Economist: Florida Cruising For Steady Growth
Florida’s unemployment rate stayed the same for the last two months, and the state added 23,000 new jobs.
The latest jobs report out today shows Florida’s unemployment rate was 4.7% in September, the same as August.
PNC economist Mekael Teshome said it’s a good report for Florida.
“It basically tells us that as we get into 2017, Florida’s economy cruising into a steady rate of growth, that’s a good thing, and then there is increased confidence as more workers jump into the workforce to seek employment,” said Teshome.
Orlando, Kissimmee and Sanford led the state in job growth over the year ending in September, adding 52,100 new private sector jobs.
Leisure and Hospitality led the way in Orlando area job growth, adding 13,500 jobs.
Teshome said the good thing about the hospitality sector is that it responds to upticks in the national economy.
“As the rest of the US economy steadily improves, it means that more and more people are able to spend money, come down to Orlando, enjoy a few days, a week or so, and bring money and economic activity into the region.”
The down side, said Teshome, is that wage and income growth in the hospitality sector has been lagging.