Why Is It Important?
The total number of net new jobs created each year is an indicator of the health of the job market. Job growth indicates a growing and prospering local economy, higher employment rates, higher consumption, higher standard of living, and higher sales and ad valorem tax revenues.
What Is Measured?
Job growth is measured using Current Population Survey (CPS) for employers and the Quarterly Census of Employment and Wages (QCEW) for households. The QCEW reports non-farm business sector employment levels while the CPS reports private and farm employment.
How Is It Measured?
Job growth is the total number of jobs minus the jobs loss during a given period. Annual job growth, the number of net new jobs created annually for any given year, can be calculated as the difference between the current year and prior year employment levels.
Job Growth (t) = Employment (t) – Employment (t-1)
This measure is updated annually, as information is available.
How Is Polk Performing?
As shown by the green indicator, Polk’s job growth from 2016 to 2017 was 8,732 which exceeds the 1,000 indicator threshold. Green indicates that Polk jobs increased by more than 1,000 from one year to the next. Yellow on the gauge indicates that Polk maintained ±1,000 jobs from one year to the next. Red indicates that Polk lost more than 1,000 jobs from one year to the next.
For more information on job growth, please visit the Central Florida Development Council website.