In September 2019, Florida's unemployment rate is at 3.2%, lower by 0.1% compared to the previous month and lower by 0.3% than the national rate. The private sector has gained 215,000 jobs over the year, with professional and business services and the financial sectors having the fastest job growth rate at 3.6% and 3.3%.
This only shows that the sunshine state is becoming more known for its business-friendly environment that continues to attract investors and professional growth in innovation and talent development.
Here's a quick reference of Florida's job growth in the following private sectors over the past year as released by Florida's Department of Economic Opportunity:
- Education and health services with 59,600 new jobs
- Professional and business services with 49,200 new jobs
- Leisure and hospitality with 30,300 new jobs
- Trade, transportation, and utilities with 20,400 new jobs
- Financial activities with 19,100 new jobs
- Construction with 16,200 new jobs
More Jobs Continue to be Created
The state's government continues to encourage the creation of more jobs. There are plans to advance Florida's electric car innovations, technology training programs, and incentives to assist veterans in finding relevant employment. Florida also has a Talent Development Council, whose goal is to ensure that by 2030, 60% of Floridians who work have an advanced degree or certification.
The Downside of Low Unemployment
A low unemployment rate, along with low taxes, enhances Florida's economy as more people working and earning fair wages results in more money being spent. However, low unemployment has downsides too; businesses are struggling to find employees to fill open positions. Some businesses need to delay grand launches or ask their current employees to work extra hours and shifts. To be competitive, businesses are being forced to increase starting salaries and the quality of benefits they offer, with the increased expenses impacting the costs of goods and services to local consumers.
Lowest and Highest Unemployment Rates in the State
The lowest unemployment rates in the state include Monroe County at 2%, followed by Okaloosa County at 2.3%, St. Johns County at 2.4%, and Walton County at 2.5%.
Florida's counties with the highest unemployment rates include Hendry County at 7.1%, followed by Hardee County at 5.6%, Citrus County and Highlands County at 4.3% each, and Sumter County at 4.1%.
How ICS Can Help You
Do you want to capitalize on Florida's low unemployment rate and job growth? Finding a position that you are qualified for and happy to have is now more exciting than ever as more jobs become available in the state. Infinity Consulting Services (ICS) has an office in Fort Lauderdale, Florida, where we have established relationships to know where the great opportunities are for qualified candidates. Feel free to contact ICS today to guide you in your Florida job search!