Florida Economic Data Shows Continued Economic Growth

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Governor DeSantis Announces Florida Economic Data for October 2021 Shows Continued Economic Growth Thanks to Successful Policies Putting Floridians and Business First

TALLAHASSEE, FL (STL.News) Governor Ron DeSantis announced that Florida continues to make economic progress with job growth, an increase in the workforce and a drop in the unemployment rate. The steady economic growth Florida is witnessing is due to successful policies that put Floridians and businesses first. Florida’s economy continued to thrive in October 2021, with 18 straight months of private sector job growth, creating 44,300 jobs in the month and increasing 5.7% on the year. Florida has also experienced 12 straight months of increased labor force with growth of 29,000 during the month. Florida’s labor force growth represents an increase of 5.8% over the year, which is significantly higher than the national rate of 0.5%. Florida’s unemployment rate, currently at 4.6%, also fell 0.2 percentage points from September 2021’s revised rate of 4.8%.

In total, Florida has gained 1,111,000 private sector jobs since April 2020, representing 89% of the jobs lost during the pandemic that have been recovered. Florida continues to see its labor force increase significantly, growing by 579,000 during the year, as Floridians gain confidence to return to work. Florida’s unemployment rate fell over the year, falling 1.2 percentage points. Data for October shows that there are still plenty of job opportunities available to Floridians statewide, with more than 518,000 jobs posted online.

“Florida’s economy continues to grow faster than the nation because we put the needs of Floridians and businesses first and make smart policy decisions that push back heavy mandates,” said Governor Ron DeSantis. “With 18 consecutive months of job growth and 12 consecutive months of increasing labor force, we will continue to make investments that move our economy forward.”

“Florida continues to see job growth, an increase in the labor force and a decline in the unemployment rate thanks to Gov. DeSantis’ policy decisions to protect Floridians and their jobs,” said Secretary Dane Eagle of Florida. Department of Economic Opportunity. “Floridians and businesses remain confident in the state’s economy, and as proof of that confidence, Florida’s current labor force participation of 10,590,000 is actually greater than Florida’s labor force of February 2020 10,461,000. “

Florida’s economic indicators for October 2021 include:

  • The unemployment rate is 4.6%.
  • Unemployment rate for September 2021 revised to 4.8%, from 4.9%.
  • Florida businesses gained 44,300 private sector jobs during the month.
  • The labor force grew by 29,000 during the month, bringing the October 2021 total to 10,590,000.
  • Florida’s workforce growth represents an increase of 5.8% on the year compared to 0.5% nationally.
  • Florida’s private sector employment grew 424,300, or 5.7%, during the year, above the national rate of 4.5%.
  • Florida’s private sector job growth rate for the month was 0.6%, above the national rate of 0.5%.
  • The private sector industries that gained the most jobs during the month were:
  • Leisure and Hospitality with 16,600 new jobs
  • Commerce, transport and public services with 10,400 new jobs
  • Education and health services with 6,600 new jobs
  • Other services with 4,200 new jobs
  • Professional and business services with 3,700 new jobs

To view the October 2021 job reports by region, please see below:

Fort Lauderdale

Jacksonville

Miami

Orlando

Pensacola

Southwest Florida

Tampa

Palme West Beach

Floridians looking for work and new employment opportunities are encouraged to turn to the CareerSource Florida network for assistance. Floridians can find tips for registering with Employ Florida and researching listings of available local job openings. Job seekers can also improve employability assistance, hone resume writing, interview skills, set career goals, and take personalized job training. These services are offered free of charge to job seekers.

To view employment data for October 2021, visit: www.floridajobs.org/labor-market-information/labor-market-information-press-releases/monthly-press-releases.


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