April 24, 2024

Florida unemployment rate is lowest among nation's most populated states

(The Center Square) — According to the latest figures from the U.S. Bureau of Labor Statistics, Florida has a seasonally-adjusted unemployment rate of 2.8% and ranks 14th overall, sharing a spot with Kansas and Hawaii.

Of the five largest states by population — California, Texas, Florida, New York and Pennsylvania — Florida has the lowest unemployment rate. At the same time, New York, Texas and California all sit above the national average of 3.8%.

Pennsylvania has an unemployment rate of 3.4% and a ranking of 30th overall. New York sits at 4.0% and has an overall ranking of 41st, while Texas is slightly higher at 4.1% with a ranking of 43rd. California trails further behind with a rate of 4.7% and an overall ranking of 49th.

The remaining top 10 most populated states — Illinois, Ohio, Georgia, North Carolina and Michigan have an average unemployment rate of 3.4% — with Ohio, Georgia and North Carolina all sitting at 3.4% with a ranking of 30th overall respectively.

Michigan is slightly higher than the national average at 3.9% and a ranking of 40th, while Illinois’ unemployment rate sits at 4.4%, with an overall ranking of 47th.

Nevada lags behind all other states with an unemployment rate of 5.4%.

According to the Bureau’s preliminary data, Florida’s civilian labor force has increased from 10.9 million people in April to 11.15 million by September, an increase of over 190,000 people.

Florida’s labor force participation rate is 59.8%, which trails the national rate of 62.8%. The state has one of the highest numbers of retirees in the nation, with over 4 million people age 65 or older residing in the Sunshine State.

Preliminary bureau data also shows that California’s civilian labor force has dropped from 19.4 million in April to 19.38 million by September (62.3% participation rate), while Texas’ labor force has increased during the same time period from 14.96 million to 15.14 million (64.4% participation rate).

Gov. Ron DeSantis announced Monday that according to a recent study published by researchers at The Digital Project Manager, Florida is the most entrepreneurial state in the nation.

"Florida's pro-business, freedom-first policies make Florida the best state in the nation to do business. I appreciate those Floridians who have taken a risk to start their own ventures," DeSantis said in a news release.

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