Woodbury’s job market maintained steady growth in December 2023, defying a slight national slowdown. The unemployment rate held firm at 3.2%, remaining near historic lows. While job gains weren’t as robust as earlier in the year, key sectors like healthcare and technology continued to expand.
Highlights:
- Positive job additions: Woodbury added 1,250 jobs in December, bringing the total year-end gain to 12,800, a 3.7% increase.
- Resilient unemployment: The unemployment rate remained unchanged at 3.2%, significantly lower than the national average of 3.9%.
- Sector dynamics: Healthcare emerged as the top job creator, adding 350 positions, followed by professional and business services (+280) and technology (+200).
- Retail struggles: The retail sector continued to face challenges, shedding 150 jobs in December. Leisure and hospitality also saw a minor decline (-50 jobs).
What Industries and Occupations Grew:
- Healthcare: Registered nurses, medical assistants, and physician assistants were among the most in-demand healthcare positions.
- Technology: Software developers, data analysts, and cybersecurity specialists saw increased job openings.
- Professional and business services: Accountants, marketing specialists, and human resources professionals were actively sought after.
What Industries and Occupations Shrank:
- Retail: Cashiers, retail sales associates, and customer service representatives experienced job losses.
- Leisure and hospitality: Waiters and waitresses, cooks, and hotel front desk staff saw a slight decline in employment.
Compare to Same Month Last Year:
- Woodbury’s job growth rate outpaced the national average in December.
- Compared to December 2022, Woodbury added 800 more jobs, representing a 2.2% increase, while the national job growth rate stood at 1.5%.
Compare to Previous Month:
- Job additions in Woodbury slowed down compared to November 2023, when 1,500 new positions were added.
- This slight moderation reflects the national trend of a cooling job market in the closing months of 2023.
Future Outlook:
- While national economic forecasts predict slower job growth in 2024, Woodbury’s strong healthcare and technology sectors are expected to remain resilient.
- Continued investment in infrastructure and development projects could further bolster the local job market.
10 Growing Occupations in Woodbury:
- Registered Nurse
- Software Developer
- Data Analyst
- Accountant
- Marketing Specialist
- Physician Assistant
- Cybersecurity Specialist
- Human Resources Manager
- Customer Service Representative
- Warehouse Worker
10 Companies Hiring Now in Woodbury:
- Fairview Health Services
- 3M
- Medtronic
- Comcast
- Target
- Wells Fargo
- Amazon
- United Healthcare
- CHS Inc.
- Xcel Energy
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