Maybe it’s the sun, the sand, the trees or just the overall dedication to finding ways to remotely run businesses and restructure the businesses that actually need a physical location open, but Floridian’s are determined to help their economy thrive in the safest and most innovative ways possible. As we are continuing to track everything going on around us, one of our favorite bits of information comes from the Florida Department of Economic Opportunity and the latest reporting statistics for unemployment and re-employment in their September Press Release (Excerpt seen below):
TALLAHASSEE, Fla. – Today, the Department of Economic Opportunity announced Florida’s unemployment rate for August 2020 dropped to 7.4 percent, down 4 percentage points over the month. Additionally, Florida’s labor force increased 1.4 percent over the month, an increase of 143,000 Floridians entering the workforce. Florida businesses gained 46,000 private sector jobs over the month.
The August 2020 report showed encouraging indicators:
- Florida lost 1,178,100 jobs from February to April 2020 and has since gained back over half of the jobs lost (+631,600 jobs).
- The three industries losing the most jobs from February to April 2020, gained back 448,300 jobs from April to August 2020: leisure and hospitality (+278,500 jobs, 50.6 percent); professional and business services (+73,200 jobs, 48.5 percent); and education and health services (+96,600 jobs, 72.9 percent).
“Florida’s job creators have faced significant challenges this year, forcing many of them to make difficult strategic decisions; however, today’s employment data reflects their commitment to Florida families,” said Dane Eagle, Executive Director of the Florida Department of Economic Opportunity. “Under Governor DeSantis’ leadership, I look forward to protecting Florida’s business friendly environment and working with our partners throughout the state to help improve the lives of Floridians, strategically invest in our communities, and transform Florida’s economy for the future.”
Florida Economic Indicators for August 2020 include:
- Unemployment rate was 7.4 percent.
- Labor force was up 143,000, or 1.4 percent, over the month.
- Florida businesses gained 46,000 private-sector jobs over the month.
- Florida’s private-sector job creation over-the-year rate of decline of 5.8 percent was less than the national over-the-year decline of 7.4 percent.
- Florida private-sector jobs were down 458,000 over the year.
- Private-sector industries gaining the most jobs over-the-month were:
- Education and health services with 21,400 new jobs;
- Professional and business services with 9,600 new jobs;
- Trade, transportation and utilities with 6,600 new jobs;
- Other services with 4,500 new jobs; and
- Financial Activities with 3,400 new jobs.
To view the August 2020 jobs reports by region, please see below:
To view the August 2020 employment data visit
As we still have so much work to do to bring our economy back to a fully functioning status, indicators like these can give businesses immense hope for rebuilding. As is understandable with the evolution of the business landscape after a traumatic hit that we have experienced in 2020, some industries are getting back on their feet a little quicker. For those who are looking to start their first business or just looking to pivot their strategy, pay attention to information and releases such as these to determine what industry will be the best opportunity to get back on your feet.
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