At 4.1 percent, Florida’s unemployment rate hit a ten-year low in June. And Orlando continues to lead the state in job growth at 3.9 percent.
The Orlando area added 46,700 new jobs last year. But the largest chunk of them are in the lower paying leisure and hospitality sector.
“Orlando is one of the leading metro areas in the state, as well as in the country. We do have a lot of people moving into the region, a lot of young people moving into the region,” said PNC economist Mekael Teshome. “But wages are missing, and that’s really where we need to focus our attention now.”
Home prices are rising faster than income growth, said Teshome. This could put affordable housing out of reach, he said.
Across the state, the Miami, Fort Lauderdale, West Palm Beach area saw a 4.5 percent unemployment rate in June, while Tampa, St Petersburg, Clearwater came in at 4.1 percent, and Tallahassee at 4.3 percent.
Hendry County led the state again with the highest unemployment rate at 9.4 percent, while Monroe County had the lowest rate at 2.8 percent.
An estimated 419,000 Floridians remain unemployed out of a labor force of about 10 million.