Florida’s job growth also outperforms the nation’s for 22nd consecutive month
TALLAHASSEE, Fla. — Today, Governor Ron DeSantis announced Florida’s January economic data demonstrates the continued strength and success of Florida’s economy. In January, Florida’s unemployment rate was 2.6% and remained lower than the nation for the 27th consecutive month while job growth outperformed the nation for the 22nd consecutive month. Florida’s private sector employment grew by 5.3 percent (433,100 jobs) over the year in January 2023, 1.7 percent faster than the national rate of 3.6 percent over the same time period. In January 2023, Florida’s private sector employment increased by 29,800 over the month (+0.3 percent).
“Florida is number one in net migration, tourism, and new business formations because we have bucked the elites and forged our own path forward towards success,” said Governor Ron DeSantis. “We will continue to prioritize policies that support Florida families as they continue to face persistent inflation and national economic headwinds.”
In addition to the January 2023 labor statistics, today’s release includes revisions to historical labor force, employment, unemployment, and unemployment rate estimates. This is the result of an annual process that occurs every year in March in each state nationwide. The revised historical economic data released today are based on additional information that was not available at the time of original publication. Florida’s annual 2021 and 2022 unemployment rate revisions, reflecting the model changes, can be found here.
“Thanks to Governor DeSantis’ commitment to Florida’s future, Floridians can trust in Florida’s workforce, businesses, and communities for years to come,” said Acting Secretary Meredith Ivey of the Florida Department of Economic Opportunity. “Florida’s unemployment rate is consistently below the national average and the private sector continues to generate jobs, creating nearly 30,000 jobs over the month in January 2023.”
Florida’s January unemployment rate was 2.6 percent, down 0.1 percentage point from the previous month’s revised rate of 2.7 percent and 0.8 percentage point below the national rate of 3.4 percent. Florida’s revised unemployment rate reflects that more people are participating in the state’s workforce than initially reported. Florida’s labor force grew by 259,000 (2.4 percent) from one year ago, which is more than one percentage point faster than the national rate of 1.3 percent over the same time period.
In January 2023, leisure and hospitality gained the most jobs among all major industries, adding 16,100 jobs (+1.2 percent) over the month, followed by education and health services, adding 4,900 jobs (+0.3 percent), financial activities, adding 4,900 jobs (+0.7 percent), and other services, adding 3,200 jobs (+0.9 percent).
Data from the month of January continues to indicate there are many job opportunities available for Floridians throughout the state, with more than 391,000 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 January 2023 include:
- Unemployment rate is 2.6 percent, 0.1 percentage point lower than the previous month’s revised rate of 2.7 percent, and 0.8 percentage point lower than the national rate of 3.4 percent.
- Florida’s statewide unemployment rate has been lower than the national rate for 27 consecutive months since November 2020.
- Between January 2022 and January 2023, Florida’s labor force grew by 259,000, or 2.4 percent. This was faster than the national labor force growth rate of 1.3 percent over the year.
- Between January 2022 and January 2023, total private sector employment grew by 433,100 jobs (+5.3 percent), faster than the national private sector job growth rate of 3.6 percent over the year.
- As of January 2023, Florida employers have added jobs for 32 consecutive months since May 2020, with the exception of October 2022. Florida’s private sector over-the-year job growth rate has exceeded the nation’s for 22 consecutive months since April 2021.
- Private sector industries gaining the most jobs over the month were:
- Leisure and Hospitality with 16,100 new jobs.
- Education and Health Services with 4,900 new jobs.
- Financial Activities with 4,900 new jobs.
- Other Services with 3,200 new jobs.
To view the January 2023 jobs reports by region, please see below:
To view the January 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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Originally published at https://www.flgov.com/2023/03/13/governor-desantis-announces-floridas-unemployment-rate-remains-lower-than-the-nation-for-27th-consecutive-month/
