Florida Unemployment Rate Continues to Drop, Lowest Since January 2007
TALLAHASSEE, Fla. — Today, Governor Rick Scott announced that Florida businesses have created more than 1.64 million jobs since December 2010, including 21,200 private-sector jobs in October. Over the past year, 241,500 new private-sector jobs were created in Florida. Florida’s annual job growth rate has outpaced the nation for 78 of the past 79 months. The only month that Florida did not exceed the nation was due to Hurricane Irma. Florida’s unemployment rate continued to drop in October, down from 3.5 percent to 3.4 percent, and is now the lowest since January 2007.
Governor Scott said, “Over the last eight years, we have recovered from a recession and rebuilt a strong and resilient economy that attracts businesses from all industries to create great jobs for Floridians. Every Floridian can be proud of our state’s incredible success, which has now driven down unemployment to just 3.4 percent – the lowest it has been since January 2007. Today, with more than 1.64 million jobs created since December 2010, we all see the importance of continuing to cut taxes and attract companies to Florida so people can live their dreams and support their families in the Sunshine State.”
In October, Florida’s unemployment rate dropped to a low 3.4 percent, a drop of 7.4 percentage points since December 2010; this drop is faster than the national decline of 5.6 percentage points.
Florida’s annual job growth rate of 3.2 percent continues to exceed the nation’s rate of 2 percent. In the past year, 107,000 people entered Florida’s labor force, a growth of 1.1 percent.
Cissy Proctor, Executive Director of the Florida Department of Economic Opportunity said, “Florida’s economy is strong and growing. Governor Scott’s leadership and commitment to job creation in our state has helped millions of Floridians live the American Dream.”
Other positive economic indicators include:
Private-sector industries gaining the most jobs over-the-year were:
Education and health services with 51,300 new jobs;
Leisure and hospitality with 51,100 new jobs;
Construction with 43,400 new jobs;
Professional and business services with 30,100 new jobs;
Trade, transportation and utilities with 25,300 new jobs; and
Financial activities with 16,700 new jobs.
Florida job postings showed 226,300 openings in October 2018.
Consumer Sentiment Index is 97.8, up from 70.2 in December 2010.