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Florida job growth, still hot, slows

By KRIS HUNDLEY
Published December 23, 2006

While unemployment rates in Florida and the Tampa Bay area remained near historic lows in November, one distinct trend emerged: a slowing of job growth.

In the Tampa Bay area about 20,800 jobs were created over the past year, or a growth rate of 1.6 percent. That compares with 48,000 new jobs added in the local market from November 2004 to November 2005, a growth rate of 3.8 percent.

"It's definitely backed off," said Ed Peachey, executive director of WorkNet Pinellas, the county's employment service. Despite the slowdown, Florida is still adding jobs at more than twice the national rate, creating a total of 211,400 jobs over the last year.

With new workers coming into the job market faster than employers could absorb them, the jobless rate moved up slightly in November, both statewide and in the Tampa Bay area.

Last month Florida's unemployment was 3.3 percent, up from 3.1 percent in October. November's jobless figure was also 3.3 percent for the Tampa-St.Petersburg-Clearwater metro area, up from 3 percent the month prior.

Both locally and statewide, the November rate is an improvement over year-ago figures, which were 3.4 percent in the Tampa Bay area and 3.5 percent statewide.

Florida's unemployment also continues to be well below the U.S. unemployment rate of 4.5 percent in November.

"The Tampa Bay area's unemployment figures have been bouncing around the last six months or so, from as high as 3.4 percent to as low as 2.9 percent," WorkNet's Peachey said. "But anytime they're around 3 percent, you're in a pretty strong economy."

David Wood, owner of a company that makes roofing trusses in Spring Hill, has experienced some of the job market's uncertainty. Wood, owner of 41 Truss, said his workforce is down slightly this year due to attrition, but he hasn't resorted to layoffs. Though his business is dependent on the construction industry, Wood said strength in the commercial, multifamily and high-end residential market have offset a slowdown in medium and lower-cost housing.

"I'm still very optimistic," he said.

So too is Brent Short, managing director of Spherion's staffing office in Tampa. He said his company, which places both temporary and permanent workers in accounting, finance and technology jobs, is having one of its busiest Decembers ever.

"If this month is any indication of next year, hiring in January will be brisk," he said. "There's momentum big time."

Kris Hundley can be reached at hundley@sptimes.com or 727 892-2996.

By the numbers

20,800 Tampa Bay area jobs created, Nov. 2005 - Nov. 2006.

48,000 Tampa Bay area jobs created, Nov. 2004 - Nov. 2005.

212,600 Jobs created statewide, Nov. 2005 - Nov. 2006.

300,700 Jobs created statewide, Nov. 2004 - Nov. 2005.

Source: Florida Agency for Workforce Innovation

[Last modified December 22, 2006, 23:22:28]