37,000+ Jobs Listed Here: SE Florida: Hot Market For Job Creation

Long 9 Color Flag22

14,000+ in Broward County

More Than 12,000 Newly Listed Jobs Are Here.

Another 20,000+ are listed in Miami / Dade

More Than 17,000+ are Newly Listed

 Posted by: Beverly Feingold, Broker Associate, 917-209-2384, BeverlyFeingoldHomes.com

Broward County Adds 30,800 Jobs Year Over Year
Published Tuesday, March 29, 2016, Greater Ft Lauderdale Alliance

(Fort Lauderdale, FL) – Broward County’s job report indicated a 4.4 percent unemployment rate in February 2016. This is a decrease of .9 percentage points from the year ago rate of 5.3 percent. Nonagricultural employment increased by 30,800 jobs (+3.9 percent) over the year, with an employment of 821,400 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 (4.7 percent).   Out of a labor force of 1,002,778, there were 43,968 unemployed Broward County residents.

“Our economy continues to grow at a very strong pace,” said Greater Fort Lauderdale Alliance President and CEO Bob Swindell.   We’re very pleased with the breadth of job growth across industries as we continue to be leaders in the state in job creation.  We thank our many partners for their help in continuing to strengthen and diversify Broward County’s economy.”

Data and Analysis

In February 2016, the Ft. Lauderdale-Pompano Beach-Deerfield metro area added the most jobs of all the state’s metro areas in information (+400 jobs). Annual job growth rates for construction (+7.2 percent); leisure and hospitality (+6.5 percent); manufacturing (+6.2 percent); professional and business services (+4.9 percent); financial activities (+4.3 percent); trade, transportation, and utilities (+3.5 percent); and information (+2.1 percent) exceeded the state rates.

The major industry sectors that added jobs over the year in the metro area were professional and business services (+6,700 jobs); trade, transportation, and utilities (+6,300 jobs); leisure and hospitality (+5,900 jobs); construction (+2,800 jobs); financial activities (+2,400 jobs); education and health services (+2,400 jobs); Manufacturing (+1,700 jobs) and Information (+400 jobs).

  February 2016 to February 2015
Industry Job Change                        (% Change)
Professional and Business Services 6,700   (+4.9%)
Trade, Transportation and Utilities 6,300   (+3.5%)
Leisure and Hospitality 5,900   (+6.5%)
Construction 2,800   (+7.2%)
Financial Activities 2,400   (+4.3%)
Education and Health Services 2,400   (+2.4%)
Manufacturing 1,700   (+6.2%)
Information    400   (+2.1%)

Between January 2016 and February 2016, Broward County experienced an increase in the nonagricultural payroll jobs. The major sectors that gained jobs were leisure and hospitality (+3,500 jobs); professional and business services (+2,000 jobs); information (+700 jobs), trade, transportation and utilities (+500 jobs); financial activities (+200 jobs); education and health services (+100 jobs); and manufacturing (+100 jobs). Construction (-1,100 jobs) was the only industry to lose jobs from January 2016 to February 2016.

  January 2016 to February 2016
Industry Job Change                       (% Change)
Leisure and Hospitality 3,500   (+3.7%)
Professional and Business Services 2,000   (+1.4%)
Information 700   (+2.5%)
Trade, Transportation and Utilities 500   (+0.3%)
Financial Activities 200   (+0.3%)
Education and Health Services 100   (+0.1%)
Manufacturing 100   (+0.4%)
Construction -1,100   (-2.6%)

Florida’s seasonally adjusted unemployment rate for February 2016 was 4.9 percent, which is 484,000 jobless out of a labor force of 9,793,000. Florida’s unemployment was down 0.2 percentage point from the January rate of 5.1 percent. The unemployment rate has been less than or equal to the national rate for 25 of the last 39 months.

Florida’s total nonagricultural employment was 8,241,700 in February 2016, a gain of 243,200 jobs over the year (+3.0 percent). February 2016 was the 67th consecutive month with positive annual job growth after the state lost jobs for over three years.

For Palm Beach County, the unemployment rate in the West Palm Beach metro declined by 0.5 percentage point over the year to 4.5 percent in February 2016. The region’s jobless rate was 0.2 percentage point lower than the state rate of 4.7.  Out of a labor force of 700,502 in the metro area, there were 31,609 unemployed residents. For Miami-Dade County, the unemployment rate declined by 0.7 percentage point over the year to 5.2 percent in February 2016. Out of a labor force of 1,372,283 there were 70,944 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 creating, attracting, expanding and retaining high-wage jobs and capital investment in high value targeted industries, developing more vibrant communities and improving the quality of life for our area’s citizens.

Contact Us