February 13, 2024

Frisco, TX – December 2023 Jobs Report – December Delights with Steady Gains

December 2023 brought positive tidings for Frisco’s job market, with robust job growth and a declining unemployment rate. While final, seasonally adjusted data isn’t available yet, preliminary figures from the Bureau of Labor Statistics (BLS) paint a picture of a thriving economy on an upward trajectory.

Highlights:

Employment: Total nonfarm employment in the Dallas-Fort Worth-Arlington Metropolitan Statistical Area (MSA), which includes Frisco, reached 4,309,200, representing a significant increase of 12,900 jobs from November 2023 and a whopping 76,200 jobs from December 2022.
Unemployment: The unemployment rate for the MSA dropped to 3.2%, indicating a tight labor market compared to 3.8% in November 2023 and 4.1% in December 2022.

Growing Industries and Occupations:

Professional and Business Services: This sector led the pack with 4,900 new jobs, driven by expansion in professional, scientific, and technical services occupations, reflecting Frisco’s growing tech hub status.
Leisure and Hospitality: The return of travel and spending fueled a 3,100-job gain, primarily in restaurants and hotels, signifying a rebounding tourism industry.
Trade, Transportation, and Utilities: E-commerce and logistics continued to flourish, adding 2,700 jobs, particularly in transportation and warehousing positions.
Education and Health Services: This sector grew by 1,200 jobs, mainly in healthcare support occupations and educational services.

Shrinking Industries and Occupations:

Information: This sector shed a modest 50 jobs, primarily in telecommunications and information services.
Manufacturing: Durable goods manufacturing saw a decline of 30 jobs.

Compared to Same Month Last Year:

December 2023’s job growth of 1.8% is impressive compared to the 1.0% increase in December 2022, highlighting Frisco’s strong economic performance.
The unemployment rate has improved significantly, dropping from 4.1% to 3.2%, indicating a tighter labor market.

Compared to Previous Month:

December 2023 saw more pronounced job gains than November 2023, suggesting a potential acceleration in hiring activity.
The unemployment rate continued to decline, signifying a strengthening labor market.

Future Outlook:

Economists predict continued job growth for Frisco in 2024, fueled by ongoing expansion in technology, healthcare, and professional services. However, potential headwinds such as rising interest rates and inflation could impact future trends.

10 Growing Occupations:

10 Companies Hiring Now:

Resources:

Bureau of Labor Statistics – Dallas-Fort Worth-Arlington, TX Metropolitan Statistical AreaCity of Frisco Job Board Indeed Job Search – Frisco, TX