Florida TaxWatch Economic Commentary
Florida sees Solid Job Growth in 2014
For the past four years, the January edition of the monthly Florida TaxWatch Economic Commentary has analyzed the annual Florida employment figures for the previous year. Since the first such analysis in January 2011, Florida has gained approximately 710,200 nonfarm jobs, which equates to a 9.9 percent growth. The three industries that have added most jobs from December 2010 to December 2014 were: Professional and Business Services, Leisure and Hospitality, and Retail Trade, which have experienced 15.7 percent, 15.5 percent, and 12.4 percent employment growth, respectively. 1
|Top Job Creators in the past Five Years
(December 2010-December 2014)
|December 2010*||December 2014||Job Gains|
|Professional & Business Services||1,022,800||1,183,500||160,700|
|Leisure and Hospitality||944,700||1,091,000||146,300|
|Source: Department of Labor, Bureau of Labor Statistics
*The Bureau of Labor Statistics revised several of these figures.
This edition of Economic Commentary focuses on the growth from December 2013 to December 2014, which has been the state’s most successful year of job creation in the past four.
All Nonfarm Industries Created Jobs In 2014
In 2014, the Florida economy experienced job growth that had not been seen in several years, as all nonfarm industries created jobs. Approximately 230,600 nonfarm jobs were created from December 2013 to December 2014 (a 3 percent increase), nearly all of which (an estimated 225,700) were in the private sector.
In addition, Florida’s preliminary December 2014 unemployment rate is estimated at 5.6 percent, which is a statistically significant decrease from December 2013 rate (6.3 percent).2 Florida’s unemployment rate currently matches the nation’s, and is lower than most southeastern states, including those of bordering Alabama and Georgia.3 Florida also experienced the third largest over-the-year job increase in the nation after only Texas and California.4
1 Figures were estimated using Bureau of Labor Statistics revised employment data from 2010.
2 Department of Labor. Bureau of Labor Statistics. “Regional and State Employment and Unemployment Summary”. January 27, 2015.
3 Georgia, Mississippi, South Carolina, Alabama, Louisiana, and Tennessee all had higher unemployment rates
4 Department of Labor. Bureau of Labor Statistics. “Regional and State Employment and Unemployment Summary”. January 27, 2015.
» NEXT PAGE: Estimated job gains by industry