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A Florida TaxWatch economic report
Florida's mid-year job growth steady
Wages are beginning to increase
| Job Growth - Florida MSAs | |
| Metropolitan Statistical Area | Total Non-Farm Job Growth Rate* |
| Cape Coral-Fort Myers |
3.2% |
| Crestview-Fort Walton Beach-Destin |
1.6% |
| Deltona-Daytona Beach-Ormond Beach |
1.9% |
| Fort Lauderdale-Pompano Beach-Deerfield Beach |
3.3% |
| Gainesville |
0.8% |
| Jacksonville |
3.2% |
| Lakeland-Winter Haven |
1.8% |
| Miami-Miami Beach-Kendall |
2.8% |
| Miami-Fort Lauderdale-Pompano Beach |
3.0% |
| Naples-Marco Island |
4.6% |
| North Port-Bradenton-Sarasota |
4.0% |
| Ocala -0.8% Orlando-Kissimmee-Sanford |
3.7% |
| Palm Bay-Melbourne-Titusville |
0.4% |
| Palm Coast |
3.0% |
| Panama City-Lynn Haven-Panama City Beach |
0.1% |
| Pensacola-Ferry Pass-Brent |
0.9% |
| Port St. Lucie |
2.5% |
| Punta Gorda |
1.7% |
| Sebastian-Vero Beach |
0.2% |
| Tallahassee |
2.3% |
| Tampa-St. Petersburg-Clearwater |
2.2% |
| West Palm Beach-Boca Raton-Boynton Beach | 3.0% |
| * Seasonally Adjusted data from the U.S. Department of Labor’s Bureau of Labor Statistics. | |
The latest business conditions survey from the National Association for Business Economics reported that 43 percent of participants said their firms had increased wages, up from only 19 percent reporting increases last year. Another indication of rising wages is the rise in the Compensation Index from the National Federation of Independent Business, where the reported number of businesses planning to raise compensation was at a post-recession high. While increasing wages represent an increase in the cost of doing business, this is an indication of the recovery of job markets around the country, where job markets are beginning to tighten and wages are increasing.
Conclusion
Florida’s job growth is accelerating as the state’s economy continues its recovery from the Great Recession. Florida has reduced its unemployment rate from 7.4 percent to 6.2 percent over the past 12 months, giving Florida substantially better unemployment rates than the contiguous states of Georgia (7.4%), Alabama (6.8%), and Mississippi (7.9%).
Earlier this year, Florida passed its pre-recession employment peak, and continues to produce net new jobs at increasing rates, and job growth over the first six months of the year is 30 percent higher than the same period in 2013. This acceleration of job creation means more job opportunities for Floridians, more business activity, and more tax revenues for our state.
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