February 12, 2024

Hollywood, FL – December 2023 Jobs Report – Sunshine Amidst National Clouds

Hollywood, Florida’s December 2023 jobs report paints a picture of resilience and modest growth, defying national trends of slowing job creation. The city added 30 nonfarm jobs, bringing the year-end total to a positive 210 new positions. This stands in stark contrast to the national slowdown, indicating continued economic momentum in Hollywood.

Highlights:

Positive job growth: December saw an addition of 30 jobs, contributing to a year-end total of 210 new positions.
Low unemployment rate: Hollywood boasts a remarkably low unemployment rate of 3.1%, significantly lower than the national average of 3.5%.
Wage growth continues: Average weekly earnings increased by 2.2% year-over-year, showcasing a steady growth rate.

What Industries and Occupations Grew:

Leisure & Hospitality: Added 15 jobs, primarily driven by tourism and post-holiday hiring in restaurants and retail businesses.
Professional & Business Services: Gained 10 jobs, highlighting growth in areas like finance, insurance, and real estate.
Trade, Transportation & Utilities: Increased by 5 jobs, reflecting expansion in logistics and transportation sectors.
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 decline in this traditionally important sector for Hollywood.
Manufacturing: Remained stagnant, highlighting the need for diversification in the city’s economic base.

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 3.3% 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 Hollywood’s job market exhibits stability, potential national economic headwinds and ongoing sectoral shifts necessitate continued focus on attracting and retaining businesses in key sectors like tourism, healthcare, and professional services. Additionally, investing in workforce development initiatives to equip residents with in-demand skills will be crucial for sustained and diversified economic growth.

10 Growing Occupations:

10 Companies Hiring Now:

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