Florida Reports 30 Consecutive Months of Job Growth

Florida has experienced 30 consecutive months of job growth, Gov. Ron DeSantis (R) announced on Friday.

Economic data shows that the Sunshine State is remaining strong as it moves into the holiday season. According to the October 2022 economic data report, “Florida’s labor force grew by 36,000 and Florida’s private sector added 35,000 jobs,” marking the 30th consecutive month for growth. 

According to the governor’s office:

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.

Further, Florida’s unemployment rate stands at 2.7 percent — a full point lower than the national unemployment rate of 3.7 percent. Notably, the Sunshine State’s unemployment rate has remained lower than the national unemployment rate for nearly two years, or 23 months. 

DeSantis’s office added:

• 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.

“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,” DeSantis said in a statement.

“We have made record investments in our infrastructure and workforce while building a record budget surplus and providing record tax reduction for Floridians,” he added, announcing the news on social media as well:

Even with Hurricane Ian hitting our state, October marked the 30th consecutive month of job growth in Florida. pic.twitter.com/uQkr8ANege

— Ron DeSantis (@GovRonDeSantis) November 18, 2022

The positive economic outlook in the Florida comes as Americans continue to weather the storm in President Joe Biden’s America, where inflation remains high as the holidays approach. Consumer prices are on the rise, and basic Thanksgiving staples have soared. According to the price index measuring turkey and non-chicken poultry, items are up 16.9 percent.

Rising prices are causing some to forgo their Thanksgiving plans altogether, as some are unsure if they will be able to cover the costs of a holiday meal, according to a Personal Capital survey.

A recent FinanceBuzz survey found that most Americans will be impacted by the rising cost of goods.