Florida has been standing out in the US economy, with four of the five metropolitan areas with the lowest unemployment, with four of the five metropolitan areas with the lowest unemployment rates in the country in February. This is due to population growth, strong tourism activity, and increased business investment. Domestic migration has been one of the main reasons behind the state’s success, with over 300,000 new residents in the last 12 months. Tourism has also been boosting the job market, with over 137 million visitors in 2021, driving consumer demand and the need for more workers. In addition, major financial companies are transferring their operations to Florida, further benefiting the state’s economy. Discover why Florida is the state making a difference in the US economy!
Four of the US’s five metropolitan areas with the lowest unemployment rates are in Florida, according to data from the latest census. Experts attribute the success to the state’s population growth, strong tourism activity, and increased business investment. Miami, Jacksonville, Tampa, and Orlando had unemployment rates below 2.7% in February, with Miami having the lowest unemployment rate among metropolitan areas with over 1 million people, tied with Birmingham, Alabama. The national unemployment rate in March was 3.5%.
According to regional economics experts at Moody’s Analytics, immigration is an important part of Florida’s story, and people are currently moving from colder, higher-cost areas in the Northeast to places like Miami, Jacksonville, Orlando, and Tampa. Florida had the largest population gains due to domestic migration of any state from July 2021 to July 2022, growing by over 300,000 residents, and was the state that grew the most in percentage during that period.
According to Adam Kamins, director of regional economics at Moody’s Analytics, Florida is more affordable and has milder weather, making it attractive to residents seeking a cheaper alternative to expensive coastal cities like New York and San Francisco. The population increase resulted in greater consumer demand, leading to the need for more workers to meet that demand.
Tourism in Florida has been boosting the job market, with over 137 million visitors in 2021, surpassing the total for 2019, according to data from the state’s tourism marketing arm. The number of visitors has exceeded pre-pandemic levels for six consecutive quarters, driving consumer demand and the need for more workers.
Barbara Byrne Denham, senior economist at Oxford Economics, stated that another reason for the significant drop in unemployment rates in Florida over the past six months is the large number of tourists the state continues to receive, particularly due to the mild winter weather.
Coming of Large Companies
Major financial companies such as Blackstone, Goldman Sachs, and Citadel have announced plans to transfer their operations to South Florida, benefiting the state’s economy. Additionally, Florida’s economy is linked to the national economy, which means that when the US job market is tight, it’s typically tighter in Florida, according to Florida International University economist Mihaela Pintea.
Source: Gazeta News
Invest in real estate in Florida and take advantage of the opportunity to be in one of the US metropolitan areas with the lowest unemployment rates! With population growth, high tourism, and business investments, Florida offers a strong and constantly growing job market. Don’t waste any more time and secure your investment in Florida today!