Construction industry reports five straight months of growth across Florida

0
1571

Florida Construction News staff writer

Florida’s construction industry recorded its fifth consecutive month of growth in October with 2,500 jobs added since September 2023. New construction permitting also continues to trend upward in Florida, demonstrating Florida’s unique level of economic health. Florida also continues to lead the nation in new business formations, with 2.7 million new businesses since 2019.

In October, the trade, transportation and utilities sector gained the most jobs among all major industries, adding 10,900 jobs from the previous month, followed by education and health services, adding 8,500 jobs.

Overall, Florida’s labor force grew by 0.2 percent in October, while the national labor force growth rate declined by 0.1 percent.

Statistics for the past 29 months show Florida has outpaced national growth rates, with private sector employment up by 0.3 percent (+25,900 jobs) last month. Florida’s unemployment rate sits at 2.8 percent, more than a percentage point lower than the national rate of 3.9 percent.

“Florida is bucking the national trends and we continue to see job growth month after month,” Gov. Ron DeSantis said in a news release. “In Florida, we are driving economic success through smart investments in workforce education, strong infrastructure and local community development.”

Private sector job growth rate has exceeded the nation’s rate for 31 consecutive months at 3.0 percent (+252,900 jobs) compared to 1.7 percent nationally. Florida’s labor force has grown or remained steady for 36 consecutive months with an over-the-year growth rate of 3.1 percent in October 2023 — faster than the national rate of 1.9 percent over the same time period.

To view the October 2023 jobs reports by region, please see below:

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.