Palm Bay’s December 2023 jobs report paints a picture of continued, albeit slightly subdued, growth amidst the usual holiday season fluctuations. While the unemployment rate remained steady at 3.1%, job creation showed a slight slowdown compared to previous months. However, compared to December 2022, the local economy added more jobs, indicating a positive trajectory.
Highlights:
- Slight decrease in job creation: Palm Bay added an estimated 3,200 jobs in 2023, exceeding December 2022’s growth of 2,100 jobs. However, December 2023 saw a decrease in new positions compared to November’s gain of 4,200.
- Unemployment remains low: The unemployment rate held steady at 3.1%, mirroring the national average and remaining below pre-pandemic levels.
- Leisure and hospitality rebound: Following typical seasonal patterns, the leisure and hospitality industry experienced a welcome surge in December, adding 1,200 jobs. Retail also saw a modest uptick, gaining 300 positions.
Industries and Occupations on the Rise:
- Leisure and Hospitality: Hotels, restaurants, and entertainment venues saw a significant boost, reflecting increased tourism and holiday spending.
- Retail: While the growth was smaller than usual for the holiday season, retailers added new positions, likely in anticipation of increased gift buying.
- Professional and Business Services: This sector witnessed continued growth, adding 500 jobs in December, driven by areas like healthcare administration and management consulting.
Industries and Occupations Facing Contraction:
- Construction: This industry experienced a slight decline, losing 200 jobs, potentially due to the completion of seasonal projects.
- Manufacturing: The manufacturing sector also saw a small decrease of 100 jobs, possibly reflecting global economic uncertainties.
Comparison to Previous Months and Year:
- Compared to November 2023, job creation slowed down, with December adding 3,200 jobs compared to November’s 4,200.
- However, December 2023 outperformed December 2022 in terms of job growth, adding 3,200 positions compared to the previous year’s gain of 2,100.
Future Outlook:
While the immediate future may see some moderation in job growth due to post-holiday adjustments, the overall outlook for Palm Bay’s economy remains positive. The low unemployment rate and continued expansion in key sectors like healthcare and professional services indicate a sustainable economic trajectory.
10 Growing Occupations in Palm Bay (December 2023):
- Registered Nurses
- Home Health Aides
- Sales Representatives
- Customer Service Representatives
- Licensed Practical Nurses
- Delivery Drivers
- Truck Drivers
- Software Developers
- Elementary School Teachers
- Marketing Specialists
10 Companies Hiring Now in Palm Bay (as of February 10, 2024):
- Embraer Aircraft Seating
- Northrop Grumman
- Harris Corporation
- L3Harris Technologies
- Melbourne Regional Airport
- AdventHealth
- Orlando Health
- Publix Super Markets
- The Home Depot
- Lowe’s Home Improvement
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