Florida’s Unemployment Rate Drops to Historic 2.7 Percent as State’s Job Creation Skyrockets
Today, Governor Ron DeSantis announced Florida’s unemployment rate dropped to a historic 2.7 percent in July as the state’s job creation skyrocketed. Florida’s July 2022 unemployment rate is the lowest since February 2020 and this level has only been reached three times since Florida began recording unemployment data in 1976. Florida’s private sector employment grew by an outstanding 70,000 in July 2022, doubling the nation’s job growth rate over the same period. Before July 2022, Florida has reached this level of over-the-month job creation only 6 other times since data began to be collected in 1990. Florida’s labor force also grew over the month in July 2022, while the national labor force shrank for the second consecutive month. July 2022 employment data demonstrates that Floridians are continuing to enter the workforce and businesses are continuing to create jobs.
“Florida continues to outperform the nation because freedom first policies work,” said Governor Ron DeSantis. “July’s job numbers represent one of the largest month’s job gains over the past generation and Florida continues to outpace the nation in labor force growth.”
The national unemployment rate was 3.5 percent for July 2022, 0.8 percentage point higher than Florida’s rate. Florida’s statewide unemployment rate has been lower than the national rate for 20 consecutive months and has declined or held steady for 24 consecutive months in July 2022, indicating that Florida’s economy is secure and resilient.
Total private employment grew by 5.5 percent (433,500 jobs) over the year, 0.7 percentage point faster than the national rate of 4.8 percent. Florida employers have added jobs for 27 consecutive months in July 2022, and Florida’s over-the-year private sector job growth rate has exceeded the nation’s for 16 consecutive months since April 2021.
Florida’s labor force also grew by 26,000 (+0.2 percent) over the month, while the national labor force shrank by less than 0.1 percent. In July 2022, Florida’s labor force grew by 291,000 (+2.8 percent) over the year, faster than the national rate of 1.6 percent by 1.2 percentage points.
Data in the month of July continues to indicate there are many job opportunities available for Floridians throughout the state, with more than 545,000 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 July 2022 include:
- Unemployment rate is 2.7 percent, down 0.1 percentage point from the previous month’s rate and 0.8 percentage point below the national rate of 3.5 percent.
- Florida’s statewide unemployment rate has been lower than the national rate for 20 consecutive months since December 2020.
- Florida’s statewide unemployment rate has declined or held steady for 24 consecutive months.
- Between July 2021 and July 2022, Florida’s labor force grew by 291,000, or 2.8 percent. This was faster than the national labor force growth rate of 1.6 percent over the year.
- Between July 2021 and July 2022, total private sector employment grew by 433,500 jobs (5.5 percent), faster than the national private sector job growth rate of 4.8 percent over the year.
- As of July 2022, Florida employers have added jobs for 27 consecutive months since May 2020. Florida’s private sector over-the-year job growth rate has exceeded the nation’s for 16 consecutive months since April 2021.
- Private sector industries gaining the most jobs over the month were:
- Leisure and Hospitality with 19,500 new jobs.
- Professional and Business Services with 16,400 new jobs.
- Education and Health Services with 12,800 jobs.