Beach County resulting in low vacancy rates and a spiraling increase in rent prices, 2) the lack of affordable rental housing production, and 3) rent prices are increasing faster than wages.
Labor Market and Economic Base Local housing and labor markets are inextricably linked to one another. Industries are served by local housing markets that provide choices and opportunities for both current and future workers. The availability of existing supply of various housing types and price levels must be maintained to address the housing demand of the variety of occupations that constitute the local industrial base. The labor market of Palm Beach County is largely supported by the non-durable serviceproviding industries. These industries currently comprise 90 percent of the County’s employment base. The largest industry employers include Professional and Business Services (106,300 employees), Trade, Transportation and Utilities (105,100 employees), Education and Health Services (97,500 employees) and Leisure and Hospitality (67,500 employees). Due to the preponderance of service sector jobs, the Palm Beach County economy is sensitive to short-term market changes in the national economy. The Great Recession and the current COVID-19 pandemic have exposed this weakness — Palm Beach County and South Florida, in general, lost jobs at a dramatically faster pace than comparable metropolitan areas in the U.S. Since 2012, Palm Beach County has experienced a steady growth in employment. However, with the advent of the COVID-19 pandemic, the County has already lost 63,471 jobs through September 2020. Significantly, the job shedding has continued through October-November with an additional 7,210 unemployment claimants in Palm Beach County and an unemployment rate of 7.0 percent. Table 4.1: Nonagricultural Employment in Florida West Palm Beach-Boca Raton-Delray Beach (Not Seasonally Adjusted) June 2019 630,100 569,300 59,200 38,900 25,900 20,200 570,900 510,100 114,400 23,100 78,300
Industry Title Total Nonagricultural Employment Total Private Goods Producing Construction Specialty Trade Contractors Manufacturing Service Providing Private Service Providing Trade, Transportation, and Utilities Wholesale Trade Retail Trade Note: table continued.
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June 2020 575,200 515,600 58,100 38,200 26,100 19,800 517,100 457,500 105,100 21,300 71,200
Jun 2019 to Jun 2020 Level Percent 54,900 8.7% 53,700 9.4% 1,100 1.9% 700 1.8% 200 0.8% 400 2.0% 53,800 9.4% 52,600 10.3% 9,300 8.1% 1,800 7.8% 7,100 9.1%
