Governor Ron DeSantis announced that Florida’s economic data continues to show strength even with impacts from Hurricane Ian in Southwest Florida. In the October 2022 economic data report, Florida’s labor force grew by 36,000 and Florida’s private sector added 35,000 jobs. This is the 30th consecutive month that Florida created jobs, while private sector job growth has exceeded the nation’s for the past 19 consecutive months.
Florida economic indicators for October 2022 include:
- Unemployment rate is 2.7 percent, 0.2 percentage point higher than the previous month’s rate but 1.0 percentage point lower than the national rate of 3.7 percent.
- Florida’s statewide unemployment rate has been lower than the national rate for 23 consecutive months since December 2020.
- Between October 2021 and October 2022, Florida’s labor force grew by 334,000, or 3.2 percent. This was faster than the national labor force growth rate of 1.9 percent over the year.
- Between October 2021 and October 2022, total private sector employment grew by 447,800 jobs (+5.6 percent), faster than the national private sector job growth rate of 4.0 percent over the year.
- As of October 2022, Florida employers have added jobs for 30 consecutive months since May 2020. Florida’s private sector over-the-year job growth rate has exceeded the nation’s for 19 consecutive months since April 2021.
- Private sector industries gaining the most jobs over the month were:
- Leisure and Hospitality with 14,100 new jobs.
- Education and Health Services with 8,200 new jobs.
- Trade, Transportation, and Utilities with 8,200 new jobs.
Over the month, Florida’s labor force grew by 36,000, while the national labor force shrank, and Florida’s private sector employment growth was double the national growth rate. Florida’s private sector employment grew by 5.6 percent over the year in October 2022 (+447,800 jobs), faster than the national growth rate of 4.0 percent.
Florida’s unemployment rate increased by 0.2 percentage points to 2.7 percent, which is still historically low, and remains a full point below the nation’s 3.7 percent mark. Much of the increase in the unemployment rate is due to increased unemployment in Southwest Florida following Hurricane Ian. The unemployment rate in the Fort Myers area was 3.9 percent during the month, up 0.5 points. Still, this slight increase in unemployment in Florida shows that despite the impacts of a Category 4 storm, Floridians and Florida’s economy remain resilient. The Department of Economic Opportunity (DEO) and CareerSource Florida continue to provide resources to help Floridians find employment if they were impacted by the storm.
“Florida’s economic resiliency is unmatched in the country – no other state could withstand the direct impact of a Category 4 hurricane and continue to grow jobs in the same month,” said Governor Ron DeSantis. “We have made record investments in our infrastructure and workforce while building a record budget surplus and providing record tax reduction for Floridians.”
“More Floridians enter the workforce each month because they are confident in the opportunities available to them under Governor DeSantis’ consistent leadership,” said DEO Secretary Dane Eagle. “DEO is proud to support the Governor’s mission through workforce education and development opportunities that help Floridians realize their potential and support our state’s major industries.”
Florida’s statewide unemployment rate was 2.7 percent in October 2022, remaining 1.0 percentage point lower than the national rate of 3.7 percent. Florida’s statewide unemployment rate has been lower than the national rate for 23 consecutive months since December 2020.
The leisure and hospitality sector gained the most jobs among all major industries, adding 14,100 jobs (+1.1 percent) over the month, followed by education and health services, adding 8,200 jobs (+0.6 percent), and trade, transportation, and utilities, adding 8,200 jobs (+0.4 percent). The Orlando area led the way.
Data in the month of October continues to indicate there are many job opportunities available for Floridians throughout the state, with more than 476,000 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.
