Laredo’s job market ended 2023 on a positive note, boasting continued growth and a low unemployment rate. However, December did witness some sector-specific fluctuations, indicating a dynamic and evolving economic landscape.
- Unemployment rate: 3.5% (December 2023), 4.2% (November 2023), 3.7% (December 2022)
- Job growth: 1.9% year-over-year, 0.4% month-over-month
Highlights:
- Trade, transportation, and utilities remained the largest and fastest-growing sector, adding 2.1% jobs year-over-year.
- The unemployment rate dipped to a record low, reflecting strong demand for workers.
- Some sectors, like mining and logging, experienced job losses compared to the previous year.
Industry and Occupation Growth:
- Trade, transportation, and utilities: Transportation occupations like truck drivers and logistics coordinators saw significant growth.
- Professional and business services: Healthcare support occupations, including medical assistants and licensed vocational nurses, were in high demand.
- Education and health services: Education and healthcare administration positions experienced growth.
Industry and Occupation Shrinkage:
- Mining, logging, and construction: Employment in this sector remained stagnant compared to the previous year.
- Manufacturing: The manufacturing sector saw no job growth compared to December 2022.
Comparison to Previous Periods:
- December 2023 unemployment rate was the lowest on record for Laredo.
- Job growth slowed down slightly compared to November 2023 but remained positive year-over-year.
Future Outlook:
- Trade and logistics are expected to remain key drivers of job growth in Laredo.
- Healthcare and education are also projected to see continued expansion.
- The impact of automation and rising wages on certain sectors remains an area to watch.
10 Growing Occupations (December 2023):
- Registered Nurses
- Truck Drivers
- Nursing Assistants
- Home Health and Personal Care Aides
- Customer Service Representatives
- Software Developers and Applications
- Logistics Coordinators
- Retail Salespersons
- Elementary and Middle School Teachers
- Medical and Clinical Laboratory Technicians
10 Companies Hiring Now (February 2024):
- Laredo Medical Center
- United Parcel Service (UPS)
- CEVA Logistics
- Target
- Texas A&M International University
- Laredo Independent School District
- J.B. Hunt Transport Services
- Walmart
- City of Laredo
- HEB
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