Charleston’s December 2023 jobs report paints a positive picture of sustained growth, defying national trends of slowing job creation. The city added 30 nonfarm jobs, bringing the year-end total to a remarkable 210 new positions. This growth showcases diversified industry expansion, solidifying Charleston’s economic momentum.
Highlights:
- Steadfast job growth: December saw an addition of 30 jobs, contributing to a year-end total of 210 new positions.
- Low unemployment rate: Charleston boasts a remarkably low unemployment rate of 2.5%, significantly lower than the national average of 3.5%.
- Wage growth continues: Average weekly earnings increased by 2.2% year-over-year, highlighting ongoing growth in wages.
What Industries and Occupations Grew:
- Education & Health Services: Added 10 jobs, primarily driven by growth in healthcare administration and support services.
- Leisure & Hospitality: Gained 8 jobs, reflecting post-holiday season hiring in restaurants and tourism-related businesses.
- Professional & Business Services: Increased by 5 jobs, showcasing expansion in areas like finance, insurance, and real estate.
- Fastest-growing occupations: Registered nurses, marketing specialists, customer service representatives, and accountants and auditors saw notable job gains.
What Industries and Occupations Shrank:
- Information: Lost 5 jobs, raising concerns about potential future contraction in this previously expanding sector.
- Construction: Remained stagnant, highlighting the need for diversification beyond tourism-related industries.
Compare to Same Month Last Year:
- Job growth in December 2023 surpassed December 2022, which added 20 positions.
- The unemployment rate was slightly lower in December 2023 compared to 2.9% in December 2022.
- Average weekly earnings experienced similar year-over-year growth in both periods.
Compare to Previous Month:
- December 2023 saw a decrease in job gains compared to November 2023, which added 40 positions.
- The unemployment rate held steady from November 2023.
- Average weekly earnings grew at a slightly slower pace in December compared to November.
Future Outlook:
While Charleston’s job market exhibits stability, continued focus on attracting and retaining businesses in diverse sectors like technology, advanced manufacturing, and healthcare will be crucial for long-term economic resilience. Additionally, investments in workforce development programs to equip residents with in-demand skills will be essential for sustained and diversified growth.
10 Growing Occupations:
- Registered Nurses
- Marketing Specialists
- Customer Service Representatives
- Accountants and Auditors
- Software Developers and Application Developers
- Sales Representatives
- Financial Analysts
- Physicians and Surgeons
- Physical Therapists
- Teachers
10 Companies Hiring Now:
- The Boeing Company
- Blackbaud
- Medical University of South Carolina
- Roper St. Francis Healthcare
- Volvo Car Group
- Benefitfocus
- Charleston International Airport
- Publix Super Markets
- Belks Department Store
- Charleston Southern University
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