GAINING STRENGTH: Florida experiencing top 10 unemployment rate, record numbers of visitors post-pandemic. STOCK PHOTO
MIAMI, Fla. – Florida is experiencing one of the lowest unemployment rates in the U.S. at 2.6 percent, which ranks the state in the top 10 of the largest states, according to the U.S. Bureau of Labor.
Miami clocks in with one of the nation’s lowest unemployment rates with 1.7 percent compared to other big cities at the end of March.
The South Florida area including Miami-Dade, Broward and Palm Beach counties had a collective unemployment rate of 2.2 percent behind Dallas, Irving and Fort Worth, Texas.
In addition, Florida’s economy is bouncing back during the post-COVID19 pandemic era spurred by record numbers of tourism.
Florida’s unemployment rate remains at a near record low with the 2.6 percent for the 4th consecutive month and Florida saw the largest amount of visitors at 37.9 million in one quarter between January and March of this year.
In April 2023, Florida’s unemployment rate was 2.6 percent for the fourth consecutive month, which is 0.8 percentage points lower than the national rate of 3.4 percent.
Florida’s statewide unemployment rate has remained lower than the national rate for 30 consecutive months since November 2020.
In April 2023, the labor force was 10,960,000, an increase of 5.8 percent since February 2020.
Between April 2022 and April 2023, Florida’s total private sector employment grew by 336,200 jobs (4.1 percent), which is faster than the national private sector job growth rate of 2.7 percent during the same time period.
In April 2023, with the exception of October 2022, Florida employers have added jobs for 35 months since May 2020.
Florida’s over-the-year private sector job growth rate has exceeded the nation’s growth rate for 25 consecutive months since April 2021.
“Through strong economic policy and strategic investments, Florida is outperforming the nation and providing more opportunity for its citizens, resulting in more than 200,000 new business formations this year alone and an unemployment rate near an all-time low,” said Florida Republican Gov. Ron DeSantis in a statement.
“In Florida, we are combating negative national economic headwinds by promoting policies that support Florida businesses and families and attract record numbers of tourists every day.”
Florida’s labor force grew over the year by 2.3 percent, more than the national labor force growth rate of 1.7 percent.
The job growth for professional and business services in the private sector was seen in all major industries, adding 10,900 jobs from the previous month, followed by education and health services with 7,100 jobs, and ﬁnancial activities with the addition of 2,700 jobs.
Florida’ economy is gaining strength due to the record numbers of tourists that support Florida businesses.
A total of 37.9 million people visited the state between January and March of 2023, which is the largest volume of visitors, according to Visit Florida.
A record high of 34.6 million domestic visitors traveled to Florida in the ﬁrst quarter of 2023, continuing the trend of domestic visitation growth for an eighth consecutive quarter.