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Franklin County’s Unemployment Rate Continues to Decrease

September 21, 2018

 

Franklin County’s Unemployment Rate Continues to Decrease

 

PANAMA CITY, FL – Franklin County had the second lowest unemployment rate (3.5%) in the CareerSource Gulf Coast region (including Bay and Gulf Counties) for the month of August.

The regional unemployment was 3.4 percent in August, a decrease of 0.6 percent over the year. CareerSource Gulf Coast maintained a lower rate than the state, which came in at 3.8 percent for August. The region’s labor force was 103,026, up 1,174 (+1.2 percent) over the year. There were 3,477 unemployed residents across the three counties.

“We are happy to see the increase in jobs,” said Kimberly Bodine, Executive Director for CareerSource Gulf Coast. “The hospitality and leisure sector appears to be thriving in Franklin County, which continues to be a large part of the county’s economy.” 

Unemployment Rates (%) (not seasonally adjusted)

                                          Aug-18             July-18           Aug-17

Bay County                        3.4                 3.6                    4.0

Franklin County                3.5                 3.5                    3.5

Gulf County                       3.6                 3.9                    4.0

 

In August 2018, nonagricultural employment in the Panama City MSA was 88,200, an increase of 2,200 jobs (+2.6 percent) over the year. The Panama City MSA had the fastest annual job growth rate compared to all the metro areas in the state in professional and business services (+4.7 percent) in August.

 

The industries gaining in jobs over the year were: trade, transportation and utilities (+800 jobs); leisure and hospitality (+500 jobs); mining, logging and construction (+300 jobs); professional and business services (+300 jobs); government (+300 jobs); financial activities (+100 jobs): and education and health services (+100 jobs). The manufacturing (-200 jobs) industry lost jobs over the year.

 

Franklin County’s June bed tax numbers reflect an increase of almost 19% from last year and almost 26% from June 2016. Gulf County bed tax collections are up 4% from last year and up almost 44% from July 2016.  Bay County reports bed tax collections for July 2018 at 6% over the previous year and 19% above July 2016. 

Franklin County did not report any commercial permits, but had one residential permit pulled (valued at $116,454); Gulf County also reported no commercial permits, but had 11 residential permits pulled (valued at almost $3.2 million) for August 2018 Bay County only reported one commercial permit (valued at $1.5 million) and 64 residential permits pulled (valued at almost $18.3 million) for August 2018.

 

Additional Notes

Florida Unemployment Data

            Florida’s seasonally adjusted unemployment rate was 3.7 percent in August 2018, unchanged from the July 2018 rate, but down 0.3 percentage point from a year ago. There were 375,000 jobless Floridians out of a labor force of 10,244,000. The U.S. unemployment rate was 3.9 percent in August.

 

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