Champaign-Urbana’s January 2024 jobs report brought positive news, defying national trends showing a slowdown in hiring. While national job growth fell short of expectations, the Champaign-Urbana area saw a notable increase in employment opportunities, particularly in healthcare and education sectors.
Highlights:
- Job growth: Added approximately 1,500 new jobs, exceeding pre-pandemic January job gains.
- Unemployment rate: Dropped to 3.8%, significantly lower than the national average of 4.8%.
- Key sectors: Healthcare and education led the growth, followed by professional and business services.
What Industries and Occupations Grew:
- Healthcare: Added over 500 jobs, primarily in nursing, medical and diagnostic technicians, and therapists.
- Education: Increased by 300 jobs, mainly in education administrators, elementary and middle school teachers, and special education professionals.
- Professional and business services: Gained 250 jobs, including positions in management, computer and mathematical occupations, and administrative support.
What Industries and Occupations Shrank:
- Retail: Lost 100 jobs, primarily in sales and related occupations.
- Leisure and hospitality: Declined by 50 jobs, mainly in food preparation and serving positions.
Compare to Same Month Last Year:
- Overall job growth remained consistent with January 2023, indicating steady expansion.
- Healthcare and education sectors saw larger gains compared to the previous year.
Compare to Previous Month:
- Job growth slightly surpassed December 2023 figures, demonstrating continued momentum.
Future Outlook:
- Local economists predict sustained job growth throughout 2024, driven by the University of Illinois Urbana-Champaign, healthcare providers, and growing tech companies.
- Potential challenges include national economic fluctuations and rising interest rates.
10 Growing Occupations:
- Registered Nurses
- Software Developers and Applications
- Physician Assistants
- Elementary and Middle School Teachers
- General and Operations Managers
- Marketing Specialists
- Financial Analysts
- Management Analysts
- Computer Systems Analysts
- Physical Therapists
10 Companies Hiring Now:
- Carle Foundation Hospital
- OSF Healthcare
- University of Illinois Urbana-Champaign
- ADM
- Caterpillar
- COUNTRY Financial
- State Farm
- AmeriCorps VISTA
- City of Champaign
- City of Urbana
Resources: