By Sunny Isles Real Estate Expert on June 12th, 2012
With many economic figures showing record improvements in 2012, first quarter have shown great results for the Miami real estate market, businesses, and for job seekers. According to data released by the state labor agency, Florida’s unemployment rate dipped to 9.4%. While that rate can still stand to improve, this is the lowest unemployment rate since 2009. The February unemployment rate decreased by 0.2 percentage points from January figures, and it is more than half a point lower than it was last year at this time.
With this new unemployment data comes new figures on job growth in Florida, which were also up for the month. 10,000 more jobs were added in February as compared to January, and the percentage of jobs created is up by 1% over the last year. While these figures look promising, there are still 869,000 people out of work in Florida, according to the DEO. In rebuilding the economy and the housing market, there is still much to be done in the way of job creation, as Florida’s unemployment rate remains more than one full point above the national unemployment average of 8.3%.
While Florida has seen a great deal more jobs created, February was also a good month for job creation in many other areas of the country. National figures indicate that job creation is growing steadily and that new jobs are entering the market, thus decreasing the overall unemployment rate. Local economic policies have been credited by some analysts for the remarkable shift in the unemployment rate in select areas, while others point to a broader recovery that is taking place throughout the nation. Most believe that these figures are a sign that the economy is improving on a national level, and this is giving people more confidence in their ability to spend money and buy new homes.
While the numbers still need to significantly improve for Florida’s economy to rebound completely, Governor Rick Scott opened up about the wonderful numbers in a recent speech stating that the drop in unemployment can be attributed to private sector job creation, and he also asserts that Florida is headed in the right direction as far as growth and recovery are concerned. The number of people collecting unemployment dropped significantly to 346,000 instead of the record high 735,000 in 2010. With these figures in mind, it is easy to see why many people are gaining more confidence in the economy, the housing market, and the business market in Florida.