Jacksonville’s unemployment rate remained low in March with continued strong job growth, particularly in sectors that benefit from spring break tourism.
The jobless rate in the Jacksonville metropolitan area (Duval, Baker, Clay, Nassau and St. Johns counties) was unchanged last month at 3.5 percent, the Florida Department of Economic Opportunity said Friday.
The state agency does not adjust the data for seasonal factors but the University of North Florida’s Local Economic Indicators Project reported that on a seasonally adjusted basis, the unemployment rate ticked up from 3.47 percent in February to 3.59 percent in March.
The number of jobs on nonfarm business payrolls in the Jacksonville area rose by 21,500 from March 2017 through March 2018, a 3.1 percent growth rate.
UNF economist Albert Loh said March is a month where there is typically an increase in jobs.
“A lot of this increase is in sectors that are typically affected by seasonal patterns,” he said.
For example, one of the biggest increases was in the leisure and hospitality sector, which gained a net total of 1,700 jobs just from February to March and was up by 4,500 jobs since March 2017, a 5.4 percent growth rate.
Retail trade is another strong sector, adding 3,800 jobs in the past year, a 4.9 percent growth rate.
The construction sector has the fastest growth rate in the past year, at 8.9 percent.
Jacksonville’s job growth rate was better than Florida’s statewide growth rate of 2 percent in the 12 months through March, and the area’s unemployment rate was better than Florida’s seasonally adjusted jobless rate of 3.9 percent in March, unchanged from February.
Duval County’s unemployment rate edged down by 0.1 point to 3.6 percent in March without seasonal adjustment, the Department of Economic Opportunity said. Loh said when the rate is adjusted for seasonal factors, it still shows a decline from 3.8 percent in February to 3.73 percent in March.
Loh said other labor market data for the Jacksonville area shows people are working longer hours and increasing their income, but hourly wage rates are not rising.
While he is waiting for signs that hourly wages will rise, Loh said Northeast Florida is off to a good start in 2018.
“Overall our labor market continues to strengthen,” he said.