On Friday, Florida Governor Ron DeSantis announced that Florida’s unemployment rate dropped to 2.5 percent in December 2022, a historic low last reached in 2006, demonstrating that Florida has continued to grow and recover after enduring two hurricanes in late 2022.
Florida’s private sector employment increased by 425,800 jobs over the year and Florida’s labor force grew by 3.5 percent, more than double the national growth rate of 1.6 percent.
“Florida continues to outpace the nation and withstand negative headwinds due to federal policy,” said Governor Ron DeSantis. “I look forward to building off our success with record tax relief in the upcoming legislative session.”
December 2022 marks the second month in 2022 that Florida reached a 2.5 percent unemployment rate. Florida’s private sector employment increased by 425,800 jobs over the year in December 2022 (+5.3 percent), two full percentage points faster than the national over-the-year growth rate of 3.3 percent. In December 2022, Florida’s private sector employment increased by 18,000 over the month (+0.2 percentage point). Florida’s labor force grew by 3.5 percent over the year in December 2022, faster than the national growth rate of 1.6 percent over the same time period.
The education and health services sectors gained the most jobs among all major industries, adding 9,500 jobs (+0.7 percent) over the month, followed by trade, transportation, and utilities, adding 5,400 jobs (+0.3 percent), and construction, adding 3,300 jobs (+0.5 percent).
Florida’s population increased to 22.2 million in 2022, maintaining the state’s status as the third largest in the nation behind California and Texas. Idaho had the second highest growth rate among all states at +1.8 percent followed by South Carolina (+1.7 percent) and Texas (+1.6 percent). New York, California, and Illinois are among states that experienced negative growth in 2022, with growth rates of -0.9 percent, -0.3 percent, and -0.8 percent, respectively.
Florida also experienced the largest net migration in 2022, ranking the fastest growing state in the nation with a growth rate of 1.9 percent. Domestic migration accounted for 318,855 of Florida’s net migration total, also the largest gain of any state. Florida ranked second among all states for numeric population growth over the year, gaining 416,754 people. Domestic migration accounted for 318,855 of the net migration total, also the largest gain of any state. Florida has experienced positive growth every year since 1946.
Florida Economic Indicators for December 2022 include:
- Unemployment rate is 2.5 percent, 0.1 percentage point lower than the previous month’s rate and 1.0 percentage point lower than the national rate of 3.5 percent.
- Florida’s statewide unemployment rate has been lower than the national rate for 25 consecutive months since December 2020.
- Between December 2021 and December 2022, Florida’s labor force grew by 361,000, or 3.5 percent. This was faster than the national labor force growth rate of 1.6 percent over the year.
- Between December 2021 and December 2022, total private sector employment grew by 425,800 jobs (+5.3 percent), faster than the national private sector job growth rate of 3.3 percent over the year.
- As of December 2022, Florida employers have added jobs for 32 consecutive months since May 2020. Florida’s private sector over-the-year job growth rate has exceeded the nation’s for 21 consecutive months since April 2021.
- Private sector industries gaining the most jobs over the month were:
- Education and Health Services with 9,500 new jobs.
- Trade, Transportation, and Utilities with 5,400 new jobs.
- Construction with 3,300 new jobs.
Tampa: Unemployment Rate Down to 2.2 Percent as Area Gained the most Private Sector Jobs in December 2022
In addition, Gov. DeSantis announced that the Tampa area led the state’s private sector job gains, up 68,300 jobs over the year (+5.3 percent). The Tampa area’s unemployment rate was 2.2 percent in December 2022, a decrease of 0.5 percentage point from the year ago rate of 2.7 percent.
In December 2022, the Tampa metro area led the metro areas in job gains over the year in other services, increasing by 7,000 jobs; construction, increasing by 6,800 jobs; and information, increasing by 1,100 jobs. The Tampa area’s labor force grew by 65,027 over the year in December 2022, a 4.1 percent increase.