TALLAHASSEE—Governor Rick Scott today announced that Florida’s private sector created 20,900 jobs over the month in March 2014. Since December 2010, Florida has added 563,900 private sector jobs.

Florida’s over the year job growth rate in March 2014 of 3.0 percent represents the fastest job growth rate since June 2006, meaning that the annual rate of growth from March 2013 to March 2014 was greater than any other month’s annual job growth rate since the June 2005 to June 2006 rate.

Governor Rick Scott said, “March’s job creation number brings more good news for Florida families, this means that more than 20,000 more Floridians will be able to provide for their families. Businesses in the state are continuing to create jobs– a total of 563,900 jobs since December 2010. Our improving economy is evidence that our policies are working and we will continue to work until every Floridian that wants a job can get a job.”

The state’s unemployment rate for March 2014 was 6.3 percent, down 1.4 percentage points from the March 2013 rate of 7.7 percent. For the eighth consecutive month, Florida’s statewide unemployment rate remains below the national unemployment rate, which was 6.7 percent in March 2014.

In March 2014, Florida’s labor force again increased over the month and over the year. Labor force was 9,575,000 in March 2014 and is defined as the sum of employment plus unemployment (those without a job but actively seeking work). Furthermore, Florida’s labor force participation rate, which is labor force divided by the total civilian noninstitutional population, was 60.5 percent in March 2014, up 0.3 percentage point from the February 2014 participation rate of 60.2 percent. In other words, although the unemployment rate increased slightly, 41,000 more people gained employment in March, and 59,000 entered the labor force.  

Jesse Panuccio, Executive Director of the Florida Department of Economic Opportunity said, “Florida’s economic turnaround continued in March, with significant growth in private-sector jobs, high job demand, and an increasing employment reflecting renewed confidence among job seekers. These positive trends are the result of sound economic policy in Florida.”

February private sector job creation was revised up 34,400 jobs created, the largest one month gain since October 2010. In addition public sector jobs were revised down.

More Floridians Getting Back to Work

• Florida’s private sector job growth month-to-month has been positive for 33 consecutive months. 
• Florida has created 563,900 new private sector jobs since December 2010.
• Florida job postings compiled by the Help Wanted OnLine data series from The Conference Board showed 260,000 openings in March 2014.
• Florida’s unemployment rate has remained below the national unemployment rate for eight consecutive months.

Home Sales Robust

• Home sales remain robust as the backlog of existing homes on the market is down by 31.3 percent from December 2011 (Florida Realtors).
• Florida median home prices were up 10.0 percent over the year in February 2014.

Economic Growth Trends Up Across State

• A recent U.S. Census Survey reported that Florida experienced an influx of people moving into the state. Florida also led the nation in migrations from Puerto Rico.
• Florida is running a trade surplus of over $18 billion – with $90.4 billion in exports and $71.8 billion in imports in 2012, up from $86.8 billion in exports in 2011 and $62.4 billion in imports in 2011.

Workforce Boards Assisting in Employment

• In March, Florida’s 24 Regional Workforce Boards reported more than 40,890 Floridians were placed in jobs, a 24 percent increase over the year. An individual who receives employment and training assistance through a CareerSource Center and finds a job within 180 days is deemed a placement and may be reported by a regional workforce board. Of these individuals, 8,617 previously received Reemployment Assistance. 
• In 2013, more than 479,000 Floridians were placed in jobs, with 135,384 former claimants finding employment.

To view the March2014 employment data visit www.floridajobs.org/labor-market-information/labor-market-information-press-releases/monthly-press-releases.

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