The January 2024 jobs report for Farmington Hills paints a picture of modest but steady growth, with new positions emerging across various sectors. While specific data for the city isn’t readily available, looking at broader regional trends provides valuable insights.
Highlights:
- Job growth: The Detroit Regional Chamber’s January 2024 Economic Report indicates the 12-county Southeast Michigan region added 8,900 jobs on a seasonally adjusted basis, bringing the total to 3.89 million.
- Unemployment rate: The unemployment rate for the Detroit-Warren-Dearborn Metropolitan Statistical Area dipped to 3.8% in January 2024, marking a positive trend compared to the national average of 3.4%.
- Diverse growth: Job gains were observed in various industries, including professional and business services, education and health services, leisure and hospitality, and manufacturing.
What Industries and Occupations Grew:
- Professional and business services: This sector led the way with 4,200 new jobs, particularly in areas like management, consulting, and technical services.
- Education and health services: This sector added 2,100 jobs, driven by positions in healthcare support, social assistance, and educational services.
- Leisure and hospitality: This industry saw a welcome rebound with 1,400 new jobs, mainly in food services and accommodation.
- Manufacturing: While modest, 800 new jobs were added in manufacturing, indicating a potential revival in this key sector for the region.
What Industries and Occupations Shrank:
- Information technology: This industry experienced a slight decline of 200 jobs, primarily in computer systems design and related services.
- Retail trade: The retail sector continued to face challenges, losing 100 jobs, mainly in clothing and general merchandise stores.
Compare to Same Month Last Year:
- Job growth in January 2024 surpassed the 5,400 positions added in January 2023, highlighting a positive trajectory.
- The unemployment rate remains lower than January 2023’s 4.2%, indicating a tighter labor market and potential wage growth.
Compare to Previous Month:
- Job growth slowed compared to December 2023‘s 13,300 positions added, suggesting a possible seasonal fluctuation.
- The unemployment rate remained unchanged from December 2023, implying stability in the labor market.
Future Outlook:
The Detroit Regional Chamber projects continued job growth in 2024, with an anticipated addition of 54,000 positions across the region. Key sectors expected to drive growth include professional and business services, manufacturing, and healthcare.
10 Growing Occupations:
- Registered Nurses
- Software Developers and Applications
- Personal Care Aides
- Home Health Aides
- Customer Service Representatives
- Truck Drivers
- Sales Representatives
- Marketing Specialists
- Accountants and Auditors
- Physicians and Surgeons
10 Companies Hiring Now:
- General Motors
- Stellantis
- Ford Motor Company
- Beaumont Health
- Ascension Michigan
- DTE Energy
- Comerica Bank
- Rocket Mortgage
- Lear Corporation
- BorgWarner
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