Despite Declining National Economy, Florida's Job Market Continues to Grow
Last updated 5/20/2022 at 7:10pm
TALLAHASSEE, Fla. – Be glad you live in Florida because it's one of the few states that hasn't been completely crushed by the current President's economic policies. Despite outrageous gas prices, record breaking inflation rates (8.5%), and higher taxes, Governor Ron DeSantis reports low unemployment and thousands of new job opportunities in Florida.
Today, Gov. DeSantis announced Florida's March 2022 employment data, including a declining unemployment rate and strong job growth. In March 2022, Florida added 4,500 manufacturing jobs over the month, representing the largest single month of growth for Florida manufacturers since May 2020. The data shows that Florida's unemployment rate has remained below the national rate for 16 consecutive months while trending downward or holding steady for 20 consecutive months. In March 2022, Florida's unemployment rate decreased by 2.2 percentage points over the year to 3.2 percent and continued to remain below the national rate. Florida's private sector job growth has also exceeded the nation's for 12 consecutive months since April 2021.
"The economic data underscores that Florida is outperforming the nation by protecting the freedom Floridians need to do business and drive economic success," said Governor Ron DeSantis. "Industries like manufacturing continue to see growth because Florida prioritizes workforce development and expanding opportunities for businesses and families in our state."
"Governor DeSantis has led Florida in a positive direction by creating the most business friendly environment in the nation," said DEO Secretary Dane Eagle. "DEO is committed to supporting the Governor's efforts and the state's growth by connecting communities, businesses, and families to the resources they need to thrive."
The state's total private sector employment increased by 496,600 (+6.5 percent) over the year in March 2022, 1.5 percentage points faster than the national growth rate of 5 percent. In March 2022, Florida's labor force grew by 3.2 percent (325,000) over the year and grew by 42,000 (+0.4 percent) over the month. As of March 2022, Florida employers have added jobs for 23 consecutive months since May 2020.
Data in the month of March continues to indicate there are many job opportunities available for Floridians throughout the state, with nearly 510,000 jobs posted online. 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.
Florida Economic Indicators for March 2022 include:
• Unemployment rate is 3.2 percent, down 0.1 percentage point from the previous month's rate and 0.4 percentage point lower than the national rate.
• Florida's statewide unemployment rate has been lower than the national rate for 16 consecutive months, since December 2020.
• Florida's statewide unemployment rate has declined or held steady for 20 consecutive months.
• Between March 2021 and March 2022, Florida's labor force grew by 325,000, or 3.2 percent, faster than the national labor force growth rate of 2.4 percent over the year.
• Between March 2021 and March 2022, total private sector employment grew by 496,600 jobs (6.5%), faster than the national private sector job growth rate of 5.0 percent over the year.
• As of March 2022, Florida employers have added jobs for 23 consecutive months since May 2020. Florida's private sector over-the-year job growth rate has exceeded the nation's for 12 consecutive months since April 2021.
• Private sector industries gaining the most jobs over the month were:
o Professional and Business Services with 9,400 new jobs.
o Manufacturing with 4,500 new jobs.
o Financial Activities with 4,200 new jobs.