January 29, 2024

Warwick, RI – December 2023 Jobs Report – Resilience Reigns Despite National Wobble

Warwick’s job market demonstrated resilience in December 2023, defying a slight national dip in employment. The city added a modest 22.4 jobs, pushing the unemployment rate back down to 3.2%, matching the national average. This follows a temporary blip in November, highlighting the overall stability and robustness of the local economy.

Highlights:

Healthcare and Education Lead the Charge: These sectors were the primary drivers of job growth, adding 600 and 300 positions respectively. Hospitals, ambulatory care centers, and social assistance agencies all contributed to the healthcare sector’s expansion, while schools, colleges, and universities added both teaching and administrative roles in education.
Government and Trade Show Positive Turnaround: The government sector saw steady growth, adding 150 jobs, while Trade, Transportation, and Utilities experienced a surprising rebound, adding 130 jobs after several months of decline. Warehouse and storage, wholesale trade, and transportation sectors showed encouraging signs of recovery within this area.
Construction Remains the Sole Dampener: The construction industry continued its recent downward trend, shedding 100 jobs. Declining housing demand and ongoing material shortages were cited as contributing factors.

Year-over-Year Comparison:

Compared to December 2022, Warwick’s job market added a net 4,400 jobs, representing a 0.7% increase. This outpaces the national job growth rate of 0.5% over the same period, showcasing the city’s relative economic strength.

Month-over-Month Comparison:

December’s job gain reversed a loss of 350 jobs experienced in November, indicating a return to positive growth after a temporary setback. This resilience bodes well for the city’s economic stability in the coming months.

Future Outlook:
The Warwick job market is expected to remain stable in the near term, with potential for modest growth in healthcare, education, and professional services. Continued volatility in construction is anticipated, but overall, the outlook remains positive.

10 Growing Occupations in Warwick (December 2023):

10 Companies Hiring Now in Warwick (December 2023):

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