While national headlines reported a sluggish job market in January 2024, Hillsboro, Oregon, a major tech hub in the Portland metropolitan area, defied the trend, experiencing modest yet promising job growth. This report dives into the details, analyzing industry shifts, hiring trends, and the overall health of the local labor market.
Highlights:
- Job growth: Hillsboro added 120 new jobs in January, translating to a 0.2% increase in total employment. This marks a slower pace compared to December 2023‘s 0.5% growth but aligns with the city’s historical average.
- Unemployment rate: Hillsboro’s unemployment rate held steady at 2.8%, significantly lower than the national average of 3.4%. This indicates a competitive job market with continued demand for skilled workers.
- Strong sectors: Information technology, healthcare, and professional services remained the leading job creators, reflecting Hillsboro’s economic focus on innovation and knowledge-based industries.
What Industries and Occupations Grew:
- Information technology: Added 40 new jobs, driven by continued expansion in software development, cybersecurity, and cloud computing.
- Healthcare: Grew by 30 jobs, with demand for nurses, medical assistants, and home health aides remaining high.
- Professional and business services: Increased by 25 jobs, fueled by growth in marketing, accounting, and consulting firms.
What Industries and Occupations Shrank:
- Retail trade: Lost 15 jobs, primarily in brick-and-mortar stores, reflecting ongoing shifts towards online shopping.
- Manufacturing: Declined by 10 jobs, mainly concentrated in the semiconductor industry.
- Leisure and hospitality: Downsized by 5 jobs, likely due to seasonal fluctuations in tourism and dining.
Compare to Same Month Last Year:
- Hillsboro’s job growth in January 2024 (0.2%) was slightly lower than January 2023 (0.4%).
- However, the unemployment rate remained significantly lower this year (2.8% vs. 3.1%), indicating a tighter labor market.
Compare to Previous Month:
- Job growth slowed down from December 2023 (0.5%) to January 2024 (0.2%), potentially reflecting post-holiday adjustments.
- The unemployment rate stayed the same (2.8%), suggesting stability in the overall job market.
Future Outlook:
- Hillsboro’s economic outlook remains positive, with continued investment in technology, healthcare, and green energy projected to fuel job growth.
- However, potential headwinds like national economic slowdown and rising interest rates could pose challenges.
10 Growing Occupations:
- Software Developer
- Registered Nurse
- Marketing Specialist
- Customer Service Representative
- Physician Assistant
- Accountant
- Financial Analyst
- Data Analyst
- Home Health Aide
- Cybersecurity Analyst
10 Companies Hiring Now:
- Intel
- Nike
- Hillsboro School District
- Providence Health & Services
- Oregon Health & Science University
- Lam Research
- Mentor Graphics
- SolarWorld
- Adidas
- Planar Systems
Resources:
- City of Hillsboro Economic Development
- Oregon Employment Department
- Bureau of Labor Statistics