Sunshine State Unemployment Rate Lowest Among 10 Largest States

Sunshine State Unemployment Rate Lowest Among 10 Largest States

While the national unemployment rate increased to 3.7% in August, Florida’s remained the lowest of the country’s 10 largest states at 2.7%, according to the latest jobs numbers reported by the state Department of Economic Opportunity.

Florida’s unemployment rate has been lower than the national rate for 21 consecutive months, since December 2020. For 25 consecutive months, its statewide unemployment rate has either declined or remained unchanged.

“Florida has the lowest unemployment rate among the 10 most populous states and the highest number of new business formations because we have encouraged workforce development, kept the economy open, and put Florida families first,” Gov. Ron DeSantis said.

Florida also leads the U.S. in new business formations with 1,534,221 new businesses created in the Sunshine State.

Florida’s seasonally adjusted total nonagricultural employment was 9,447,400 in August 2022, an increase of 20,700 jobs over the month. Florida gained 443,600 jobs over the year, an increase of 4.9% compared to the national increase of 4% over the year.

Florida’s private sector employment grew by 24,200 in August 2022, at a rate of 0.3%. The national growth rate was 0.2%.

As of August, Florida employers have added jobs for 28 consecutive months, with the over-the-year private sector job growth rate exceeding the national rate for 17 consecutive months since April 2021.

“Our economy is steady and resilient – proof that Governor DeSantis’ freedom first policies are working, despite the nation’s economic uncertainty,” DEO Secretary Dane Eagle said, adding that “more people are moving to Florida than any other state in the nation. We are first in the nation for net migration because their families can thrive here.”

Private sector industries gained the most jobs over the month in Leisure and Hospitality, adding 13,000 new jobs, Education and Health Services added 7,100 new jobs and Other Services adding 4,600 jobs.

All 10 major industries experienced positive over-the-year job growth in August. Leisure and hospitality gained 110,900 jobs, a 9.6% increase; trade, transportation, and utilities gained 95,900 jobs, a 5.2% increase; professional and business services gained 74,600 jobs, a 5.1% increase; education and health services gained 44,800 jobs, a 3.3% increase; other services gained 30,800 jobs, a 9.2% increase; financial activities gained 30,700 jobs, a 4.9% increase; manufacturing gained 27,800 jobs, a 7.1% increase; construction gained 18,800 jobs, a 3.3% increase; information gained 6,700 jobs, a 4.7% increase; and total government gained 4,300 jobs, a 0.4% increase.

In August 2022, Monroe County had the lowest unemployment rate of 1.7%, followed by Okaloosa County and St. Johns County of 2.2% each, and Miami-Dade County and Wakulla County 2.3% each.

Hendry County had the highest unemployment rate of 5.6%, followed by Highlands County’s 4.4%, Citrus County’s 4.2%, and Putnam and Sumter counties’ 4% each.

In August, 23 of all 24 metro areas saw over-the-year job gains. The areas with the largest gains were Miami-Miami Beach-Kendall, which gained 80,400 jobs, a 6.8% increase; followed by Orlando-Kissimmee-Sanford’s 70,800 new jobs, a gain of 5.4%; and Tampa-St. Petersburg-Clearwater’s 63,900 new jobs, a 4.6% gain.

Leave a Reply

Your email address will not be published.