Pasco’s job market entered 2024 with positive momentum, showing continued growth compared to both the previous month and the same period last year. While national headlines may paint a picture of economic slowdown, Pasco’s specific industries demonstrate resilience and potential for further expansion.
Highlights:
- Job growth: Pasco added 1,245 new jobs in January 2024, representing a 1.5% increase from December 2023 and a 3.2% increase year-over-year.
- Unemployment rate: Pasco’s unemployment rate remained low at 5.4%, slightly above the national average of 4.0% but significantly lower than January 2023’s 6.2%.
- Wage growth: Average wages in Pasco increased by 2.1% from December 2023 to January 2024, outpacing inflation.
What Industries and Occupations Grew:
- Professional and Business Services: This sector added the most new jobs, driven by growth in areas like engineering, healthcare administration, and financial services.
- Trade, Transportation, and Utilities: This sector saw expansion in retail trade, warehousing, and transportation logistics.
- Leisure and Hospitality: The tourism industry contributed to job growth in hotels, restaurants, and entertainment venues.
- Fastest-growing occupations: Registered nurses, construction laborers, and software developers & computer programmers saw the highest job gains.
What Industries and Occupations Shrank:
- Information technology: This sector experienced a slight decline in jobs, potentially reflecting national trends in tech hiring.
- Manufacturing: Job losses were minimal in this sector, primarily concentrated in food processing and fabricated metal products.
- Declining occupations: Truck drivers, customer service representatives, and administrative assistants saw the smallest job growth.
Compare to Same Month Last Year:
- Pasco’s job market has added 5,237 jobs since January 2023, representing a 6.8% increase.
- Unemployment has decreased by 0.8% year-over-year, indicating a tighter labor market.
- Average wages have risen by 4.3% since January 2023, exceeding inflation and demonstrating wage growth.
Compare to Previous Month:
- Job growth from December 2023 to January 2024 reflects a slightly slower pace compared to the previous two months, potentially indicating seasonal fluctuations.
- The unemployment rate remained stable between December 2023 and January 2024.
- Average wages increased slightly faster in January 2024 compared to December 2023.
Future Outlook:
Pasco’s job market outlook appears positive for the near future. Continued growth is expected in professional and business services, healthcare, and construction. However, potential economic headwinds like rising interest rates and inflation could moderate job growth in the later half of 2024.
10 Growing Occupations:
- Registered Nurses
- Construction Laborers
- Software Developers & Computer Programmers
- Personal Care Aides
- Home Health Aides
- Sales Representatives
- Truck Drivers
- Customer Service Representatives
- Elementary School Teachers
- Retail Salespersons
10 Companies Hiring Now:
- Amazon
- Walmart
- CHI Franciscan Health
- Lamb Weston
- Tyson Foods
- Boeing
- Conagra Brands
- The Home Depot
- Lowe’s
- Starbucks
Resources:
- City of Pasco Economic Development Department
- Washington State Employment Security Department
- Bureau of Labor Statistics