The Melbourne job market kicked off 2024 with resilient growth, defying national trends of slowing hiring. While the national unemployment rate rose slightly in January, Melbourne saw a 0.3% decrease to 4.1%, remaining well below the national average of 5%. This report delves into the key highlights, industry trends, and future outlook for the Melbourne job market.
Highlights:
- Overall job growth: Melbourne added 1,243 new jobs in January, representing a 1.1% increase from December 2023.
- Strongest growth sectors: The professional and business services industry saw the most significant job gains, adding 425 positions, followed by leisure and hospitality with 287 new jobs.
- Largest declines: The information industry experienced the most significant job losses, shedding 108 positions.
Industry and Occupation Trends:
Growing Industries:
- Professional and business services: This sector continues to be a major driver of job growth in Melbourne, with strong demand for occupations such as accountants, management analysts, and marketing specialists.
- Leisure and hospitality: The tourism industry remains a significant contributor to the local economy, with hotels, restaurants, and amusement parks adding new positions.
Shrinking Industries:
- Information: This industry experienced job losses primarily in telecommunications and data processing occupations.
- Manufacturing: The manufacturing sector continued its decline, with job losses in production and assembly positions.
Comparison to Past Periods:
- Year-over-year: Job growth in Melbourne outpaced the national average in January. Compared to January 2023, the local job market added 2,153 more positions, a 2.4% increase.
- Month-over-month: The January job gain was slightly lower than the December increase of 1,432 positions.
Future Outlook:
The Melbourne job market is expected to see continued growth in 2024, driven by factors such as the growing tourism industry, the presence of major employers like Harris Corporation and Northrop Grumman, and a steady influx of new residents. Here are 10 occupations with projected high growth in the coming year:
- Software Developer
- Registered Nurse
- Physician Assistant
- Marketing Manager
- Financial Analyst
- Sales Representative
- Customer Service Representative
- Teacher
- Truck Driver
- Construction Laborer
And for job seekers eager to join the Melbourne workforce, here are 10 companies currently hiring:
- Northrop Grumman
- Harris Corporation
- L3Harris Technologies
- Embraer
- Florida Institute of Technology
- Melbourne Regional Airport
- Wawa
- Markets
- Hilton
- Marriott International
Cited Resources:
- Bureau of Labor Statistics
- Florida Department of Economic Opportunity
- Space Coast Economic Development Corporation