward County residents.

“Broward County’s employment growth rate of 3.8 percent with 30,700 nonagricultural jobs over the last year is evidence of the strength of our economy,” said Greater Fort Lauderdale Alliance President and CEO Bob Swindell. “Eight out of eight major industries experienced positive year over year job growth in November which places us among the leaders in the state in job creation.”

Data and Analysis

The Ft. Lauderdale-Pompano Beach-Deerfield metro area had the highest annual job growth compared to all the metro areas in the state in state in trade, transportation, and utilities (+9,300 jobs); manufacturing (+1,100 jobs); and information (+200 jobs) in November 2016. The Ft. LauderdalePompano BchDeerfield Beach Metro Division had the second highest annual job growth compared to all the metro areas in the state in professional and business services (+7,500 jobs); education and health services (+5,100 jobs); and government (+1,400 jobs) in November 2016. The Ft. LauderdalePompano BchDeerfield Beach Metro Division had the second fastest annual job growth rate compared to all the metro areas in the state in trade, transportation, and utilities (+5.0 percent) in November 2016.

The professional and business services (+5.2 percent); trade, transportation, and utilities (+5.0 percent); education and health services (+5.0 percent); manufacturing (+3.9 percent); financial activities (+3.4 percent); government (+1.4 percent); and information (+1.0 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: trade, transportation, and utilities (+9,300 jobs); professional and business services (+7,500 jobs); education and health services (+5,100 jobs); leisure and hospitality (+4,100 jobs); financial activities (+2,000 jobs); government (+1,400 jobs); manufacturing (+1,100 jobs); construction (+900 jobs); and information (+200 jobs).

November 2015 to November 2016

Industry

Job Change (% Change)

Trade, Transportation and Utilities +9,300   (+5.0%)
Professional and Business Services +7,500   (+5.2%)
Education and Health Services +5,100   (+5.0%)
Leisure and Hospitality +4,100   (+4.5%)
Financial Activities +2,000   (+3.4%)
Manufacturing +1,100   (+3.9%)
Construction +900   (+2.1%)
Information +200 (+1.0%)

The major sectors that gained jobs from October 2016 to November 2016 were trade, transportation and utilities (+5,100 jobs); professional and business services (+2,900 jobs); leisure and hospitality (+1,700 jobs); education and health services (+900 jobs); construction (+300 jobs); and information (+300 jobs). Manufacturing (+0) reported zero gains and financial activities (-600) lost jobs over the year.

 

October 2016 to November 2016

Industry

Job Change (% Change)

Trade, Transportation and Utilities +5,100 (+2.7%)
Professional and Business Services +2,900 (+1.9%)
Leisure and Hospitality +1,700 (+1.8%)
Education and Health Services +900 (+0.8%)
Construction +300 (+0.7%)
Information +300 (+1.6%)
Manufacturing +0 (+0.0%)
Financial Activities -600 (+1.0%)

Florida’s seasonally adjusted unemployment rate for November 2016 was 4.9 percent, which is 482,000 jobless Floridians out of a labor force of 9,881,000. Florida’s unemployment rate was up 0.1 percentage point from the October 2016 rate, but down 0.2 percentage point from 5.1 percent a year ago. Florida’s seasonally adjusted total nonagricultural employment was 8,465,000 in November 2016, an increase of 29,600 jobs (+0.4 percent) over the month. The state gained 263,900 jobs over the year, an increase of 3.2 percent. Florida’s annual 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 4.9 percent on November 2016. This rate was 0.2 percentage point higher than the region’s year ago rate of 4.7 percent. In November 2016 nonagricultural employment in the West Palm Beach-Boca Raton-Delray Beach Metro Division was 616,400, an increase of 13,200 jobs (+2.2 percent) over the year. Out of a labor force of 714,335 in the metro area, there were 34,938 unemployed residents in the region. For Miami-Dade County, the unemployment rate was 5.0 percent in November 2016. This rate was 0.5 percentage point lower than the region’s year ago rate of 5.5 percent. In November 2016 nonagricultural employment in the Miami-Miami Beach-Kendall Metropolitan Division was 1,163,700, an increase of 18,000 jobs (+1.6 percent) over the year. Out of a labor force of 1,390,997 there were 69,078 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 www.gflalliance.org

 

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