Florida TaxWatch Economic Commentary
2015 job growth leads to record-high employment in Florida
Improving job numbers signal a growing economy.
Leisure and Hospitality also saw significant job growth over the past year. While the growth was on pace with job growth in this sector in recent years, it is a strong sign of the continued strength of Florida’s tourism industry. Currently, Florida is one of the most popular tourist destinations in the world, and with increased tourism comes job creation for the state. For example, for every $1 million spent by tourists in Florida, roughly 10.5 jobs are created.7
A 2013 study showed that Florida’s unemployment rate would have more than doubled in 2013 without jobs created by the tourism industry,8and it is reasonable to expect continued growth in the Leisure and Hospitality sector of the economy due to the continued growth and strength of the Florida tourism industry.
Over the past year, Florida has seen significant job growth in all major private sector industries in Florida. This has led an unemployment rate of 5.0% (matching the national rate), the lowest since January of 2008.9
Florida’s economy and job market have grown at a strong and consistent rate in recent years, leaning on strengths like Leisure and Hospitality, while also expanding in the high skilled areas of Scientific and Technical services.
Moving forward, Florida can expect to see consistent growth in 2016, comparable to that seen over the past few years. Florida’s economy benefits from a favorable tax environment and a diverse economy which allows businesses from all industries to grow and prosper. Given the current state of Florida’s job market and economy, as well as the consistent growth observed in recent years, Floridians have a lot to be optimistic about heading into the New Year.
7 Travel is an Economic Engine (Florida). US Travel Association.
9 Florida TaxWatch analysis of Bureau of Labor Statistics data November 23, 2015.
Economic Commentary written by
Kyle Baltuch, MS, Economist
Robert Weissert, Executive VP for Research & Special Counsel to the President & CEO
Steven T. Petty, Ph.D., Chief Economist
Chris Barry, Director of Publications
Michelle A. Robinson, Chairman of the Board of Trustees, Florida TaxWatch
Senator George LeMieux, Advisory Board Chairman, Center for Competitive Florida
Dominic M. Calabro, President, CEO, Publisher & Editor
Florida TaxWatch Research Institute, Inc.