Florida’s unemployment rate fell another 0.1 percentage point in April to 4.8% and is now 0.2 percentage points below the national rate. Both the civilian labor force and household employment fell slightly in April.
On a year-to-year basis, the seasonally adjusted data show much stronger growth in both the labor force, which has risen 2.1%, and household employment, which rose 2.8%.
Industry employment data were less impacted by seasonal factors. The data show a healthy 31,100 job gain in April and year-to-year increase of 254,500 jobs. Florida’s job gain was the second largest behind California, and reflects strong growth in nearly every key category.
The largest gain in April was in education & health services, which added 6,000 net new jobs, most of which were in healthcare. Professional & business services and construction each added 4,400 jobs during the month. Both industries have been growing solidly for quite some time, with the former being boosted by strong growth in the state’s technology and life sciences sectors, while the latter is being driven by gains in residential and commercial construction.
On a year-to-year basis, construction employment has risen 7.1%, producing a net gain of 30,100 new jobs. Hiring in professional & business services has increased 3.6%, or 43,700 net new jobs.
Hiring has risen in all 24 of Florida’s metropolitan areas over the past year. Orlando is a notable standout, with payrolls surging 4.5% over the past year and 51,900 new jobs added across the metropolitan area. The Tampa Bay area also added 42,000 jobs and Fort Lauderdale has seen the addition of 32,100 new jobs. Jacksonville (+22,800), Miami (+21,200), West Palm Beach (+14,800) and Cape Coral-Fort Myers (+12,000), round out job growth in Florida’s other larger metropolitan areas.
Orlando’s huge job gain raises the question of how much of this growth is being driven by tourism? Tourism has been booming in Florida and Orlando as several theme parks and resorts are in the midst of major expansions. That said, job growth outside of the tourism sector is rising just as fast. Moreover, pay in Florida’s leisure & hospitality sector and retail trade sector has been rising faster than it has nationwide.
Construction and manufacturing are also seeing stronger wage gains. Wage growth is lagging in Florida’s professional & business services and education & healthcare sectors, however, which are two major employment categories. Florida’s slower wage growth is likely due to the composition of job growth within these industries, which has been more heavily weighted toward lower-paying administrative services, home healthcare and social assistance.
