Florida economy continues 30-month job creation streak, record low unemployment

Job gains have continued in Florida for 30 consecutive months, new labor data shows.

Florida’s seasonally adjusted total nonagricultural employment was 9,542,500 in October 2022, an increase of 36,400 jobs over the month. The Sunshine State gained 457,400 jobs over the year, an increase of 5%, higher than the national rate of 3.6% over the year.

Florida’s private sector employment growth has also exceeded the national rate for the past 19 consecutive months.

Over the year, total private sector employment grew by 447,800 jobs, 5.6%, faster than the national private sector job growth rate of 4% over the year.

“Florida’s economic resiliency is unmatched in the country – no other state could withstand the direct impact of a Category 4 hurricane and continue to grow jobs in the same month,” Gov. Ron DeSantis said. “We have made record investments in our infrastructure and workforce while building a record budget surplus and providing record tax reduction for Floridians.”

Florida lost 1,282,500 jobs from February to April 2020 and has since gained back all jobs lost, adding 1,749,500 jobs.

In October, among all major industries, the leisure and hospitality sector gained the most jobs, adding 14,100 over the month. Education and health services’ added 8,200 jobs; trade, transportation, and utilities’ added 8,200 jobs.

All 10 major industries experienced positive over-the-year job growth in October. Leisure and hospitality gained the most of 96,200 jobs, followed by trade, transportation, and utilities, which added 92,000 jobs. Education and health services gained 76,800 jobs; professional and business services added 57,200; financial activities added 38,700; other services added 28,900; manufacturing added 28,600; construction added 21,100; total government added 9,600; and information added 8,100, according to the data.

In October 2022, 22 of all 24 metro areas in Florida had over-the-year job gains. Those with the largest gains were Miami-Miami Beach-Kendall, adding 75,000 jobs. Tampa-St. Petersburg-Clearwater added 72,400 jobs and Orlando-Kissimmee-Sanford added 64,200 jobs.

Only one metro area, Sebring, saw an over-the-year job loss, with 300 fewer jobs. One metro area, Homosassa Springs, had unchanged jobs numbers over-the-year.

Florida’s unemployment rate of 2.7% is also lower than the national rate of 3.7%, and has been for 23 consecutive months, according to state data.

In October, Monroe and Miami-Dade counties each had the lowest unemployment rate of 1.7%, followed by St. Johns County’s 2.1% and Okaloosa County’s 2.2%.

Hendry County had the highest unemployment rate of 4.5%, followed by Highlands County’s 4.3% and Citrus and Charlotte counties each having 4%.