The Floridant - Florida's Economy Continues to Grow While National Job Growth Rates Are in Decline

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TALLAHASSEE, Fla. ~ Governor Ron DeSantis announced today that Florida's strategic investments have resulted in continued economic growth while national rates continue to see economic decline. The state'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. This marks the 29th consecutive month that Florida has outpaced the nation in labor force growth.

Florida's private sector employment increased by 0.3 percent (+25,900 jobs) over the month in October 2023, and its unemployment rate was 2.8 percent, 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.

The construction industry experienced its fifth consecutive month of growth in October 2023 with 2,500 jobs added since September 2023, and new construction permitting continues to trend upward in Florida, demonstrating its unique level of economic health. Additionally, Florida leads the nation in new business formations with 2.7 million new businesses since 2019.

Secretary of Commerce J. Alex Kelly commented on Governor DeSantis' Freedom First policies which have been credited for driving economic success through investments in workforce education, strong infrastructure and local community development: "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."

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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 and its 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. The trade, transportation and utilities sector gained 10,900 jobs from September 2023 while education and health services added 8,500 jobs during this time period as well.

Floridians looking for work or new job opportunities are encouraged to turn to CareerSource Florida network for help with registering with Employ Florida as well as searching listings of available local job openings and perfecting resume writing and interviewing skills among other services provided at no cost to job seekers.. For more information on labor market and economic data visit www.floridajobs/org/labor-market-information/labor-market-information-press-releases/monthly-press-releases or view regional data from Fort Lauderdale, Jacksonville, Miami Orlando Pensacola Southwest Florida Tampa or West Palm Beach .

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