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Unemployment Rate in Gulf Coast Region Remains Low

August 30, 2018

 

Unemployment Rate in Gulf Coast Region Remains Low

 

PANAMA CITY, FL – The unemployment rate in the CareerSource Gulf Coast region (Bay, Franklin, and Gulf counties) was 3.6% in July 2018. This rate is 0.4% less than the region’s rate from last year and the state’s current rate of 4.0%. The regional labor force was 105,233, up 2.8 percent over the year. There were 3,791 unemployed residents in the region.

“We continue to see strong job growth year over year,” said Kim Bodine, Executive Director for CareerSource Gulf Coast.  “Our economy seems to be continuing to grow even in areas not related to our traditionally strong tourism industry.” 

Unemployment Rates (%) (Not seasonally adjusted)

July-18            June-18            July-17

Bay County                        3.6%             3.6%                4.1%

Franklin County                3.5%             3.4%                3.4%

Gulf County                       3.9%             3.9%                4.0%

 

In July 2018 nonagricultural employment in the Panama City MSA was 88,500, an increase of 3,200 jobs (3.8 percent) over the year.

The professional and business services (+4.5 percent); mining and logging and construction (+5.8 percent); education and health (+4.5 percent); and retail trade (+4.8 percent) industries grew as fast as or faster in the metro area than statewide over the year.

The industries gaining in jobs over the year were: goods producing (+100 jobs); service providing (+3,100 jobs); trade, transportation, and utilities (+700 jobs); wholesale trade (+100 jobs); retail trade (+600 jobs); financial activities (+100 jobs); professional and business services (+500 jobs); education and health services (+500 jobs); leisure and hospitality (+300 jobs) and government (+900 jobs).The manufacturing (-200) industry lost jobs over the year.

     Franklin County reported no commercial permits issued for July, but four residential permits issued, consistent with the same period last year. Gulf County reports an 82% increase in residential permits from last month, with 20 permits being pulled for July. Bay County’s July permit data has not yet been released.

The June Gulf County bed tax collections are up 106% from May; Mexico Beach’s June bed tax collections were reported at 111% above May’s numbers. Bay County reported bed tax collections for June 2018 at 10% over the previous year and 88% above May 2017. Franklin County’s June bed-tax data has not yet been released.  

 

Additional Notes

Florida Unemployment Data

            Florida’s seasonally adjusted unemployment rate was 3.7 percent in July 2018, down 0.1% from the June 2018 rate and down 0.4 of a percentage point from a year ago—marking the lowest unemployment rate in over a decade. There were 383,000 jobless Floridians out of a labor force of 10,246,000. The U.S. unemployment rate was 3.9 percent in July. 

 

Click here for a PDF copy of this press release. 

 

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Phone: (850) 872-4340
Fax: (850) 872-4346

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Panama City, FL 32405

 

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Phone: (850) 913-3285
Fax: (850) 913-3269

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