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Posted on: April 24, 2019

Broward County Adds 12,500 Jobs Year Over Year

New-Job-Opps-in-Brd-Cty

Broward County’s job report indicated a 3.1 percent unemployment rate in March 2019. This rate was 0.4 percentage points lower than the region’s year ago rate of 3.5 percent. Nonagricultural employment increased by 12,500 jobs (+1.5 percent) over the year, with an employment of 862,700 in the Ft. Lauderdale-Pompano Beach-Deerfield Beach MSA (Broward County). The region’s jobless rate was 0.2 percentage points lower than the state rate (3.3 percent). The labor force was 1,033,300, up 1,761 (+0.2) over the year. There were 32,081 unemployed residents in the region.

“We’re very pleased to continue to see favorable overall job growth, and to outpace the state in annual job growth rates in several industry sectors,” said Greater Fort Lauderdale Alliance President and CEO Bob Swindell. “Our pace of growth in these sectors is a testament to our success in diversifying Broward’s economy working with our partners.”

Data and Analysis

The Ft. Lauderdale-Pompano Bch-Deerfield Bch Metro Division had faster annual job growth rate than the statewide rate in other services (+5.0 percent); financial activities (+3.8 percent); education and health services (+3.8 percent); and information (+0.5 percent) in March 2019. The Ft. Lauderdale-Pompano Bch-Deerfield Bch Metro Division had the highest annual job growth compared to all metro areas in the state in other services (+1,900 jobs.) The Ft. Lauderdale-Pompano Bch-Deerfield Bch Metro Division had the second largest annual job growth compared to all the metro areas in the state in financial activities (+2,300 jobs) in March 2019. The education and health services industry in the Ft. Lauderdale-Pompano Bch-Deerfield Bch Metro Division gained 4,200 jobs, the third highest annual job growth of all the metro areas statewide.

The industries gaining in jobs over the year were: Professional and Business services (+4,500 jobs); Education and Health Services (+4,200 jobs); Financial Activities (+2,300 jobs); Other Services (+1,900 jobs); Trade, Transportation, and Utilities (+1,400 jobs); Manufacturing (+400 jobs); Construction (+100 jobs); and Information (+100 jobs). The industries that lost jobs over the year were Government (-400 jobs) and Leisure and Hospitality (-2,000 jobs).

 

March 2018 to March 2019

Industry

Job Change (% Change)

Professional and Business Services

4,500

(+3.0%)

Education and Health Services

4,200

(+3.8%)

Financial Activities

2,300

(+3.8%)

Other Services

1,900

(+5.0%)

Trade, Transportation, and Utilities

1,400

(+0.7%)

Manufacturing

400

(+1.4%)

Construction

100

(+0.2%)

Information

100

(+0.5%)

Government

-400

(-0.4%)

Leisure and Hospitality

-2,000

(-2.0%)


Job ops table 1

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

The major sectors that gained jobs from February 2019 to March 2019 were Leisure and Hospitality (+1,000 jobs); Government (+600 jobs); Other Services (+600 jobs); Education and Health Services (+500 jobs); and Financial Activities (+200 jobs.) The major sectors that lost jobs were Construction (-200 jobs); Information (-200 jobs); Trade, Transportation, and Utilities (-1,300 jobs); and Professional and Business Services (-2,400 jobs.)

 

February 2019 to March 2019

Industry

Job Change (% Change)

Leisure and Hospitality

1,000

(+1.1%)

Government

600

(+0.6%)

Other Services

600

(+1.5%)

Education and Health Services

500

(+0.4%)

Financial Activities

200

(+0.3%)

Manufacturing

0

(+0.0%)

Construction

-200

(-0.4%)

Information

-200

(-1.0%)

Trade, Transportation, and Utilities

-1,300

(-0.7%)

Professional and Business Services

-2,400

(-1.5%)


Job ops table 2

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

Florida’s seasonally adjusted unemployment rate for March 2019 was 3.5 percent, which is 360,000 jobless Floridians out of a labor force of 10,346,000. Florida’s seasonally adjusted total nonagricultural employment was 8,932,300 in March 2019, a gain of 209,700 jobs over the year (+2.4 percent). 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 .4 percent compared to the February 2019 rate of 3.7 percent. Except for September 2017, Florida’s over-the-year job growth rate had exceeded the nation’s rate since May 2012.

For Palm Beach County, the unemployment rate in the West Palm Beach metro area was 3.2 percent in March 2019. This rate was 0.3 percentage points lower than the region's year ago rate of 3.5 percent. In March 2019, nonagricultural employment in the West Palm Bch-Boca Raton-Delray Bch Metro Division was 650,500, an increase of 15,900 jobs (+2.5 percent) over the year. In March 2019, the labor force was 741,017, up 7,224 (+1.0 percent) over the year. There were 23,867 unemployed residents in the region.

For Miami-Dade County, the unemployment rate was 3.4 percent in March 2019. This rate was .9 percentage points lower than the region's year ago rate of 4.3 percent. In March 2019, nonagricultural employment in the Miami-Miami Beach-Kendall Metropolitan Division was 1,222,500, an increase of 27,100 jobs (+2.3 percent) over the year. In March 2019, the labor force was 1,409,438, up 39,351 (2.9 percent) over the year. There were 47,946 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 a 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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