Florida Had the Second Fastest GDP Growth Among All States, While the National GDP Declined for Two Consecutive Quarters

TALLLAHASSEE, Fla. — Today, Governor Ron DeSantis announced that Florida’s unemployment rate dropped to 2.5 percent in the month of September, the second lowest rate in the state’s recorded history and the lowest rate since October 2006. Florida also had the second fastest Gross Domestic Product (GDP) growth in the nation, growing at an annual rate of 1.6 percent in the second quarter of 2022 while the national GDP has declined for two consecutive quarters.

The September 2022 data demonstrates that Florida’s economy has remained strong. Florida’s private sector employment increased by 47,500 jobs over the month in September 2022, an increase of 0.6 percent and 0.4 percentage point faster than the national growth rate of 0.2 percent. Florida’s labor force grew by 3.0 percent over the year in September 2022, a full percentage point faster than the national labor force growth rate of 2.0 percent. Over the month, Florida’s labor force increased by 8,000 in September 2022 while the national labor force shrank

“Florida’s economy continues to outpace the national average- Floridians are finding jobs, and our state’s businesses are thriving. As we continue to support Southwest Florida communities in their recovery from Hurricane Ian, a resilient economy is paramount,” said Governor Ron DeSantis. “With inflation still surging due to federal policies and with Southwest Florida recovering from Hurricane Ian, Florida has maintained sound fiscal and economic policies that will help us mitigate these challenges.”   

“Leadership matters – Florida’s economy is strong, resilient, and positioned for continued success because of Governor DeSantis’ decisive leadership,” said DEO Secretary Dane Eagle. “Florida didn’t get lucky. Instead of locking people down during the pandemic, Governor DeSantis lifted people up, and we are seeing the impacts of this direction nationally. Now in Southwest Florida after Hurricane Ian, the unprecedented and dedicated response to recovery spearheaded by the Governor and First Lady sends a strong message to the region that Florida has your back, and we will rebuild stronger than before.”

Over the year, total private sector employment grew by 461,500 jobs (+5.8 percent), 1.4 percentage points faster than the national rate of 4.4 percent. Florida employers have added jobs for 29 consecutive months through September 2022, and Florida’s over-the-year private sector job growth rate has exceeded the nation for 18 consecutive months since April 2021. In September 2022, Florida’s labor force grew by 316,000 (+3.0 percent) over the year, faster than the national rate of 2.0 percent by 1.0 percentage point over the same time period.

Data in the month of September continues to indicate there are many job opportunities available for Floridians throughout the state, with more than 464,000 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.

Florida Economic Indicators for September 2022 include:

• Unemployment rate is 2.5 percent, 0.2 percentage point lower than the previous month’s rate and 1.0 percentage point below the national rate of 3.5 percent.
• Florida’s statewide unemployment rate has been lower than the national rate for 22 consecutive months since December 2020.
• Florida’s statewide unemployment rate has declined or held steady for 26 consecutive months.
• Between September 2021 and September 2022, Florida’s labor force grew by 316,000, or 3.0 percent. This was faster than the national labor force growth rate of 2.0 percent over the year.
• Between September 2021 and September 2022, total private sector employment grew by 461,500 jobs (+5.8 percent), faster than the national private sector job growth rate of 4.4 percent over the year.
• As of September 2022, Florida employers have added jobs for 29 consecutive months since May 2020. Florida’s private sector over-the-year job growth rate has exceeded the nation’s for 18 consecutive months since April 2021. 
• Private sector industries gaining the most jobs over the month were:
• Education and Health Services with 19,100 new jobs.
• Construction with 6,900 new jobs.
• Leisure and Hospitality with 6,900 new jobs.

To view the September 2022 jobs reports by region, please see below:

Fort Lauderdale
Jacksonville
Miami
Orlando
Pensacola
Southwest Florida
Tampa
West Palm Beach

To view the September 2022 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. 

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