Governor Ron DeSantis of Florida recently proclaimed on Twitter that the state’s unemployment rate has remained the lowest among the nation’s ten largest states over the past year. This information was officially affirmed by a press release from the Governor’s office, which also provided additional information regarding the state’s employment situation as of May 2023.
In May 2023, the unemployment rate in Florida was 2.6%, the fifth consecutive month at this level. This rate was 1.1 percentage points lower than the national average. Since November 2020, Florida’s unemployment rate has been lower than the national average for 31 consecutive months.
The private sector has significantly contributed to Florida’s robust employment statistics. In Florida, the private sector added 17,200 jobs just in May 2023. It added 323,400 positions over the course of the year, representing a growth rate of 3.9%. This rate exceeded the private sector job growth rate of 2.7% for the same time period.
Additionally, Florida’s labour force grew quicker than the national average. Florida’s labour force increased by 246,000 (+2.3 percent) since May 2022, while the national labour force increased by 1.5 percent. Florida’s labour force grew by 38,000 jobs (+0.3 percent) in May 2023, which was three times the national growth rate of 0.1 percent.
In Florida, the education and health services sector added the most jobs in May 2023, followed by the professional and business services sector and the leisure and hospitality sector. More than 450 thousand positions were posted online in Florida, indicating an abundance of employment opportunities for Floridians.
Comparing Florida’s unemployment rate to that of other major states accentuates its accomplishment. As of June 2023, the unemployment rate in Texas was 4.0 percent, while the rate in California was 4.40 percent and the rate in New York was 3.90 percent.Pennsylvania’s unemployment rate was 4,00 percent, substantially higher than Florida’s rate of 2,6 percent.
Overall, Florida’s low unemployment rate and robust job growth, especially in the private sector, demonstrate the state’s superior economic performance in comparison to other large U.S. states.
The state’s economic policies, combined with a wide variety of employment opportunities in various industries, have positioned it as a leader in employment among the nation’s largest states. To ensure the continued economic health and resiliency of the state, however, it is vital to continue monitoring these trends.
