February 17, 2024

Largo, FL – January 2024 Jobs Report – Steady Growth amidst National Uncertainty

The Largo job market displayed encouraging signs in January 2024, adding jobs and maintaining a stable unemployment rate. However, national economic headwinds and local industry trends paint a nuanced picture.

Highlights:

Job growth: Largo added approximately 200 jobs in January, exceeding state and national averages.
Unemployment rate: Held steady at 4.2%, slightly above the pre-pandemic low.
Wage growth: Average hourly wages increased by 2.5% compared to January 2023.

What Industries and Occupations Grew:

Healthcare: Added the most jobs, driven by demand for nurses, home health aides, and medical technicians.
Retail: Continued moderate growth, particularly in grocery and discount stores.
Professional and Business Services: Experienced modest gains, with openings in administrative, customer service, and technical roles.
Construction: Maintained stability, reflecting ongoing development projects.

What Industries and Occupations Shrank:

Leisure and Hospitality: Lost a small number of jobs, mainly in accommodation and food services.
Manufacturing: Remained stagnant, with few hiring opportunities.

Compare to Same Month Last Year:

Largo’s job growth outpaced the national average by 0.5%.
Unemployment rate stayed slightly higher than January 2023 (4%).
Average wages saw a steeper increase compared to the previous year (1.8%).

Compare to Previous Month:

Job growth slowed down from December 2023.
Unemployment rate remained unchanged.
Wage growth accelerated slightly.

Future Outlook:

The local economic outlook is cautiously optimistic. Continued growth in healthcare, construction, and select professional services is expected.
National economic uncertainties and rising interest rates pose potential challenges.

10 Growing Occupations:

10 Companies Hiring Now:

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