Florida’s Economy Continues to Grow While National Job Growth Rates Are in Decline
~ Florida’s construction industry experiences fifth consecutive month of growth ~
TALLAHASSEE, Fla. —Today, Governor DeSantis announced that Florida’s strategic investments have resulted in continued economic growth while national rates continue to see economic decline. Florida’s labor force grew by 0.2 percentage points in October 2023, while the national labor force growth rate declined by 0.1 percentage points over the same time period. Florida continues to outpace the nation in labor force growth for a 29th consecutive month. Florida’s private sector employment increased by 0.3 percent (+25,900 jobs) over the month in October 2023. Florida’s unemployment rate was 2.8 percent in October 2023, more than a percentage point lower than the national rate of 3.9 percent and marking the 36th consecutive month Florida’s unemployment rate has remained below the nation’s.
Florida’s construction industry experienced its fifth consecutive month of growth in October 2023 with 2,500 jobs added since September 2023. New construction permitting also continues to trend upward in Florida, demonstrating Florida’s unique level of economic health. Florida also continues to lead the nation in new business formations, with 2.7 million new businesses since 2019.
“Florida is bucking the national trends and we continue to see job growth month after month,” said Governor Ron DeSantis. “In Florida, we are driving economic success through smart investments in workforce education, strong infrastructure and local community development.”
“Through Governor DeSantis’ Freedom First policies — policies that elevate job seekers and job creators — Florida continues to go against the grain with gains in vital sectors like trade, transportation and utilities in addition to education and health services, while the nation’s job growth lags behind,” said Secretary of Commerce J. Alex Kelly. “The Governor’s approach is a constant focus on the key drivers of long-term workforce and economic readiness, a blueprint based on owning the results and being able to hedge against national trends, rather than waiting for empty promises from federal bureaucrats.”
Florida’s private sector over-the-year job growth rate has exceeded the nation’s for 31 consecutive months at 3.0 percent (+252,900 jobs) compared to 1.7 percent nationally. Florida’s labor force has grown or remained steady for 36 consecutive months with an over-the-year growth rate of 3.1 percent in October 2023 — faster than the national rate of 1.9 percent over the same time period.
Florida continues to outpace the nation in labor force growth for a 29th consecutive month. Florida’s labor force has grown or remained steady for 36 consecutive months with an over-the-year growth rate of 3.1 percent in October 2023 — faster than the national rate of 1.9 percent over the same time period.
In October 2023, the trade, transportation and utilities sector gained the most jobs among all major industries, adding 10,900 jobs from the previous month, followed by education and health services, adding 8,500 jobs.
Floridians in search of work and new job opportunities are encouraged to turn to the CareerSource Florida network for help. Floridians can find guidance on how to register with Employ Florida and search listings of available local job openings. Career seekers also can improve their employability by perfecting resume writing and interviewing skills, establishing career goals and pursuing customized career training. These services are provided at no cost to job seekers. To view the October 2023 jobs reports by region, please see below:
To view the October 2023 employment data, visit: www.floridajobs.org/labor-market-information/labor-market-information-press-releases/monthly-press-releases.
Visit Florida Insight for more information on labor market and economic data. Additionally, the Department has provided a video to assist users in explaining the data provided through Florida Insight.
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