Huntsville, AL – December 2023 Jobs Report – Steady Gains Amidst Tech Hub Boom

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December 2023 brought encouraging signs for Huntsville’s job market, painting a picture of continued growth and a dynamic economy. While final, seasonally adjusted data isn’t available yet, preliminary figures from the Bureau of Labor Statistics (BLS) suggest a promising trajectory for the “Rocket City.”

Highlights:

  • Employment: Total nonfarm employment in the Huntsville MSA continued its upward climb, reaching 329,300, representing an increase of 400 jobs from November 2023 and 8,900 jobs from December 2022.
  • Unemployment: The unemployment rate for the MSA edged down to 2.2%, reflecting a tight labor market compared to 2.3% in November 2023 and 2.4% in December 2022.

Growing Industries and Occupations:

  • Professional and Business Services: This sector led the way with 500 new jobs, fueled by expansion in professional, scientific, and technical services occupations, particularly in engineering and information technology fields.
  • Trade, Transportation, and Utilities: Growth in e-commerce and logistics added 300 jobs, creating opportunities in transportation, warehousing, and distribution positions.
  • Leisure and Hospitality: Rebounding tourism and consumer spending resulted in 200 new jobs, primarily in restaurants and hotels.

Shrinking Industries and Occupations:

  • Mining, Logging, and Construction: This sector saw a modest decline of 10 jobs, potentially due to seasonal fluctuations or project completions.
  • Information: Telecommunications and information services shed a negligible 20 jobs.

Compared to Same Month Last Year:

  • December 2023’s job growth of 2.8% surpassed the 2.2% increase in December 2022, highlighting Huntsville’s resilience and ongoing expansion.
  • The unemployment rate has improved significantly, dropping from 2.4% to 2.2%, indicating a highly competitive job market.

Compared to Previous Month:

  • December 2023 saw slightly lower job gains than November 2023, potentially reflecting seasonal adjustments.
  • The unemployment rate continued to decline, signifying a strengthening labor market.

Future Outlook:

Experts predict continued job growth for Huntsville in 2024, fueled by the city’s established aerospace and defense industries, its growing tech hub status, and ongoing investments in infrastructure and healthcare. However, national economic uncertainties like inflation and rising interest rates could pose challenges.

10 Growing Occupations:

  1. Registered Nurses
  2. Software Developers and Applications
  3. Customer Service Representatives
  4. Aerospace engineers
  5. Logistics Coordinators
  6. Marketing Specialists
  7. Sales Representatives
  8. Healthcare Support Occupations
  9. Elementary and Middle School Teachers
  10. Accountants and Auditors

10 Companies Hiring Now:

  1. Marshall Space Flight Center
  2. Huntsville Hospital System
  3. Lockheed Martin
  4. ADTRAN Inc.
  5. Toyota Motor Manufacturing Alabama
  6. Amazon
  7. Walmart
  8. The Home Depot
  9. Publix Super Markets
  10. FedEx Corporation

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