Florida Unemployment Drops to 2.6%, Job Growth Exceeds Nation and Revenues Increase

TALLAHASSEE (FLV) – Gov. Ron DeSantis announced that Florida’s unemployment rate dropped to 2.6 percent and Florida’s job growth continues to exceed the national rate.

The unemployment rate has reached the lowest percent among the nation’s top ten largest states and 1.1 percent lower than the nation’s.

Florida Economic Indicators for November 2022 include:

• Unemployment rate is 2.6 percent, 0.1 percent lower than the previous month’s rate and 1.1 percent lower than the national rate of 3.7 percent.
• Florida’s statewide unemployment rate has been lower than the national rate for 24 consecutive months since December 2020.
• Between November 2021 and November 2022, Florida’s labor force grew by 352,000, or 3.4 percent. This was faster than the national labor force growth rate of 1.5 percent over the year.
• Between November 2021 and November 2022, total private sector employment grew by 420,700 jobs (+5.2 percent), faster than the national private sector job growth rate of 3.6 percent over the year.
• As of November 2022, Florida employers have added jobs for 31 consecutive months since May 2020. Florida’s private sector over-the-year job growth rate has exceeded the nation’s for 20 consecutive months since April 2021.
• Private sector industries gaining the most jobs over the month were:
  • Leisure and Hospitality with 9,600 new jobs.
  • Education and Health Services with 6,200 new jobs.
  • Construction with 5,400 new jobs.

For more than two years, Florida’s unemployment rate has remained below the nation’s. The state also has continued to exceed the national job growth rate for 20 consecutive months.

“Florida’s continued success over the past two years is no accident. No matter the challenges, we have stayed on offense,” said DeSantis. “Florida’s economy is outpacing the nation for the second consecutive year because we have invested in our workforce and prioritized keeping Floridians at work and businesses open. As the new year approaches, we will continue investing in our workforce and infrastructure to create jobs and keep our economy moving forward.”

Florida’s private sector employment increased by 28,100 jobs in Nov. 2022, an increase of 0.3 percent. The state’s total private sector employment increased by 5.2 percent over the year in Nov. 2022 with more than 420,700 jobs, faster than the national private sector job growth rate of 3.6 percent over the same time period. Florida employers have added jobs for 31 consecutive months in November.

Additionally, according to the Debt Report from the State of Florida Division of Bond Finance report, Florida’s debt has decreased by $1.3 billion, increased its revenues by 17% ($8.5 billion), and maintained its “excellent” AAA bond rating.

“Great news out of the State’s Division of Bond Finance today. The 2022 State Debt Report reflects that Florida’s economy is in excellent shape and continues to flourish. Thanks to the leadership of Governor DeSantis and the state Legislature, we have decreased our state debt by $1.3 billion dollars while increasing our reserves to an unprecedented $19.7 billion,” said Florida Chief Financial Officer Jimmy Patronis.

“Florida pensions remain strong and the state has maintained an excellent AAA bond rating; that’s factoring in Florida does not issue ESG labeled bonds. Also, the State has refunded over $16 billion in outstanding debt in the last 10 years. This is equivalent to $3.4 billion in debt service savings due to lower interest rates. While Washington flounders with inflation and spending policies pushing us further towards a recession, Florida is on the right track and is in the best fiscal health it has ever been. As your CFO, I will continue to advocate for policies that maintain Florida’s economic success and work hard to make our great state the most attractive place in the country to live, do business, and live the American dream,” Patronis continued.