TALLAHASSEE — Governor Rick Scott today announced that Florida created 36,900 private-sector jobs in June 2014. This is the single highest month of private-sector job creation since Governor Scott took office. The statewide unemployment rate for June 2014 is 6.2 percent, down 0.1 percentage points from the May 2014 rate and 1.2 percentage points from the June 2013 rate of 7.4 percent.
Governor Scott said, “Florida experienced a record setting month for private-sector job creation in June with 36,900 new jobs over the month and a total of 620,700 private-sector jobs added since December 2010. This news is great for Florida families, and Florida continues to have great success in our state’s economic recovery. Let’s keep working so that every person who wants a job can get one here in Florida.”
Since December 2010, Florida’s unemployment rate has dropped 4.9 percentage points, from the high rate of 11.1 percent down now to 6.2 percent in June 2014. Florida’s unemployment rate has declined or held steady over the month for 44 of the last 46 months.
“As the trends continue to tell Florida’s economic turnaround story, today’s announcement adds another important chapter with 36,900 private-sector jobs created and the statewide unemployment rate down to 6.2 percent,” said Department of Economic Opportunity Executive Director Jesse Panuccio. “This economic growth is not happening by chance. Policy matters, and this Administration will keep working to promote the pro-growth policies that are making Florida the best state in the nation in which to live, work, and start or grow a business.”
The long-term positive trends in the unemployment rate and job counts are among the most important economic indicators to consider when analyzing the health of Florida’s economic recovery. The state’s private-sector job counts have been steadily on the rise for over three years, showing that Florida’s businesses are responding to the state’s improving economic climate. Since December 2010, the state has added 620,700 private-sector jobs.
More Floridians Getting Back to Work
· Florida’s job growth rate over the year has exceeded that of the nation since April 2012.
· Florida’s private sector job growth month-to-month has been positive for 34 of the last 36 months.
· Florida has created 620,700 new private-sector jobs since December 2010.
· Florida job postings compiled by the Help Wanted OnLine data series from The Conference Board showed 263,855 openings in June 2014.
GDP (Gross Domestic Product)
· Real GDP is defined as the value of all final goods and services produced in a time period in a given economy (using constant, inflation-adjusted dollars).
· Real GDP is a standard measure of an economy’s output. For states, this number is not reported as frequently or as timely as the unemployment rate, job count, and job demand.
· Last month, the federal government released the 2013 GDP figures for the states, and Florida’s position is worth noting.
· Florida’s overall real GDP was $750.5 billion, which was the fourth highest real GDP behind California, Texas, and New York.
· In terms of real GDP growth rate, Florida grew at 2.2 percent, which among the ten largest states was the third highest rate.
· It was also above the national growth rate for 2013, which was 1.8 percent.
· In terms of trends, from 2008 through 2011, real GDP declined, including a drop of over 6 percent in 2009.
· For a second year in a row, GDP growth in Florida exceeded 2 percent, more good news for the state economy.
Home Sales Robust
· Home sales remain robust as the backlog of existing homes on the market is down by 31.3 percent from December 2011 (Florida Realtors).
· Florida median home prices were up 4.3 percent over the year in May 2014.
Economic Growth Trends Up Across State
· A recent U.S. Census Survey reported that Florida experienced an influx of people moving into the state. Florida also led the nation in migrations from Puerto Rico.
· Florida is running a trade surplus of over $18 billion – with $90.4 billion in exports and $71.8 billion in imports in 2012, up from $86.8 billion in exports in 2011 and $62.4 billion in imports in 2011.
Workforce Boards Assisting in Employment
· In June, Florida’s 24 Regional Workforce Boards reported more than 35,000 Floridians were placed in jobs. An individual who receives employment and training assistance through a CareerSource Center and finds a job within 180 days is deemed a placement and may be reported by a regional workforce board. Of these individuals, 7,239 previously received Reemployment Assistance.
· In 2013, more than 479,000 Floridians were placed in jobs, with 135,384 former claimants finding employment.
Source: Rick Scott Press Office