Florida’s economy grows twice as fast as national rate, leading in job creation

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Florida Construction News staff writer

Florida’s economy grew by 21.9 percent from 2019 to 2024, nearly double the national growth rate of 11.1 percent during the same period.

With an annual GDP close to $1.3 trillion, Florida remains one of the world’s strongest economies and leads the nation in new business formations, with over 3 million new businesses since 2019, and more than 266,000 started in 2024.

“Today’s economic milestone shows that effective leadership makes a difference,” said Gov. Ron DeSantis. “Our responsible management and fiscal discipline have allowed Florida’s economy to far exceed the national growth rate.”

Florida’s private sector job growth rate is also leading the U.S., with a 2.2 percent increase (+192,000 jobs) compared to the national rate of 1.6 percent. In May 2024, the construction industry saw the most job gains, adding 5,500 jobs (+0.8 percent) from the previous month. The education and health services sector followed, adding 2,700 jobs (+0.2 percent).

Investments in Florida’s economy are creating high-skill, high-wage jobs, making the state more competitive and attractive for workers. Florida offers numerous opportunities for job seekers to gain skills and training, ensuring long-term economic strength and success for future generations.

Florida’s unemployment rate was 3.3 percent in May 2024—unchanged from April 2024—and lower than the national rate of 4 percent. The state’s unemployment rate has been below the national average for 43 consecutive months.

In May, there were over 397,000 job openings posted online. Floridians looking for work can use the CareerSource Florida network for assistance. Job seekers can get help with registering for Employ Florida, searching for local job listings, improving their resumes, practicing interview skills, setting career goals, and receiving customized training. These services are free for job seekers.

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