The county’s unemployment rate has remained below the nation’s for 21 months and the state for 20 months, 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).
In addition, for 10 consecutive months, there are more job openings than unemployed people in Palm Beach County – 40,134 job openings vs. 17,262 unemployed people in April. Total nonagricultural employment in the county is 662,800 adding 33,800 jobs over the year – a 5.4 percent gain. The labor force – a measure of the number of those working or looking for work – is above pre-pandemic levels.
Palm Beach County’s previous record low unemployment rate of 2.6 percent occurred in March 2022. Outside of the Great Depression, the county’s record high unemployment rate reached 14.7 percent in April 2020.
“On average there are two jobs available for every unemployed person and many employers cannot fill jobs fast enough,” 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. “That said, we are closely watching to see if there will be a seasonal softening in local employment and how the effects of rising costs for products and services such as housing, insurance, gas, and food impact the labor market in the coming months.”
Job growth by industry sector: For more than a year, the leisure/hospitality industry sector has led the county in over-the-year job growth – adding 12,000 jobs for a 14.9 percent jump. Jobs in six industry sectors – leisure/hospitality, information, other services, financial activities, education/health services, and government -- grew as fast or faster in the county than statewide over the year.
By the numbers, over-the-year job gains in Palm Beach County were:
Industry Change Total jobs
Leisure/hospitality +12,000 jobs 92,600
Trade/transportation/utilities +7,100 jobs 122,300
Professional/business services +3,500 jobs 126,000
Financial activities +2,900 jobs 47,800
Education/health services +2,600 jobs 106,100
Other services +2,300 jobs 33,300
Manufacturing +900 jobs 21,400
Construction +900 jobs 39,400
Information +800 jobs 10,300
Government +800 jobs 63,400
The leisure/hospitality industry sector has been roaring back at a record pace following the pandemic. The Palm Beach County Tourist Development Council reports Palm Beach International Airport passenger traffic increased 64 percent over the year and hotel bed tax collections rose 56 percent. Hotel occupancy is up more than 11 percent over last year. Many employers in this sector report that their biggest challenge remains getting back to full staffing levels.
Job Growth from Businesses Relocating, Expanding Here
Palm Beach County continues to benefit from many businesses relocating to the area from other parts of the world and country. This month, the Business Development Board of Palm Beach County announced five companies that are expected to create nearly 500 jobs in the region:
- Procaps Group – a Luxembourg-based pharmaceutical and medical supply company has acquired an 86,000 square-foot facility in Riviera Beach adding nearly 250 jobs.
- Renco USA – a startup that manufactures molded structural construction composites in a 50,000 square-foot facility in Jupiter where it will create 100 new jobs.
- Percepto – an Israeli-based drone company will create its global operations center at an 11,000 square-foot facility in Riviera Beach. Its employees will make an average annual salary of $62,000.
- MyBambu – a Tennessee-based financial technology company will create 82 jobs paying an average annual salary of $68,250 when it expands to a 6,500 square-foot office in downtown West Palm Beach.
- Uovo – a New York-based storage and logistics provider has added a new 50,000 square-foot facility in addition to its existing 50,000 square-foot facility both in Riviera Beach.
In addition to these, dozens of financial firms continue to be attracted to the area. Nearly 2,500 financial firms are currently located in the county, employing nearly 48,000 workers at an average annual salary of $78,032.
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 May 2022 are scheduled for release on June 17, 2022.
Note to editors: You are invited to interview a CareerSource spokesperson on local employment and economic trends. Please call 561.340.1061 ext. 2229 for scheduling before 3 p.m. today.
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.