(FORT LAUDERDALE, FL) – Broward County’s job report indicated a 3.0% unemployment rate in October 2023. This rate was 0.4 percentage points greater than the region’s year-ago rate of 2.6%. The labor force was 1,121,695 up 43,230 (+4.0%) over the year. There were 33,897 unemployed residents in the region. 

 

Nonagricultural employment in the Ft. Lauderdale-Pompano Bch-Deerfield Bch Metro Division was 924,800, an increase of 23,900 jobs (+2.7%) over the year. 

 

“Greater Fort Lauderdale’s position as a location of choice for companies in high-value targeted industries remains very strong. Broward county continued to see year-over-year and month-over-month labor force and job gains in October 2023, with most industry sectors adding jobs. In October, Financial Activities had the highest and fastest annual job growth compared to all metro areas in Florida with 5.5% increase over the year and 4,000 new jobs,” said Greater Fort Lauderdale Alliance President/CEO, Bob Swindell.  “We thank our many partners, investors and leaders at Broward County and our municipalities, who have been working with us to grow and diversify the economy.”

 

Data and Analysis

In the month of October, the Financial Activities (+5.5 percent); Professional and Business Services (+4.2 percent); and Leisure and Hospitality (+2.0 percent) industries grew faster in the metro area than statewide over the year. 

The Fort Lauderdale-Pompano Beach-Deerfield Beach metro had the highest and fastest annual job growth compared to all the metro areas in the state in the Financial Activities (+4,000 jobs, +5.5%) industry and the second highest annual job growth compare to all the metro areas in the state in the Trade, Transportation and Utilities (+6,600) industry. 

Most of the industries gained jobs over the year, except for the Construction (-1,200 jobs, -2.4%), Information (-200 jobs, -1.0%), Manufacturing (-100 jobs, -0.3%) and Government (-100, -0.1%) industries. 

Nonagricultural employment showed a month-to-month increase of 13,300 jobs with all industry sectors gaining jobs over the month.


Source: Florida Department of Economic Opportunity, Bureau of Labor Market Statistics - Not Seasonally Adjusted

Florida’s seasonally adjusted unemployment rate was 2.8% in October 2023, unchanged from the September 2023 rate, and up 0.1 percentage point from a year ago. There were 318,000 jobless Floridians out of a labor force of 11,174,000. The U.S. seasonally adjusted unemployment rate was 3.9% in October. 

Florida’s seasonally adjusted total nonagricultural employment was 9,824,000 in October 2023, an increase of 28,400 jobs (+0.3%) over the month. The state gained 278,400 jobs over the year, an increase of 2.9%. Nationally, the number of jobs rose 1.9% over the year. Nine of ten major industries experienced positive over-the-year job growth in October. 

The unemployment rate in Palm Beach County was 3.2% in October 2023. This rate was 0.5 percentage points greater than the region's year ago rate of 2.7%. The labor force was 792,420, up 21,399 (+2.8%) over the year. There were 25,641 unemployed residents in the region.  In October 2023, nonagricultural employment in the West Palm Bch-Boca Raton-Delray Bch Metro Division was 686,300, an increase of 9,300 jobs (+1.4%) over the year.  

For Miami-Dade County, the unemployment rate was 1.6% in October 2023. This rate was 0.8 percentage points lower than the region's year ago rate of 2.4%. In October 2023, nonagricultural employment in the Miami-Miami Beach-Kendall Metropolitan Division was 1,319,300, an increase of 44,300 jobs (+3.5%) over the year. In October 2023, the labor force was 1,372,822, down 13,445 (-1.0%) over the year. There were 21,351 unemployed residents in the region. 

Below is a chart that indicates the monthly unemployment rates for the tri-county area, the state of Florida and the U.S. for the past 24 months.

Source: Florida Department of Economic Opportunity, Bureau of Labor Market Statistics

The Greater Fort Lauderdale Alliance (www.gflalliance.org) is Broward County’s official public/private partnership for economic development.  Its mission is to lead Broward County in building a stronger and more diverse economy by stimulating the creation of new jobs and capital investment while facilitating the growth and retention of businesses in Broward County. Services offered by the Alliance include assistance with business relocation or expansion and site selection; incentive programs and information; market research; and serving as a liaison for workforce development between CareerSource Broward, educational institutions, and the business community.  To learn more, call (954) 524-3113.

 

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