TALLAHASSEE—Governor Rick Scott today announced that Florida was among the hardest hit of the states during the recession but is now a leader among the states in job gains, unemployment rate decline, and growth in job demand. The long-term positive trends in the unemployment rate and job counts are among the most important economic indicators to consider when analyzing the health of Florida’s economic recovery.

Governor Scott said, “Long-term trends demonstrate that Florida’s poised for success. Private sector job trends have been on the rise for over three years, our unemployment rate has declined or remained steady for 43 of the last 45 months, and for the fifth month in a row our labor force has grown. Florida’s had an amazing turnaround, and we have to continue working everyday to create jobs for families.”

Since December 2010, Florida’s unemployment rate has dropped 4.8 percentage points, from the high rate of 11.1 percent down now to 6.3 percent in May 2014. Florida’s unemployment rate has been below or equal to the national unemployment rate for 13 consecutive months. The national unemployment rate for May 2014 was also 6.3 percent. Florida’s long-term unemployment trend has been steadily decreasing over time. Florida’s unemployment rate has declined or held steady over the month for 43 of the last 45 months. Minor fluctuations month-to-month are to be expected as people move in and out of the labor force for a variety of reasons.

The state’s private-sector job counts have been steadily on the rise for over three years, showing that Florida’s businesses are responding to the state’s improving economic climate. Since December 2010, the state has added more than 580,000 private-sector jobs. Florida’s job count in May 2014 was 7,761,900, a decrease of 17,900 jobs over the month. For April 2014, Florida’s job count was revised up, showing that the economy added 34,900 private sector jobs in that month. Over the year, Florida added 218,800 jobs, an increase of 2.9 percent compared to May 2013.

For the fifth month in a row, Florida’s labor force has increased over the month.  On an annual basis, Florida’s labor force has increased for 51 consecutive months. This economic indicator can be a sign of optimism as more people are entering the labor force with confidence in their prospects for finding employment. The labor force is defined as the sum of employment plus unemployment (those with a job and those without a job but actively seeking work). Florida’s labor force participation rate, which is labor force as a proportion of the total civilian noninstitutional population, was 60.8 percent in May 2014, up 0.4 percentage point from the May 2013 participation rate of 60.4 percent. The labor force participation rate has now increased for five consecutive months.

More Floridians Getting Back to Work

• Florida’s job growth rate over the year has exceeded that of the nation since April 2012.
• Florida’s private sector job growth month-to-month has been positive for 34 of the last 35 months.
• Florida has created more than 580,000 new private sector jobs since December 2010.
• Florida job postings compiled by the Help Wanted OnLine data series from The Conference Board showed 254,122 openings in May 2014.
• Florida’s unemployment rate has remained below or equal the national unemployment rate for 13 consecutive months.

GDP (Gross Domestic Product)

• Real GDP is defined as the value of all final goods and services produced in a time period in a given economy (using constant, inflation-adjusted dollars). 
• Real GDP is a standard measure of an economy’s output.  For states, this number is not reported as frequently or as timely as the unemployment rate, job count, and job demand. 
• Last week, the federal government released the 2013 GDP figures for the states, and Florida’s position is worth noting.
• Florida’s overall real GDP was $750.5 billion, which was the fourth highest real GDP behind California, Texas, and New York.
• In terms of real GDP growth rate, Florida grew at 2.2 percent, which among the ten largest states was the third highest rate. 
• It was also above the national growth rate for 2013, which was 1.8 percent.
• In terms of trends, from 2008 through 2011, real GDP declined, including a drop of over 6 percent in 2009. 
• For a second year in a row, GDP growth in Florida exceeded 2 percent, more good news for the state economy.

Home Sales Robust

• Home sales remain robust as the backlog of existing homes on the market is down by 31.3 percent from December 2011 (Florida Realtors).
• Florida median home prices were up 6.1 percent over the year in April 2014. 

Economic Growth Trends Up Across State

• A recent U.S. Census Survey reported that Florida experienced an influx of people moving into the state. Florida also led the nation in migrations from Puerto Rico.
• Florida is running a trade surplus of over $18 billion – with $90.4 billion in exports and $71.8 billion in imports in 2012, up from $86.8 billion in exports in 2011 and $62.4 billion in imports in 2011.

Workforce Boards Assisting in Employment

• In May, Florida’s 24 Regional Workforce Boards reported more than 40,700 Floridians were placed in jobs. An individual who receives employment and training assistance through a CareerSource Center and finds a job within 180 days is deemed a placement and may be reported by a regional workforce board. Of these individuals, 8,533 previously received Reemployment Assistance. 
• In 2013, more than 479,000 Floridians were placed in jobs, with 135,384 former claimants finding employment.

To view the May 2014 employment data visit www.floridajobs.org/labor-market-information/labor-market-information-press-releases/monthly-press-releases.

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