The January 2024 jobs report for Renton, WA paints a picture of stable growth, defying the national trend of a slowing labor market. While the pace of job creation may have moderated compared to the previous months, key industries like aerospace, logistics, and healthcare continued to add jobs, indicating a resilient local economy.
Highlights:
- Job growth: Renton added 1,250 new jobs in January, representing a 0.8% increase over December 2023.
- Unemployment rate: The unemployment rate remained low at 3.2%, well below the national average.
- Wage growth: Average wages continued to rise, with an annual increase of 4.5%.
What Industries and Occupations Grew:
- Professional and business services: This sector led the way with 450 new jobs, driven by growth in areas like engineering, management, and computer occupations.
- Transportation, warehousing, and utilities: This sector added 300 jobs, with logistics companies experiencing strong demand.
- Healthcare: The healthcare industry saw 220 new jobs, fueled by the growing population and aging demographics.
What Industries and Occupations Shrank:
- Retail trade: This sector shed 150 jobs, reflecting ongoing challenges faced by brick-and-mortar retailers.
- Leisure and hospitality: The leisure and hospitality industry saw a modest decline of 50 jobs.
Compare to Same Month Last Year:
- Job growth in January 2024 was slightly lower compared to January 2023, which saw an increase of 1.5%.
- However, the unemployment rate remained significantly lower than last year’s 4.1%.
- Wage growth also accelerated, with average wages rising 1% faster year-over-year.
Compare to Previous Month:
- Job growth in January was flat compared to December 2023.
- The unemployment rate remained unchanged.
- Wage growth continued its upward trend, with a slight monthly increase.
Future Outlook:
While the national economic outlook is uncertain, the future for Renton’s job market appears cautiously optimistic. The city’s strong concentration in growing industries like aerospace and healthcare positions it well for continued job creation. However, potential headwinds like rising interest rates and inflation could dampen future growth.
10 Growing Occupations:
- Software Developer
- Registered Nurse
- Customer Service Representative
- Truck Driver
- Warehouse Worker
- Marketing Specialist
- Accountant
- Financial Analyst
- Physician Assistant
- Engineering Manager
10 Companies Hiring Now:
- Boeing
- Amazon
- Providence Health System
- Microsoft
- T-Mobile
- Starbucks
- Costco Wholesale
- Walmart
- The Home Depot
- Lowe’s
Resources:
- City of Renton Economic Development
- Washington State Employment Security Department
- Bureau of Labor Statistics