Palm Beach County Unemployment Rate Drops to 4.0 Percent; More Job Openings Than Unemployed for Fourth Consecutive Month

Palm Beach County Unemployment Rate Drops to 4.0 Percent; More Job Openings Than Unemployed for Fourth Consecutive Month

24,400 More Jobs to be Thankful for!

Palm Beach County Unemployment Rate Drops to 4.0 Percent; More Job Openings Than Unemployed for Fourth Consecutive Month

West Palm Beach, Fla. (Nov. 19, 2021) – Palm Beach County job seekers have much to be thankful for this holiday season, according to the latest monthly reports released today by CareerSource Palm Beach County and the Florida Department of Economic Opportunity (all numbers not seasonally adjusted):

- Palm Beach County’s unemployment rate for October announced today is 4.0 percent -- below the 4.3 percent national rate and matching Florida’s 4.0 percent rate. October’s rate also dropped 1.1 percentage points below the year-ago rate of 5.1 percent. Palm Beach County’s unemployment rate had been below both the nation and state for more than a year.

- For the fourth consecutive month, there are more job openings than unemployed people in Palm Beach County – 37,857 job openings vs. 30,161 unemployed people in October.

- Total nonagricultural employment in Palm Beach County is 630,500, adding 24,400 jobs over the year – a 4.0 percent gain.

- A 2021 Unacast study ranked Palm Beach County #1 among Florida counties for both population and income growth: 11,000 people moved to the county during 2020 with a new net income gain of $3.4 billion — far exceeding the gains of any other U.S. county studied by Unacast. Palm Beach County is becoming a thriving financial hub as dozens of major financial firms open new offices or relocate here, according to the Business Development Board of Palm Beach County.

 

“Job seekers have much to be thankful for in today’s market – it’s the best time in more than a year to search for your first job or advance to a better one. There are more job openings than unemployed people and more than 24,000 people are working now compared to last year,” said Julia Dattolo, President and CEO of CareerSource Palm Beach County, the nonprofit organization chartered by the state to lead workforce development in Palm Beach County.

 

Job growth by industry sector: For seven consecutive months, the leisure/hospitality industry sector has led the county in over-the-year job growth – adding 10,000 jobs for a 13.7 percent jump. Jobs in the construction and manufacturing sectors grew faster in the county than statewide over the year.

 

By the numbers, over-the-year job gains/losses in Palm Beach County were:

 

Industry                                               Change                         Total jobs

Leisure/hospitality                               +10,000 jobs                83,100            

Professional/business services              +3,900 jobs                  122,000

Trade/transportation/utilities                +3,700 jobs                  115,100

Education/health services                     +3,700 jobs                  105,500

Construction                                        +1,700 jobs                  39,600

Other services                                     +1,500 jobs                  31,100

Financial activities                                +1,300 jobs                  44,800

Manufacturing                                      +800 jobs                     20,100

Information                                          +500 jobs                     9,900

Government                                         -2,700 jobs                   59,100

 

Outside of the Great Depression, the county’s record high unemployment rate reached 14.7 percent in April 2020.  The record low unemployment rate was 2.7 percent in Dec. 2019.

Major Job Fair in the Glades Communities Dec. 9

CareerSource Palm Beach County is holding a job fair for FINFROCK, a Central Florida design-builder and manufacturer and one of that area’s largest employers, for their new facility in Belle Glade. The job fair will take place Thursday, Dec. 9 from 9 a.m. to 1 p.m. at the CareerSource Belle Glade Career Center, 1085 S. Main St. in Belle Glade.

FINFROCK is offering 40 jobs at several skill levels, along with opportunities for career advancement and additional training.  The positions include carpenters, concrete riggers, concrete material control, quality control, overhead crane operators, heavy equipment operators and more.

FINFROCK announced plans in Feb. 2021 for their $36 million 140,000 sq. ft. facility for precast concrete manufacturing, located on approximately 94 acres, that will become the largest economic development project the Business Development Board says they have facilitated in the Glades in 30 years.

“The plant will allow FINFROCK to better serve commercial developers in south Florida while bringing well-paying jobs and economic stimulus to the region. We are pleased to work closely with them and local educational institutions to provide training and long-term career options,” Ms. Dattolo said.

Looking for a New Career? Here’s Help!

CareerSource offers virtual and in-person job fairs, classes and facilities for job searches, grants for job skills training for those who qualify, career development and consulting – at no cost! During the past five program years, CareerSource Palm Beach County assisted nearly 60,000 residents find employment ranging from entry level to executive suite, with salaries from these jobs creating $1.2 billion in annual wages. CareerSource also awarded $10.1 million in grants to area businesses and employees for job training and educational assistance during that time.  More information is at www.careersourcepbc.com.

CareerSource also provides services to help rebuild and sustain businesses in today’s challenging marketplace. CareerSource absorbs the cost of most of these services including recruitment, assessments and referrals of qualified job candidates; space and staff assistance for screening/interviewing candidates; and grants for training employees. 

Next monthly employment reports for Florida and Palm Beach County:  State and local employment reports for Nov. 2021 are scheduled for release on Dec. 17.

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Note to editors: You are invited to interview a CareerSource spokesperson on local employment and economic trends before 3:00 p.m. today. Please call 561.340.1061 ext. 2229 for scheduling.

Note: The unemployment rate is a measure of how many people in the labor force are out of a job. For example, if total employment holds constant and unemployed Americans stop looking for work, thereby leaving the labor force, the unemployment rate will fall even though no jobs have been added. Conversely, if employment holds steady and recent graduates enter the labor force looking for work, the unemployment rate will rise even though no jobs have disappeared.

IN COMPLIANCE WITH THE STEVENS AMENDMENT:

CareerSource Palm Beach County, Inc. is the direct service provider for various workforce programs supported by the U.S. Departments of Labor, Health and Human Services, Education and other agencies as part of awards totaling $17,610,090 (revised annually). Unless otherwise stipulated, all statements, news releases, requests for proposals, bid solicitations and other applicable documents are fully funded from federal sources.

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