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Broward County sees positive over the year growth in Professional and Business Services
 
Published Tuesday, July 25, 2017

(Fort Lauderdale, FL) - Broward County’s job report indicated a 4.0 percent unemployment rate in June 2017. This rate was 0.8 percentage point lower than the region’s year ago rate of 4.8 percent. Nonagricultural employment increased by 35,100 jobs (+4.3 percent) over the year, with an employment of 844,600 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 (4.3 percent). Out of a labor force of 1,042,677 there were 42,037 unemployed Broward County residents.

“Broward County gained +12,300 jobs in professional and business services,” said Greater Fort Lauderdale Alliance President and CEO Bob Swindell. “In addition, all 24 metro areas in the state as well as nine out of 10 major industries experienced positive over-the-year job growth in Florida this month. This is a good indicator of the strength of our local and state economy “

Data and Analysis
The Ft. Lauderdale-Pompano Beach-Deerfield metro area tied for the fastest annual job growth compared to all the metro areas in the state in education and health services (+6.5 percent) in June 2017. The Ft. Lauderdale‐Pompano Bch‐Deerfield Bch Metro Division had the second highest annual job growth compared to all metro areas in the state in professional and business services (+12,300 jobs) and government (+2,200 jobs) in June 2017. The major industry sectors that added jobs over the year in the metro were: professional and business services (+12,300 jobs); education and health services (+6,800 jobs); trade, transportation, and utilities (+3,800 jobs); construction (+3,700 jobs); leisure and hospitality (+2,900 jobs); financial activities (+900 jobs) and manufacturing (+700 jobs). The information industry was unchanged over the year.

 

June 2016 to June 2017

Industry

Job Change (% Change)

Professional and Business Services

+12,300

  (+8.6%)

Education and Health Services

+6,800

  (+6.5%)

Trade, Transportation and Utilities

+3,800

  (+2.1%)

Construction

+3,700

  (+8.5%)

Leisure and Hospitality

+2,900

  (+3.1%)

Financial Activities

+900

  (+1.6%)

Manufacturing

+700

  (+2.6%)

Information

+0

  (+0.0%)

                                                                 Source: U.S. Department of Labor, Bureau of Labor Statistics

The major sectors that gained jobs from May 2017 to June 2017 were financial activities (+1,200 jobs); construction (+700 jobs); trade, transportation and utilities (+400 jobs) and manufacturing (+300 jobs). The information and professional and business services industry remained unchanged. The education and health services (-500 jobs) and leisure and hospitality (-800 jobs) industry lost jobs over the month.

 

May 2017 to June 2017

Industry

Job Change (% Change)

Financial Activities

+1,200

(+2.1%)

Construction

+700

(+1.5%)

Trade, Transportation and Utilities

+400

(+0.2%)

Manufacturing

+300

(+1.1%)

Information

+0

(+0.0%)

Professional and Business Services

+0

(+0.0%)

Education and Health Services

-500

(-0.4%)

Leisure and Hospitality

-800

(-0.8%)

                                                       Source: U.S. Department of Labor, Bureau of Labor Statistics

Florida’s seasonally adjusted unemployment rate for June 2017 was 4.1 percent, which is 419,000 jobless Floridians out of a labor force of 10,138,000. Florida’s unemployment rate is down 0.2 percentage point from May 2017, and down 0.8 percentage from a year ago rate of 4.9 percent. Florida’s seasonally adjusted total nonagricultural employment was 8,602,700 in June 2017, an increase of 19,400 jobs (+0.3 percent) over the month. The state gained 238,600 jobs over the year, an increase of 2.9 percent. Florida’s over-the-year job growth rate has exceeded the nation’s rate since April 2012.

For Palm Beach County, the unemployment rate in the West Palm Beach metro area was 3.9 percent in June 2017. This rate was 0.7 percentage point lower than the region’s year ago rate of 5.0 percent. In June 2017, nonagricultural employment in the West Palm Beach-Boca Raton-Delray Beach Metro Division was 616,200, an increase of 18,800 jobs (+3.1 percent) over the year. Out of a labor force of 729,697 in the metro area, there were 31,580 unemployed residents in the region. For Miami-Dade County, the unemployment rate was 4.8 percent in June 2017. This rate was 0.7 percentage point lower than the region’s year ago rate of 5.5 percent. In June 2017, nonagricultural employment in the Miami-Miami Beach-Kendall Metropolitan Division was 1,421,733, an increase of 26,900 jobs (+2.4 percent) over the year. Out of a labor force of 1,421,733 there were 66,788 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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