DeSantis: Florida Leads Nation in New Business Formation and Lowest Unemployment
Last updated 11/1/2022 at 12:20pm
TALLAHASSEE - Today, Governor Ron DeSantis announced Florida's unemployment rate remained strong at 2.7 percent, the lowest unemployment rate among the nation's ten largest states and a full percentage point lower than the national rate of 3.7 percent in August 2022. Florida also leads the nation in new business formations with 1,534,221 new businesses, outpacing second place California by more than 250,000 new business formations since January 2020. For 25 consecutive months, Florida's statewide unemployment rate has either declined or remained unchanged, and for 21 consecutive months, since December 2020, Florida's unemployment rate has been lower than the national rate. Florida's labor force continues to see growth, increasing by 49,000, a 0.5 percent increase, over the month in August 2022. Florida's private sector employment grew by 24,200 in August 2022, at a rate of 0.3 percent, 0.1 percentage point faster than the national growth rate of 0.2 percent.
"Florida has the lowest unemployment rate among the 10 most populous states and the highest number of new business formations because we have encouraged workforce development, kept the economy open, and put Florida families first," said Governor Ron DeSantis.
"Our economy is steady and resilient - proof that Governor DeSantis' freedom first policies are working, despite the nation's economic uncertainty," said DEO Secretary Dane Eagle. "DEO is committed to supporting the Governor in advancing the economy by focusing on the state's workforce, businesses, and communities. More people are moving to Florida than any other state in the nation. We are first in the nation for net migration because their families can thrive here."
Over the year, total private sector employment grew by 5.6 percent (439,300 jobs), 1.0 percentage point faster than the national rate of 4.6 percent. Florida employers have added jobs for 28 consecutive months in August 2022, and Florida's over-the-year private sector job growth rate has exceeded the nation for 17 consecutive months since April 2021. In August 2022, Florida's labor force grew by 308,000 (+3.0 percent) over the year, faster than the national rate of 2.0 percent by 1.0 percentage point.
Data in the month of August continues to indicate there are many job opportunities available for Floridians throughout the state, with more than 500,000 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 August 2022 include:
• Unemployment rate is 2.7 percent, unchanged from the previous month's rate and 1.0 percentage point below the national rate of 3.7 percent.
• Florida's statewide unemployment rate has been lower than the national rate for 21 consecutive months since December 2020.
• Florida's statewide unemployment rate has declined or held steady for 25 consecutive months.
• Between August 2021 and August 2022, Florida's labor force grew by 308,000, or 3.0 percent. This was faster than the national labor force growth rate of 2.0 percent over the year.
• Between August 2021 and August 2022, total private sector employment grew by 439,300 jobs (5.6 percent), faster than the national private sector job growth rate of 4.6 percent over the year.
• As of August 2022, Florida employers have added jobs for 28 consecutive months since May 2020. Florida's private sector over-the-year job growth rate has exceeded the nation's for 17 consecutive months since April 2021.
• Private sector industries gaining the most jobs over the month were:
o Leisure and Hospitality with 13,000 new jobs.
o Education and Health Services with 7,100 new jobs.
o Other Services with 4,600 jobs.