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Broward County adds 10,600 jobs year over year  
 
Published Monday, June 18, 2018

(Fort Lauderdale, FL - Broward County’s job report indicated a 3.2 percent unemployment rate in May 2018.  This rate was 0.6 percentage point lower than the region’s year ago rate of 3.8 percent.  Nonagricultural employment increased by 10,600 jobs (+1.3 percent) over the year, with an employment of 852,200 in the Ft. Lauderdale-Pompano Beach-Deerfield Beach MSA (Broward County).  The region’s jobless rate was 0.2 percentage point lower than the state rate (3.4 percent).  Out of a labor force of 1,042,154, up 12,911 (+1.3) over the year, there were 33,059 unemployed Broward County residents.

“We’re very pleased to continue to see low unemployment rates in Broward County and more residents finding jobs,” said Greater Fort Lauderdale Alliance President and CEO Bob Swindell.  “We continue to be among the leaders in the state in job creation and we thank our many partners for their help in improving Broward County’s economy.”

Data and Analysis
The Ft. Lauderdale-Pompano Bch-Deerfield Bch Metro Division had the second fastest annual job growth rate compared to all the metro areas in the state in construction (+9.2 percent) in May 2018.  The Ft. Lauderdale-Pompano Bch-Deerfield Bch Metro Division had the third highest annual job growth compared to all the metro areas in the state in construction (+4,300 jobs); professional and business services (+3,600 jobs); other services (+700 jobs); and government (+400 jobs) in May 2018.

The construction (+9.2 percent); other services (+1.8 percent); and government (+0.4 percent) industries grew faster in the metro area than statewide over the year. The industries gaining in jobs over the year were: construction (+4,300 jobs); professional and business services (+3,600 jobs); financial activities (+1,600 jobs); trade, transportation, and utilities (+1,000 jobs); other services (+700 jobs); government (+400 jobs); and manufacturing (+200 jobs). The leisure and hospitality (-700 jobs); education and health services (-400 jobs); and information (-100 jobs) industries lost jobs over the year.

 

May 2017 to May 2018

Industry

Job Change (% Change)

Construction

+4,300

(+9.2%)

Professional and Business Services

+3,600

(+2.4%)

Financial Activities

+1,600

(+2.8%)

Trade, Transportation and Utilities

+1,000

(+0.5%)

Manufacturing

+200

(+0.7%)

Information

-100

(-0.5%)

Education and Health Services

-400

(-0.4%)

Leisure and Hospitality

-700

(-0.7%)

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

The major sector that gained jobs from April 2018 to May 2018 was construction (+1,300 jobs); financial activities (+800 jobs); professional and business services (+400 jobs); trade, transportation and utilities (300 jobs); education and health services (+200 jobs); and information (+100 jobs). Manufacturing and leisure and hospitality lost jobs over the year.

 

April 2018 to May 2018

Industry

Job Change (% Change)

Construction

+1,300

(+2.6%)

Financial Activities

+800

(+1.4%)

Professional and Business Services

+400

(+0.3%)

Trade, Transportation and Utilities

+300

(+0.2%)

Education and Health Services

+200

(+0.2%)

Information

+100

(+0.5%)

Manufacturing

-300

(-1.1%)

Leisure and Hospitality

-1,300

  (-1.3%)

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

Florida’s seasonally adjusted unemployment rate for May 2018 was 3.8 percent, which is 391,000 jobless Floridians out of a labor force of 10,217,000. Florida’s seasonally adjusted total nonagricultural employment was 8,746,800 in May 2018, an increase of 180,200 jobs (+2.1 percent) over the year. Florida’s over-the-year job growth rate has been positive every month since August 2010, except for September 2017, when Florida lost jobs due to the hurricane.  Florida’s unemployment rate was down 0.1 percentage points from the April 2018 rate of 3.9 percent. As of May 2018, Florida's unemployment rate has declined or held steady over the year for 92 consecutive months.

For Palm Beach County, the unemployment rate in the West Palm Beach metro area was 3.3 percent in May 2018. This rate was 0.6 percentage point lower than the region’s year ago rate of 3.9 percent.  In May 2018, nonagricultural employment in the West Palm Beach-Boca Raton-Delray Beach Metro Division was 624,500, an increase of 700 jobs (+0.1 percent) over the year.  In May 2018, the labor force was 727,259 in the metro area, up 238 (+0.03 percent) over the year. There were 23,707 unemployed residents in the region.

For Miami-Dade County, the unemployment rate was 3.9 percent in May 2018.  This rate was 0.8 percentage point lower the region’s year ago rate of 4.7 percent. In May 2018, nonagricultural employment in the Miami-Miami Beach-Kendall Metropolitan Division was 1,192,500, an increase of 12,100 jobs (+1.0 percent) over the year. In May 2018, the labor force was 1,445,728, up +5,493 (+0.4 percent) over the year. There were 56,817 unemployed residents in the region.  

In Broward County, we continue to see year over year job growth 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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