North Charleston’s job market continued its upward trend in December 2023, adding jobs at a faster pace than the national average. The unemployment rate remained low, indicating a tight labor market.
Highlights:
- Nonfarm payroll employment increased by 1.2% compared to November 2023. BLS: Charleston-North Charleston-Summerville, SC Economy at a Glance
- The unemployment rate held steady at 2.5%, below the national rate of 3.7%. Department of Numbers: Charleston-North Charleston, South Carolina Metropolitan Unemployment Rate and Total Unemployed
Industry and Occupation Growth:
- Professional and Business Services: This sector led the way in job gains, adding positions in areas like management, consulting, and technology.
- Leisure and Hospitality: The tourism industry continued its rebound, adding jobs in hotels, restaurants, and entertainment venues.
- Trade, Transportation, and Utilities: This sector saw growth in transportation and warehousing, fueled by e-commerce and logistics activity.
- Construction: Employment in construction remained stable, reflecting ongoing residential and commercial development in the region.
Industry and Occupation Shrinkage:
- Manufacturing: The manufacturing sector saw a slight decline in jobs, particularly in durable goods production.
- Information: Employment in the information sector remained flat, with some job losses in telecommunications and broadcasting.
Comparison to Same Month Last Year:
- North Charleston’s job market has grown significantly compared to December 2022, with nonfarm payroll employment up by 5.9%. BLS: Employment up 5.9 percent in Charleston and Dallas metro areas, December 2021 to December 2022: https://www.bls.gov/opub/ted/2023/employment-up-5-9-percent-in-charleston-and-dallas-metro-areas-december-2021-to-december-2022.htm
- The unemployment rate was also lower in December 2023, down from 3.0% a year ago.
Comparison to Previous Month:
- Job growth accelerated in December compared to November 2023, when employment increased by 0.7%.
- The unemployment rate remained unchanged over the month.
Future Outlook:
The Charleston job market is expected to continue growing in 2024, driven by factors such as population growth, tourism, and business expansion. However, the pace of growth may moderate as the national economy faces headwinds.
10 Growing Occupations:
- Registered Nurses
- Software Developers and Applications
- Customer Service Representatives
- Sales Representatives
- Marketing Specialists
- Truck Drivers
- Construction Laborers
- Personal Care Aides
- Chefs and Cooks
- Accountants and Auditors
10 Companies Hiring Now: