TALLAHASSEE, Fla. – March 18, 2013 – Florida’s economic rebound hit a watershed moment in January when the state’s unemployment rate of 7.8 percent fell below the national unemployment rate for the first time in five years.
Florida Realtors Industry Data Analysis (IDA) department has continuously analyzed the state’s unemployment rate, noting the direct relationship jobs have with homeownership.
“It’s always been clear that a strong real estate market – both commercial and residential – requires a strong job market,” says John Tuccillo, Florida Realtors chief economist. “It might seem simplistic to say that those out of work don’t buy and sell houses, or need places to work, but that’s the simple truth of how the market operates. In turn, real estate strength helps build job growth.”
Gov. Rick Scott heralded the latest drop of the unemployment rate in a release. “We have added more than 280,000 private-sector jobs over the last two years, and as we continue to focus on greater economic growth, we will see even more jobs created,” Scott said.
Every March, the Bureau of Labor Statistics in the U.S. Department of Labor and the Florida Department of Economic Opportunity release January employment and unemployment estimates and revised historical data. The benchmark revisions take place this same time every year in each state nationwide.
Employment numbers cited by governor’s office
• Florida has had positive annual job growth for 30 consecutive months.
• Florida’s job growth month-to-month has been positive for 18 of the last 19 months.
• Florida is expected to create 900,000 new jobs by 2018, according to the Florida Economic Estimating Conference.
• Florida’s unemployment rate has now declined year-over-year for 27 consecutive months.
• Initial claims for Reemployment Assistance benefits were down by almost 15 percent from one year ago.
• 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.
• In February, the state’s 24 Regional Workforce Boards reported more than 38,000 Floridians placed in jobs.
• More than 426,000 Floridians were placed in jobs in 2012, with 111,173 former claimants finding employment.
“Governor Scott’s emphasis on improving Florida’s economic climate has led to an increase in housing starts and more job creation, most recently in the construction industry,” says Dean Asher, 2013 president of Florida Realtors and broker-owner with Don Asher & Associates in Orlando. “More people are moving into Florida because of our improving economy, and Floridians are feeling more confident about their finances. Florida Realtors and our 118,000 members statewide look forward to continuing to provide world-class customer service and experience in helping Floridians realize the American dream of homeownership.”
© 2013 Florida Realtors®
Reprinted with permission. Florida Realtors®. All rights reserved.