Florida’s Economy Continues to Add Jobs at a Rapid Pace

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Nonfarm employment jumped 0.4 percent in October, as the Sunshine State added 35,200 net new jobs. That marks the largest monthly gain since May 2010. Florida’s unemployment rate fell 0.1 point to 5.1 percent.

Florida Labor Market Sees Broad Based Strength in October

Florida added 35,200 net new jobs in October, which was the best monthly gain the state has seen since May 2010. Private sector payrolls rose by an even more robust 36,600 jobs in October. Gains were exceptionally broad based, with the strongest growth coming from professional & business services, which added 20,900 jobs in October, and education & health services, which added 5,100 jobs. Construction employment fell by 5,500 jobs in October but remains up solidly on a year-to-year basis. The drop may be a statistical fluke, as building activity has strengthened. Many builders are having trouble filling skilled positions, however, and that may also be a source of the shortfall.
Florida tourism is enjoying another record-breaking year. Visit Florida recently reported data for the third quarter of 2015, which showed a record number of tourists visiting the Sunshine State, both in the third quarter and on a year-to-date basis through September. A total of 79.1 million tourists visited the state through the first nine months of this year, which is up 5.5 percent from last year. The growth is evident at hotels and resorts throughout the state, many of which have opened new and expanded
facilities in 2015 with much more work still in the pipeline.

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