Florida is enjoying rising economic tides this year.
The Sunshine State has the lowest unemployment rate among the top 10 most significant states in the country at 2.6%, according to Florida Governor Ron DeSantis. In comparison, the national average is currently 3.4%, according to U.S. Bureau.
The entire country is enjoying a strong labor market, maybe the strongest since the 1950s. And Florida is leading the way.
Crunching the numbers
"Between January and March of 2023, Florida saw 37.9 million visitors, the largest volume of visitors ever recorded in a single quarter," the governor's office said.
In April 2023, the Sunshine State's unemployment rate was 2.6% for the fourth consecutive month, 0.8 percentage points less than the national rate of 3.4%.
Florida's statewide unemployment rate has consistently been lower than the national rate—which is now hovering around 3.4%—since November 2020.
"Through strong economic policy and strategic investments, Florida is outperforming the nation and providing more opportunity for its citizens, resulting in more than 200,000 new business formations this year alone and an unemployment rate near an all-time low," DeSantis said.
The governor said his administration is "combatting negative national economic headwinds by promoting policies that support Florida businesses and families and attract record numbers of tourists every day."
The workforce in Florida was 10,960,000 in April 2023, up 5.8% from February 2020, according to DeSantis' office.
Meredith Ivey, the acting secretary of the Florida Department of Economic Opportunity (DEO), credited DeSantis' "bold leadership" and programs for the low unemployment rate.
The professional and business services sector added 10,900 jobs (+0.7%) in April 2023, the most of any major industry. This was followed by the education and health services sector with 7,100 (+0.5%) jobs and the financial activities sector with 2,700 jobs (+0.4%).
What do you think about Florida's current economy?
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