Central Florida’s Unemployment Rate Drops to 4.4 Percent in February 2016

Central Florida’s Unemployment Rate Drops to 4.4 Percent in February 2016

by | Mar 25, 2016

FOR IMMEDIATE RELEASE

Mar 25, 2016

Contact: Larry Krause

407-531-1222, Ext. 2082

Central Florida’s Unemployment Rate Drops to 4.4 Percent in February 2016

Orlando, FL – The unemployment rate in the CareerSource Central Florida region (Lake, Orange, Osceola, Seminole, and Sumter counties) was 4.4 percent in February 2016. This rate was 1.0 percentage point lower than the region’s year ago rate of 5.4 percent. The region’s February 2016 unemployment rate was 0.3 percentage point lower than the state rate of 4.7 percent. Out of a labor force of 1,263,775 there were 55,816 unemployed residents in the region.

• The unemployment rates in the counties that comprise the CareerSource Central Florida region were: 4.2 percent in Seminole County, 4.2 percent in Orange County, 4.7 percent in Lake County, 4.9 percent in Osceola County, and 6.8 percent in Sumter County.

• Nonagricultural employment in the Orlando-Kissimmee-Sanford metro area (Lake, Orange, Osceola, and Seminole counties) was 1,183,800 in February 2016, an increase of 47,900 jobs (+4.2 percent) over the year. The metro area’s over the year growth rate was 1.0 percentage point higher than the state growth rate of 3.2 percent.

• The Orlando-Kissimmee-Sanford MSA had the fastest annual job growth rate compared to all the metro areas in the state in manufacturing (+7.0 percent) in February 2016.

• In February 2016, the Orlando metro area led all metro areas in job gains over the year in leisure and hospitality (+249,300 jobs); trade, transportation, and utilities (+222,700 jobs); government (+123,600 jobs); mining, logging, and construction (+65,400 jobs); manufacturing (+43,000 jobs); and other services (+41,700 jobs).

• The metro area’s over-the-year growth rates in mining, logging, and construction (+13.0 percent); manufacturing (+7.0 percent); leisure and hospitality (+5.5 percent); professional and business services (+5.3 percent); other services (+5.3 percent); trade, transportation, and utilities (+3.0 percent); and government (+1.8 percent) were stronger than the statewide growth rates in these industries.

• Eight out of ten major industries gained jobs over the year. The industries gaining in jobs over the year were: leisure and hospitality (+13,000 jobs); professional and business services (+10,000 jobs); mining, logging, and construction (+7,500 jobs); trade, transportation, and utilities (+6,400 jobs); education and health services (+4,600 jobs); manufacturing (+2,800 jobs); government (+2,200 jobs); and other services (+2,100).

• The information (-600 jobs) and financial activities (-100 jobs) industries lost jobs over the year.

• Nonagricultural employment in The Villages metro area (Sumter County) was 27,100 in
February 2016, up 900 jobs over the year (+3.4 percent).

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