Among the metropolitan areas in the US that have registered the lowest unemployment rates, four out of five are in Florida, with its robust tourism activity, increasing population, and growing business investments.
According to the latest rankings from the Bureau of Labor Statistics, the lowest unemployment rate was registered in the Miami metropolitan area, in February 2023 at 2.2%, comparable to Birmingham, Alabama. Other major cities of Florida: Jacksonville, Tampa, and Orlando, registered unemployment rates below 2.7% in the same month, while the national average stood at 3.5% in March.
Florida has been experiencing high in-migration from US citizens moving away from colder areas and higher costs in the Northeast. In fact, according to the Census Bureau’s latest estimates, Florida had the biggest population gains due to domestic migration of any state from July 2021 to July 2022, growing by more than 300,000 residents, and the fastest-growing percentage.
The influx of residents increased consumer demand, thus more workers to satisfy new building demand.
Tourism in Florida has also been booming recently. More than 137 million people visited the state last year, exceeding 2019’s total. The last quarter of 2022 was the sixth consecutive that visitor numbers exceeded pre-pandemic levels.
Florida also benefited from businesses moving into the state, as finance titans such as Citadel, Goldman Sachs and Blackstone have all announced plans to move part or all of their operations to Miami, and other financial sector firms will follow.