The Plymouth job market maintained its positive momentum in December 2023, adding jobs at a steady pace despite concerns about potential economic slowdown in the broader Minneapolis-St. Paul region. The unemployment rate remained low, while key industries like healthcare and technology continued to expand.
Highlights:
- Job growth: Plymouth added 240 jobs in December, bringing the total year-over-year gain to 2,180, a 2.7% increase.
- Unemployment rate: Plymouth’s unemployment rate held steady at 2.6%, lower than the state average of 3.4% and the national rate of 3.5%.
- Wage growth: Average wages in Plymouth grew by 4.5% year-over-year, slightly higher than the national average of 4.1%.
What Industries and Occupations Grew:
- Healthcare: Healthcare occupations added 80 jobs in December, fueled by demand for nurses, physicians, and healthcare aides.
- Technology: The technology sector added 60 jobs, driven by hiring in software development, data analysis, and cybersecurity.
- Professional services: Professional services firms added 50 jobs, with growth in areas like accounting, marketing, and engineering.
What Industries and Occupations Shrank:
- Retail: The retail sector lost 30 jobs in December, continuing a trend seen throughout 2023.
- Manufacturing: The manufacturing sector lost 20 jobs, likely due to ongoing supply chain disruptions and global economic concerns.
Compare to Same Month Last Year:
- Plymouth’s job growth in December 2023 was slightly slower than December 2022, when the city added 300 jobs.
- However, the unemployment rate remained lower than a year ago (2.6% vs. 2.8% in December 2022).
Compare to Previous Month:
- Job growth in December 2023 was slightly faster than in November 2023, when Plymouth added 200 jobs.
- This suggests that the Plymouth job market may be gaining momentum heading into 2024.
Future Outlook:
The outlook for the Plymouth job market in 2024 remains positive, with continued growth expected in healthcare, technology, and professional services. However, potential economic slowdowns and ongoing supply chain disruptions could pose challenges.
10 Growing Occupations:
- Registered Nurse
- Software Developer
- Physician
- Marketing Manager
- Physician Assistant
- Accountant
- Computer Systems Analyst
- Data Analyst
- Customer Service Representative
- Construction Manager
10 Companies Hiring Now:
- Medtronic
- General Mills
- Target
- Optum
- Boston Scientific
- Cargill
- Xcel Energy
- Thomson Reuters
- Wells Fargo
- UnitedHealth Group
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