More good news for Florida's jobs - growth surged in August:
Bottom line: Florida's job growth was excellent in July and only improved in August. Overall, Florida created the 2nd highest number of jobs and had the best relative growth in the country for the month according to info within ADP's private sector jobs report. Here were the highlights for August:
- +18,700 private sector jobs in Florida (8% increase year over year)
By Select Industries:
- Trade, Transportation and Utilities 3,900
- Natural Resources/Mining and Construction 3,300
- Professional and Business Services 2,900
- Manufacturing 1,500
With 237,000 private sector jobs added nationally...Florida accounted for 7.9% of all jobs added nationally. With just 6.3% of the population in our state that's impressive 25% out-performance! Florida remains the 3rd biggest producer of jobs overall and the 2nd best producer of jobs on a relative basis since the end of the Great Recession in 2009. The big question is what now in the wake of hurricane Irma. In the wake of the 04', 05' hurricane cycle we actually saw a big boost in the state's economy when the insurance money began rolling in and the reconstruction of damaged property ensued. The biggest challenge will be in the Keys' economy. At last check about 88% of the Keys' economy was influenced by tourism. For that matter, even the 12%, or so that's driven by locals may not exist for the foreseeable. We'll have a clearer picture of what lies ahead next month.