The state of Florida is leading the way for the US employment market in 2014. Recent figures show that job creation in this part of the country is the highest in the nation. They also reflect the current positive state of the economy in Florida.
A total of 22,900 new jobs were created in Florida in March this year. Leaders in the job market were Orange County (in Orlando) and Miami-Dale, although all areas showed excellent figures. This leaves state unemployment at 6.3 per cent, slightly lower than the national average of 6.7 per cent. Florida unemployment grew by 0.1 per cent in March, but experts attribute this to a larger workforce as more people move to the area attracted to the buoyant job market.
Year-on-year figures are even more spectacular – since March 2013, some 225,100 jobs have been created in Florida. According to official statistics, the state has seen 44 consecutive months of growth in employment, a sure sign that the economy is consolidating its upward turn. This continued monthly employment growth was preceded by three years of continual job losses during the economic crisis – subsequent positive figures confirm that Florida’s economy has made a definitive recovery and is experiencing strong growth.
The biggest increases in employment came in the private sector where there’s huge demand for professionals. Experts point to construction and the hospitality industry as the two areas where job creation is highest.
This comes as no surprise given that Florida is one of the most popular states for holiday and second homes. Recent demand for housing from the baby-boom generation has seen construction projects soar in many parts of the state including Sarasota where a total of 24 projects are in the pipeline.
Between them, the construction and real estate sectors are driving the Florida economy and experts forecast that 2014 will continue to be a particularly good year for the state. “These employment figures confirm that Florida’s economy really is firing on all cylinders now,” said Mekael Teshome, an economist quoted in the Miami Herald. His words were echoed by Governor Rick Scott, who pointed out that a total of 563,000 jobs have been created in Florida since December 2010.
Source: Miami Herald