Governor Rick Scott today announced Florida’s statewide unemployment rate for May 2013 dropped to 7.1 percent, the lowest rate since September 2008. Florida’s rate was down 0.1 percentage point from April’s rate of 7.2 percent and continues to fall below the national average, which went up to 7.6 percent in May.

Governor Scott said, “Each month we continue to distance ourselves from the national unemployment rate and it is clear we are succeeding in growing opportunities for Florida families to pursue the American Dream.  Once again, Florida’s unemployment rate is well below the national average.  While Florida communities have experienced some incredible successes, we’ll continue working tirelessly to provide jobs to families across the Sunshine State.

“We had a very successful trip this week to the 50th Paris Air Show where we worked to grow Florida as a leader in aerospace – and create more jobs and opportunities for Florida families.   I was proud to announce that Vision Systems will open its first-ever U.S. subsidiary on the Space Coast.   As we continue to announce new opportunities across our state like Vision Systems, it underscores that the policies we are implementing to create more jobs for our families are working.”

Since December 2010, Florida’s statewide unemployment rate has dropped four percentage points, from a rate of 11.1 percent to May’s rate of 7.1 percent. In the same timeframe, the national unemployment rate has dropped 1.7 percentage points, demonstrating Florida’s improving economic climate continues to outpace the national recovery. Florida’s unemployment rate has now declined year-over-year for 31 consecutive months.

More Jobs Being Created

  • Florida experienced positive annual job growth for 34 consecutive months.
  • Florida’s job growth month-to-month has been positive for 21 of the last 23 months.
  • The number of private sector jobs added in the state in April 2013 was revised up by 2,300, revising the over the month change in jobs to 19,000 from the originally reported 16,700.
  • More than 330,000 new private sector jobs have been created in Florida since December 2010.
  • Florida is expected to create more than 900,000 new jobs by 2018, according to the Florida Economic Estimating Conference.

Unemployment Continues to Decline

  • Florida’s unemployment rate has now declined year-over-year for 31 consecutive months.
  • Initial claims for Reemployment Assistance benefits were down by 12.8 percent from one year ago.

Home Sales Robust

  • Home sales remain robust as the inventory of single family homes on the market is down by 24 percent from May 2012 (Florida Realtors – most recent month available).
  • Pending sales were up over the prior year in May 2013 by 30.8 percent and median sale prices were up 15.9 percent in May 2013 over the prior year.

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 $90.3 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 May, Florida’s 24 Regional Workforce Boards reported more than 40,000 Floridians were placed in jobs. This represents an increase of more than 13,000 placements over the year from May 2012. An individual who receives employment and training assistance through a One-Stop Career Center and finds a job within 180 days is deemed a placement and may be reported by a regional workforce board. Of these individuals, 11,726 previously received Reemployment Assistance.
  • In 2012, more than 426,000 Floridians were placed in jobs, with nearly 111,173 former claimants finding employment.

To view the May 2013 monthly employment data visit:

www.floridajobs.org/labor-market-information/labor-market-information-press-releases/monthly-press-releases.

 

 

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