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Broward Adds 26,800 Jobs in Multiple Sectors
 
Published Friday, November 18, 2016

(Fort Lauderdale, FL ) - Broward County’s job report indicated a 4.6 percent unemployment rate in October 2016.  This is a decrease of 0.1 percentage points from the year ago rate of 4.7 percent.  Nonagricultural employment increased by 26,800 jobs (+3.3 percent) over the year, with an employment of 834,300 in the Ft. Lauderdale-Pompano Beach-Deerfield Beach MSA (Broward County).  The region’s jobless rate was 0.3 percentage point lower than the state rate (4.9 percent).   Out of a labor force of 1,021,629 there were 47,287 unemployed Broward County residents.

“Broward County continues to experience robust year over year job growth in a number of industry sectors,” said Greater Fort Lauderdale Alliance President and CEO Bob Swindell.  “This is exactly what we want to see as an indication of a strong and diversifying economy.   Our employment growth rate and the variety of jobs added in multiple sectors places us among the leaders in the state in job creation.”

Data and Analysis

The Ft. Lauderdale-Pompano Beach-Deerfield metro area had the highest annual job growth compared to all the metro areas in the state in financial activities (+6.3 percent) in October 2016. The Ft. Lauderdale-Pompano Beach-Deerfield metro area had the highest annual job growth compared to all the metro areas in the state in trade, transportation, and utilities (+6,700 jobs) and financial activities (+3,600 jobs) in October 2016. The Metro Division had the second highest annual job growth rate compared to all the metro areas in the state in manufacturing (+1,400 jobs) in October 2016. The Ft. Lauderdale-Pompano Beach-Deerfield metro area had the fastest annual job growth compared to all the metro areas in the state in financial activities (+6.3 percent) in October 2016.

The annual job growth rates for financial activities (+6.3 percent); manufacturing (+5.0 percent); leisure and hospitality (+4.4 percent); education and health services (+3.9 percent); and trade, transportation, and utilities (+3.7 percent) industries had metro area growth rates equal to or higher than statewide growth rates over the year.

The major industry sectors that added jobs over the year in the metro were trade, transportation, and utilities (+6,700 jobs); professional and business services (+4,500 jobs); education and health services (+4,000 jobs); leisure and hospitality (+4,000 jobs); financial activities (+3,600 jobs); construction (+1,600 jobs); and manufacturing (+1,400 jobs). Information (-100 jobs) is the only industry that lost jobs over the year. 

 

October 2015 to October 2016

Industry

Job Change (% Change)

Trade, Transportation and Utilities

+6,700

  (+3.7%)

Professional and Business Services

+4,500

  (+3.1%)

Education and Health Services

+4,000

  (+3.9%)

Leisure and Hospitality

+4,000

  (+4.4%)

Financial Activities

+3,600

  (+6.3%)

Construction

+1,600

  (+3.8%)

Manufacturing

+1,400

  (+5.0%)

Information

-100

(-0.5%)

 

 

The major sectors that gained jobs from September 2016 to October 2016 were professional and business services (+1,800 jobs); information (+200 jobs); leisure and hospitality (+400 jobs); financial activities (+200 jobs); and manufacturing (+100 jobs). Education and health services (+0 jobs); and trade, transportation and utilities (+0 jobs) reported zero gains. Construction (-300 jobs) lost jobs over the year.

 

 

 

 

 

September 2016 to October 2016

Industry

Job Change (% Change)

Professional and Business Services

+1,800

  (+1.2%)

Information

+200

  (+1.0%)

Leisure and Hospitality

+400

  (+0.4%)

Financial Activities

+200

(+0.3%)

Manufacturing

+100

(+0.3%)

Education and Health Services

+0

  (+0.0%)

Trade, Transportation and Utilities

+0

  (+0.0%)

Construction

-300

(-0.7%)

Florida’s seasonally adjusted unemployment rate for October 2016 was 4.8 percent, which is 473,000 jobless Floridians out of a labor force of 9,818,000. Florida’s unemployment rate was down 0.3 percentage point from the October 2015 rate of 5.1 percent.  It was the 75th consecutive month of over-the-year declines in Florida’s unemployment rate. Florida’s October unemployment rate was up 0.1 percentage point from September 2016 rate. Prior to October 2016, the unemployment rate had declined over the month to held steady since October 2010.

Florida’s seasonally adjusted total nonagricultural employment was 8,434,700 in October 2016, a gain of 253,300 jobs over the year (+3.1 percent). Florida’s over-the-year job growth rate has been greater than or equal to 3.0 percent for 31 consecutive months. In October 2016, private-sector employment was 7,332,300, a gain of 237,100 jobs over the year (+3.3 percent).  Florida’s annual job growth rate has exceeded the nation’s rate since May 2012.

For Palm Beach County, the unemployment rate in the West Palm Beach metro area was 5.1 percent on October 2016. This rate was 0.2 percentage point higher than the region’s year ago rate of 4.9 percent.  In October 2016 nonagricultural employment in the West Palm Beach-Boca Raton-Delray Beach Metro Division was 601,200, an increase of 8,900 jobs (+1.5 percent) over the year.  Out of a labor force of 706,055 in the metro area, there were 35,766 unemployed residents in the region. For Miami-Dade County, the unemployment rate was 5.3 percent in October 2016.  This rate was 0.6 percentage point lower than the region’s year ago rate of 5.9 percent. In October 2016 nonagricultural employment in the Miami-Miami Beach-Kendall Metropolitan Division was 1,147,800, an increase of 15,300 jobs (+1.4 percent) over the year.  Out of a labor force of 1,386,081 there were 73,431 unemployed residents in the region.  

In Broward County, we see year over year job growth and continued improvement in the local economy.  Target industries, identified by the Greater Fort Lauderdale Alliance, are adding jobs to the community.  As the primary economic development organization for Greater Fort Lauderdale/Broward County, the Greater Fort Lauderdale Alliance continues to help companies create, expand and retain high-wage jobs and generate capital investment in high value targeted industries, developing more vibrant communities and improving the quality of life for our area’s citizens. For more information, visit www.gflalliance.org


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