December 2023 closed out a positive year for employment in St. Petersburg, as part of the wider Tampa-St. Petersburg-Clearwater Metropolitan Statistical Area (MSA). Job growth continued, albeit at a slower pace than earlier months, reflecting a national trend of moderation. The unemployment rate held steady, indicating a healthy balance between labor supply and demand.
Highlights:
- Nonfarm employment: Increased by 28,000 jobs (+1.8%) year-over-year, reaching 1,551,800 in December.
- Unemployment rate: Remained stable at 3.1%, unchanged from November and slightly above the pre-pandemic low of 2.2% in December 2022.
- Wage growth: Continued, though at a moderate pace. Average weekly earnings reached $1,032 in December, up 4.2% from the previous year.
What Industries and Occupations Grew:
- Education and Health Services: Led the way with an impressive 8.8% annual growth, adding over 14,000 jobs. This expansion aligns with national trends in healthcare and aging demographics.
- Manufacturing: Also showed strong growth, adding 3.6% or 2,700 jobs year-over-year. This reflects ongoing strength in sectors like food processing and aerospace.
- Professional and Business Services: Grew by 2.6%, creating over 5,000 new jobs. This broad category includes diverse fields like finance, IT, and professional services, indicating a healthy business environment.
- Occupations in high demand: Registered Nurses, Customer Service Representatives, Software Developers, Truck Drivers, and Marketing Specialists continued to see strong growth.
What Industries and Occupations Shrank:
- Mining and Logging: Remained flat, showing no change year-over-year. This reflects the national trend of a declining industry.
- Leisure and Hospitality: Grew slightly (0.4%) compared to December 2022, but slower than overall job growth. This sector, impacted by pandemic challenges, is still recovering.
Compare to Same Month Last Year:
- December 2023 saw slower job growth compared to December 2022’s robust 3.6% increase. This reflects a nationwide moderation in economic expansion.
- The unemployment rate held steady at 3.1%, indicating continued tightness in the labor market.
Compare to Previous Month:
- Job growth slowed slightly compared to November 2023, when nonfarm employment rose by 0.8%.
- The unemployment rate remained unchanged from November.
Future Outlook:
- Economists forecast moderate job growth in the Tampa-St. Petersburg-Clearwater MSA in 2024, around 2.0%.
- Key sectors like healthcare, tourism, and professional services are expected to continue driving job creation.
- Potential challenges include rising interest rates and inflation, which could dampen economic activity.
10 Growing Occupations:
- Registered Nurses
- Customer Service Representatives
- Software Developers and Computer Programmers
- Truck Drivers and Heavy Vehicle Operators
- Marketing Specialists
- Home Health and Personal Care Aides
- Sales Representatives
- Elementary and Middle School Teachers
- Construction Laborers
- Janitors and Cleaners
10 Companies Hiring Now:
- Publix Super Markets
- BayCare Health System
- Raymond James Financial
- Jabil Circuit
- TECO Energy
- HCA Healthcare
- Walmart
- Lowe’s Home Improvement
- The Walt Disney Company
- Amazon
Resources: