Key West Transit Development Plan FY2025-2034

2.3 Labor Force Participation/Unemployment Rates

The COVID-19 pandemic had a significant impact on the tourism-dependent Key West economy in 2020 and 2021. The recovery from the economic downturn has influenced unemployment rates and labor force participation. Labor force participation refers to the percentage of the working-age population (16 years and older) that is either employed or actively seeking employment. In Key West, labor force participation is influenced by several factors, including: Economy: Key West is driven primarily by tourism and related industries. Many residents are employed in jobs related to hospitality, tourism, and service sectors, and this industry often experiences seasonal fluctuations. During peak tourist seasons, more individuals participate in the labor force. Retiree Population: Key West has a significant retiree population, which can influence labor force participation. Some retirees choose to continue working or engage in part-time employment, while others may not actively participate in the labor force. Unemployment Rates: Unemployment rates in Key West, like in other regions, can fluctuate due to economic conditions and seasonal factors. Economic Conditions: The overall health of the local and national economy can impact unemployment rates. Economic downturns, such as the global fiscal crisis or the COVID-19 pandemic, can lead to temporary spikes in unemployment. Job Diversity: The availability of job opportunities outside of the tourism sector, such as government jobs, healthcare, and education, can impact unemployment rates by providing diverse employment options. Local Initiatives: Local government and community organizations may implement programs to address unemployment through job training, workforce development, and job placement services. Table 2-10 provides a snapshot of the income and workforce population breakdown for the City of Key West in the years 2016 and 2021. Table 2-10: City of Key West Income Characteristics

Median HH Income

Per Capita Income

People Below Poverty

HH Receiving Public Assistance

Persons Aged >16 in Labor Force

Year

2016

58,494

32,428

3,198 (12.3%)

274 (1.1%)

15,695 (60.3%)

CHANGE

+17,144 (29.3%)

+19,358 (59.7%)

-203 (-6.3%)

+76 (27.7%)

+935 (6.0%)

2021

75,638

51,786

2,995 (11.2%)

350 (1.3%)

16,630 (62.1%)

Transit Development Plan FY 2025–2034

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