Florida exhibits one of the best employment rates in the United States

Four of the five U.S. metros with the lowest unemployment rates are in the state of Florida. This was revealed in a recent report by the Bureau of Labor Statistics in the country.

Metro areas with more than one million people (Miami and Birmingham, Alabama) had the lowest unemployment rate in February at 2.2%. For their part, the Jacksonville, Tampa and Orlando areas were able to reduce that to 2.7%.

What factors contribute to these low unemployment rates?

For Florida, strong tourism activity and an increase in investment have contributed to a decrease in the unemployment rate. These factors are compounded by the increasing population growth in the area.

Likewise, immigration is a very important part of Florida’s story, said Adam Cummins, director of regional economics at Moody’s Analytics. That plays a role as people move from cooler, more expensive areas in the Northeast to places like Miami, Jacksonville, Orlando and Tampa.

As more people came to the Florida territory, companies were able to increase the demand to hire workers. Among the most benefited are those dedicated to tourism.

On the other hand, inland migration resulted in the growth of more than 300,000 residents in Florida. This makes it very affordable compared to cities like New York or San Francisco.

Another reason why unemployment has fallen in the last six months is the influx of tourists to the area. This was explained by Barbara Byrne Denham, a senior economist at Oxford Economics.

Florida has a curious fact and the state is the least generous in unemployment benefit programs.

If it behaves differently, the unemployment rate will be high, encouraging more benefits. Therefore, they do not encourage people to look for new jobs.