Beaumont’s job market kicked off 2024 with a continuation of the positive trends observed in late 2023. While national economic forecasts hinted at potential turbulence, the city’s unemployment rate remained low at 5.2%, marking stability compared to December 2023 and a significant decrease from 6.7% in January 2023. This stability is reflected in the steady growth of nonfarm employment, which reached 165,700 in January, a slight increase from the previous month and a 2.1% rise year-over-year.
Highlights:
- Low unemployment: The 5.2% unemployment rate represents a favorable job market, remaining below the national average of 6.3%.
- Job growth: Nonfarm employment increased slightly compared to December 2023 and continued an upward trend from January 2023.
- Stable industries: Key sectors like healthcare, education, and professional services maintained their strength, contributing to overall stability.
What Industries and Occupations Grew:
- Healthcare: The healthcare industry saw continued expansion, adding jobs in areas like nursing, physician assistants, and medical technicians.
- Professional & Business Services: This sector experienced growth in positions like accountants, financial analysts, and marketing specialists.
- Education: The education sector added jobs in teaching, educational support, and administration.
- Construction: The construction industry showed signs of growth, with increasing demand for carpenters, electricians, and plumbers.
What Industries and Occupations Shrank:
- Retail Trade: The retail sector witnessed a slight decline in jobs, primarily affecting cashiers and sales associates.
- Leisure & Hospitality: This industry experienced minor job losses, mainly impacting food service workers and hotel staff.
Compare to Same Month Last Year:
- The unemployment rate in January 2024 decreased by 1.5% compared to January 2023.
- Nonfarm employment saw a 2.1% increase year-over-year.
- Healthcare, professional & business services, and education experienced consistent growth throughout the year.
Compare to Previous Month:
- The unemployment rate remained stable compared to December 2023.
- Nonfarm employment saw a slight increase from the previous month.
- Healthcare, education, and professional & business services continued to add jobs.
Future Outlook:
While national economic forecasts remain uncertain, Beaumont’s job market is expected to maintain its stability in the coming months. The ongoing strength in key sectors like healthcare and education is likely to continue driving job growth. However, potential fluctuations in the energy sector, a significant contributor to the local economy, could impact employment in related industries.
10 Growing Occupations:
- Registered Nurses
- Physician Assistants
- Home Health Aides and Personal Care Aides
- Software Developers and Applications Developers
- Accountants and Auditors
- Financial Analysts
- Marketing Specialists
- Elementary and Middle School Teachers
- Special Education Teachers
- Construction Laborers
10 Companies Hiring Now:
- Baptist Hospitals of Southeast Texas
- Christus St. Elizabeth Hospital
- Lamar State University-Beaumont
- Beaumont Independent School District
- ExxonMobil Corporation
- Chevron Phillips Chemical Company
- Valero Energy Corporation
- Entergy Texas
- HEB
- Walmart
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