The Miami metropolitan area recorded the largest increase in private sector employment in October 2023 of all metropolitan areas.
The region added 38,600 new jobs, an increase of 3.4 percent compared to the same period last year. Miami’s unemployment rate was 1.6 percent in October 2023, down from 2.4 percent in October 2022.
The sectors with the largest employment increases were commerce, transportation and public services, with 15,200 jobs, and professional and business services, with 11,900 jobs.
The report of FloridaCommerce also revealed that Florida’s workforce grew by 0.2 percent in October 2023, while the national workforce growth rate decreased by 0.1 percent over the same period.
This is the 29th consecutive month that Florida has outpaced the national labor force growth rate. In fact, Florida’s workforce has grown or remained steady for 36 consecutive months, with an annual growth rate of 3.1 percent through October 2023, higher than the national rate of 1.9 percent.
The private sector is on the rise
In the private sector, employment in Florida increased by 0.3 percent, equivalent to 25,900 jobs, in October 2023. Florida’s construction industry experienced its fifth consecutive month of growth in October 2023, adding 2,500 jobs since September 2023. There is also a steady increase in new building permits in Florida.
Florida also has the highest number of new business formations in the country, with 2.7 million new businesses since 2019.
The state’s unemployment rate was 2.8 percent in October 2023, more than one percentage point below the national rate of 3.9 percent. This is the 36th consecutive month that Florida’s unemployment rate has been below the national average.