Governor Ron DeSantis announced that Florida’s job growth for November was six times faster than the nation as Florida gained 51,100 jobs (0.6%) while the nation as a whole gained 210,000 jobs (0.1%) over the month.
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Florida’s economic data reflects Governor DeSantis’ “Freedom First†approach continues to build a solid economic foundation for Floridians to successfully find employment and for businesses to continue to grow. The state of Florida also experienced tremendous labor force growth, adding 42,000 people into the labor force.
The state’s labor force has increased by 6.1% over the year compared to the national labor force increase of 0.9% over the same time period. Florida added 470,000 private sector jobs over the year, increasing by 6.4% and exceeding the national private sector job growth by 2.0 percentage points.
Also supporting Florida’s job growth is a business climate that supports the economy. For the fifth year in a row, Florida is ranked number four in the nation in the 2022 State Business Tax Climate Index published by the Tax Foundation, and is the only large state in the top 5.
Florida’s standing contrasts with other large states that consistently remain in the bottom tier: states like California (#48) and New York (#49) are consistently at the bottom of the State Business Tax Climate Index in the nation. Florida maintains a competitively low top corporate tax rate and has no personal income tax.
Florida continues to see significant increases in labor force, growing by 607,000 over the year, as more Floridians continue to be confident seeking opportunities in the state’s job market that, in turn, results in meaningful employment.
Florida Economic Indicators for November 2021 include:
• Unemployment rate is 4.5%, down 0.1 percentage point over the month.
• Labor force was up 42,000 over the month, bringing the November 2021 total up to 10,632,000.
• Florida’s labor force growth represents a 6.1% increase over the year compared to 0.9% nationally.
• Florida businesses gained 46,700 private-sector jobs over the month.
• Florida’s private-sector employment increased by 470,000, or 6.4%, over the year, higher than the national rate of 4.4%.
• Florida’s over the month private-sector job growth rate was 0.6%, higher than the national rate of 0.2%.
Private-sector industries gaining the most jobs over the month were:
• Professional and Business Services with 13,400 new jobs
• Leisure and Hospitality with 11,600 new jobs
• Construction with 8,200 new jobs
• Education and Health Services with 6,000 new jobs
• Manufacturing with 3,600 new jobs ■