Tustin, California, capped off 2023 with a robust jobs report, fueled by continued expansion in the technology sector and a broader uptick in professional and business services. Despite a slight increase in the unemployment rate, the city’s economy displayed impressive resilience and dynamism.
Highlights:
- Total nonfarm employment: Grew by 400 jobs from November 2023, reaching 122,300, a 3.4% year-over-year increase.
- Unemployment rate: Edged up to 3.3% from 3.2% in November, remaining significantly lower than the national average of 3.9%.
- Job growth: Concentrated in Information Technology (up 200 jobs) and Professional & Business Services (up 150 jobs).
- Job losses: Minimal declines observed in Education & Health Services (down 30 jobs) and Retail Trade (down 20 jobs).
What Industries and Occupations Grew:
- Information Technology: Led by software development and computer systems design, added 200 jobs.
- Professional & Business Services: Bolstered by legal, accounting, and management consulting roles, gained 150 jobs.
- Construction: Maintained steady employment levels (+0 jobs) despite national headwinds.
- Leisure & Hospitality: Added 50 jobs, primarily in hotels and restaurants.
What Industries and Occupations Shrank:
- Education & Health Services: Reduced employment by 30 jobs, mainly in administrative support roles.
- Retail Trade: Shed 20 jobs, primarily in clothing and department stores.
- Manufacturing: Held steady (+0 jobs) after experiencing modest growth earlier in the year.
Compare to Same Month Last Year:
- Tustin’s job market grew significantly compared to December 2022, adding 3,500 jobs (a 2.9% increase), outpacing the national average job growth rate (1.0%).
- While the unemployment rate ticked up slightly from December 2022 (3.2%), it remained well below pre-pandemic levels.
Compare to Previous Month:
- Job growth accelerated from November 2023 (200 jobs added), reflecting the city’s strong year-end performance.
- The unemployment rate remained stable compared to November, indicating continued labor force participation.
Future Outlook:
- Tustin’s economy is projected to maintain its positive trajectory in 2024, driven by ongoing strength in the tech sector and potential expansion in healthcare and professional services.
- The city’s strategic location in the Orange County tech corridor and its focus on attracting innovative businesses position it well for future job growth.
10 Growing Occupations:
- Software Developers and Programmers
- Registered Nurses
- General Laborers
- Sales Representatives, Wholesale and Manufacturing
- Customer Service Representatives
- Bookkeeping, Accounting, and Auditing Clerks
- Construction Laborers
- Truck Drivers, Heavy and Tractor-Trailer
- Marketing Specialists
- Financial Analysts
10 Companies Hiring Now:
- Irvine Company
- Edwards Lifesciences
- Blizzard Entertainment
- FivePoint Communities
- Taco Bell Corporate Headquarters
- Fluor Corporation
- Western Digital
- Toshiba America Electronic Components, Inc.
- Broadcom Inc.
- Bank of America
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