BUSINESS UPDATE: Brevard County Unemployment Rate Drops to 3.5 Percent In October

By  //  November 18, 2017

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Florida Unemployment Rate Drops to 3.6 Percent

The Department of Economic Opportunity announced that Brevard County’s unemployment rate dropped to 3.5 percent in October. Last month, the rate was 3.6 percent, and in October 2016 it was 5.1 percent.

More Than 127,000 Private-Sector Jobs Created in October

BREVARD COUNTY, FLORIDA — The Department of Economic Opportunity announced that Brevard County’s unemployment rate dropped to 3.5 percent in October. Last month, the rate was 3.6 percent, and in October 2016 it was 5.1 percent.

Florida Gov. Rick Scott announced that the state’s unemployment rate dropped to 3.6 percent, the lowest in more than a decade.

More than 127,000 private-sector jobs were created in October. Since December 2010, Florida businesses have created 1,448,300 jobs. Florida’s annual job growth rate of 2.6 percent also exceeds the nation’s rate of 1.6 percent.

“I am proud to announce today that Florida’s unemployment rate has reached a more than 10-year low of 3.6 percent and that more than 127,000 private-sector jobs were created in October,” said Scott.

“While Hurricane Irma was a devastating storm, we have worked day after day to help communities recover and send a message across the world that Florida is open for business. Today’s announcement, and the creation of more than 1.44 million private-sector jobs since December 2010 shows the strength of our economy. We will continue to work to make our state more business-friendly, including fighting to cut taxes by more than $180 million during the upcoming legislative session, to help secure Florida’s future as the best place for families and job creators to succeed.”

As of October, Florida’s unemployment rate had dropped 7.1 percentage points since December 2010, faster than the national decline. In the last year, 216,000 people entered Florida’s labor force, a growth of 2.2 percent, which is more than four times the national labor force growth rate of only 0.5 percent.

Cissy Proctor, Executive Director of the Florida Department of Economic Opportunity, said, “Recovering from Hurricane Irma has been our top priority. We are committed to ensuring Florida’s families and businesses continue to prosper. The unemployment rate has consistently declined while jobs are being added in diverse industries all across the Sunshine State, proving that we have the best economic climate in the nation.”

Other positive economic indicators include:

  • Private-sector industries gaining the most jobs over-the-year were:
    • Professional and business services with 38,900 new jobs;
    • Trade, transportation and utilities with 38,300 new jobs;
    • Construction with 35,600 new jobs;
    • Education and health services with 17,600 new jobs; and
    • Other services with 17,600 new jobs.
  • Florida job postings showed 240,297 openings in October 2017.
  • In October, Florida’s 24 regional workforce boards reported 23,082 Floridians, including 1,273 veterans, were placed in jobs.

CLICK HERE to view the October 2017 employment data. 

CLICK HERE FOR BREVARD COUNTY NEWS


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