January 2024 marked a positive start to the year for Boca Raton’s job market, defying seasonal norms and exceeding expectations. The report reflects a growing local economy with robust hiring activity across several sectors.
Highlights:
- Strong job growth: Despite being typically a slowdown month, January saw significant job creation, exceeding initial estimates.
- Broader industry gains: Employment growth wasn’t limited to specific sectors, indicating diversified economic health.
- Wage increase: Average hourly earnings jumped compared to January 2023, reflecting a competitive job market.
Industries and Occupations on the Rise:
- Professional and Business Services: This sector led the pack, adding jobs in areas like management, consulting, and finance.
- Leisure and Hospitality: Fueled by tourism and local spending, restaurants, hotels, and entertainment venues saw notable hiring.
- Healthcare: Continued demand for medical professionals drove job growth in hospitals, clinics, and related organizations.
- Construction: Residential and commercial building projects fueled expansion in this industry.
- Information Technology: Tech companies and startups contributed to job creation in software development, cybersecurity, and data analysis.
Industries and Occupations Facing Decline:
- Retail: Brick-and-mortar stores continued to face challenges, resulting in some job losses.
- Manufacturing: Some manufacturing sub-sectors experienced slight contraction, potentially due to supply chain disruptions.
Compared to Last Year:
- Overall, January 2024 showed stronger job growth compared to January 2023, indicating a positive economic trajectory.
- Specific industries like Professional and Business Services and Leisure and Hospitality saw even more pronounced growth year-over-year.
Compared to Previous Month:
- While December 2023 ended with robust hiring, January’s job creation momentum further solidified the upward trend.
- Some industries, like Construction and Information Technology, saw even faster hiring growth compared to December.
Future Outlook:
- Experts predict continued economic growth for Boca Raton in 2024, with stable job creation across various sectors.
- The growing tech industry, coupled with an aging population’s healthcare needs, are expected to be key drivers of future job opportunities.
10 Growing Occupations:
- Software Developer
- Registered Nurse
- Marketing Manager
- Financial Analyst
- Customer Service Representative
- Construction Manager
- Sales Representative
- Physician Assistant
- Data Analyst
- Accountant
10 Companies Hiring Now:
- FAU Tech Accelerator
- Brightline Trains
- Lord Cultural Centers
- Baptist Health South Florida
- The Cheesecake Factory
- Marriott International
- IBM
- Siemens
- AutoNation
- Charles Schwab
Sources:
- NCCI February 2024 Labor Market Insights Report
- Bureau of Labor Statistics
- ZipRecruiter Boca Raton Jobs