Palm Bay, FL – December 2023 Jobs Report – Steady Growth Persists Despite Holiday Turmoil

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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):

  1. Registered Nurses
  2. Home Health Aides
  3. Sales Representatives
  4. Customer Service Representatives
  5. Licensed Practical Nurses
  6. Delivery Drivers
  7. Truck Drivers
  8. Software Developers
  9. Elementary School Teachers
  10. Marketing Specialists

10 Companies Hiring Now in Palm Bay (as of February 10, 2024):

  1. Embraer Aircraft Seating
  2. Northrop Grumman
  3. Harris Corporation
  4. L3Harris Technologies
  5. Melbourne Regional Airport
  6. AdventHealth
  7. Orlando Health
  8. Publix Super Markets
  9. The Home Depot
  10. Lowe’s Home Improvement

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