Florida’s Labor Force Climbs by 250,000 Over the Year, Unemployment
Rate Remains Lower Than the Nation for 29 Consecutive Months
The Florida Department of Economic Opportunity (DEO) today announced that March’s economic data indicates a strong economy and a robust job market in Florida. In March 2023, Florida’s unemployment rate was 2.6 percent for the third consecutive month, which is 0.9 percentage point lower than the national rate of 3.5 percent. Florida’s labor force climbed by 250,000 (+2.3 percent) over the year and the unemployment rate has remained lower than the nation’s for 29 consecutive months. Florida’s gross domestic product real rate of growth for the fourth quarter of 2022 was 3.7 percent, 1.1 percentage points above the national rate of 2.6 percent during the same time period. The rate of Florida’s growth for gross domestic product has been faster than the overall national rate since first quarter of 2021 and is the second fastest rate of growth among the 10 most populous states.
Between March 2022 and March 2023, Florida’s total private sector employment grew by 389,000 jobs (+4.7 percent), 1.9 percentage points faster than the national private sector job growth rate of 2.8 percent during the same time period. In March 2023, Florida employers have added jobs for 34 months since May 2020, with the exception of October 2022. Over the year, Florida’s private sector job growth in March 2023 has exceeded the nation’s for 24 consecutive months since April 2021.
“Since Governor DeSantis took office in 2019, his bold economic vision continues to put Florida’s economy ahead of the nation,” said Meredith Ivey, Acting Secretary of the Florida Department of Economic Opportunity (DEO). “DEO remains committed to supporting the Governor’s vision through strategic investments and partnerships that prioritize Floridians and keep the state’s economy firing on all cylinders.”
In March 2023, total private sector employment increased by 0.1 percent (+12,100 jobs) over the month, equal to the national rate of change. In March 2023, education and health services sector gains the most jobs among all major industries, adding 6,800 jobs (+0.5 percent) from the previous month, followed by trade, transportation, and utilities, adding 6,700 jobs (+0.3 percent), and leisure and hospitality, adding 5,200 jobs (+0.4 percent).
Data from the month of March continues to indicate there are many job opportunities available for Floridians throughout the state, with more than 400,000 jobs posted online. Floridians in search of work and new job opportunities are encouraged to turn to the CareerSource Florida network for help. Floridians can find guidance on how to register with Employ Florida and search listings of available local job openings. Career seekers also can improve their employability by perfecting resume writing and interviewing skills, establishing career goals, and pursuing customized career training. These services are provided at no cost to job seekers.
To view the March 2023 jobs reports by region, please see below:
To view the March 2023 employment data, visit: www.floridajobs.org/labor-market-information/labor-market-information-press-releases/monthly-press-releases.
Visit Florida Insight for more information on labor market and economic data. Additionally, the Department has provided a video to assist users in explaining the data provided through Florida Insight.
