The Florida Turnaround Story Jesse Panuccio DEO Executive Director September 2, 2015
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Private-Sector Jobs Created December 2010 July 2015, Seasonally Adjusted 917,400 Private Sector Jobs Created 3
Port St. Lucie Metro Area Total Private-Sector Jobs January 2005 July 2015, Not Seasonally Adjusted Private-Sector Jobs added since Dec. 2010 11,500 Source: U.S. Department of Labor, Bureau of Labor Statistics, Current Employment Statistics Program, released August 21, 2015. Prepared by: Florida Department of Economic Opportunity, Bureau of Labor Market Statistics. 4
Private Sector Employment January 2005 July 2015, Seasonally Adjusted Jan-10 6,020,609 5
Private-Sector Job Growth Florida vs. the Nation Jurisdiction Total Jobs Added OTY % Increase United States 2,853,000 2.4% Florida 256,300 3.8% California 468,700 3.5% North Carolina 112,600 3.3% Michigan 104,200 2.9% Georgia 92,200 2.7% Texas 236,200 2.4% New York 163,500 2.1% Pennsylvania 70,700 1.4% Illinois 48,500 1.0% Ohio 40,500 0.9% Since December 2010, Florida has had a 15.0% increase in private sector jobs while the nation as a whole has had a 10.8% increase. Florida had the fastest job growth rate of the ten most populous states. Florida added more private-sector jobs than Texas and New York over the year. 6
Over-the-Year Private-Sector Job Growth Rate Florida and the United States 7
Nonagricultural Employment by Industry July 2015 (Seasonally Adjusted) United States Florida Other Services 4% Leisure and Hospitality 11% Total Government 15% Construction 4% Manufacturing 9% Trade, Transportation, and Utilities 19% Other Services 4% Leisure and Hospitality 14% Total Government 13% Construction 5% Manufacturing 4% Trade, Transportation, and Utilities 21% Education and Health Services 16% Professional and Business Services 14% Information 2% Financial Activities 6% Education and Health Services 15% Professional and Business Services 15% Information 2% Financial Activities 7% 8
Port St. Lucie MSA Employment by Industry July 2015 (Not Seasonally Adjusted) Port St. Lucie MSA Florida Source: U.S. Department of Labor, Bureau of Labor Statistics, Current Employment Statistics Program, released August 21, 2015. Prepared by: Florida Department of Economic Opportunity, Bureau of Labor Market Statistics. 9
Private-Sector Job Growth by Industry Since December 2010 (%) Percent of total growth 10
Port St. Lucie Metro Area Private-Sector Job Growth by Industry Since December 2010, Not Seasonally Adjusted (%) Percent of total growth Note: Financial activities lost jobs and information was unchanged since December 2010. Manufacturing lost jobs over the year and other services gained as many jobs over the year as it has since December 2010. Source: U.S. Department of Labor, Bureau of Labor Statistics, Current Employment Statistics Program, released August 21, 2015. Prepared by: Florida Department of Economic Opportunity, Bureau of Labor Market Statistics. 11
Florida Metro Areas Gaining Private-Sector Jobs Since December 2010 Not Seasonally Adjusted 12
Florida Metro Areas Gaining Private Sector Jobs (Rate) Since December 2010 Not Seasonally Adjusted Change Since December 2010 Over-the-Year Change Homosassa Springs MSA Panama City MSA Crestview-Ft Walton Beach-Destin Sebastian-Vero Beach MSA Deltona-Daytona Beach-Ormond The Villages MSA Tallahassee MSA Pensacola-Ferry Pass-Brent MSA Tampa-St. Petersburg-Clearwater Ocala MSA Miami-Miami Beach-Kendall Palm Bay-Melbourne-Titusville MSA West Palm Beach-Boca Raton- Jacksonville MSA North Port-Sarasota-Bradenton MSA Gainesville MSA Ft. Lauderdale-Pompano Bch- Punta Gorda MSA Port St. Lucie MSA Lakeland-Winter Haven MSA Cape Coral-Fort Myers MSA Naples-Immokalee-Marco Island Orlando-Kissimmee-Sanford MSA Sebring MSA 0.7% 1.3% 1.6% 1.9% 2.0% 2.5% 2.8% 2.8% 3.0% 3.1% 3.1% 3.1% 3.4% 3.5% 3.5% 3.6% 3.7% 3.8% 4.0% 4.1% 4.2% 4.3% 4.4% 5.6% 0% 1% 2% 3% 4% 5% 6% 13
Employer Size Distribution 2014 Private Employer Distribution By Size 14
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Job Demand January 2007 July 2015 16
Job Demand- All Occupations = STEM occupations 17
Port St. Lucie Metro Area Job Demand August 2011 July 2015 6,000 5,000 4,000 3,000 Job Openings 4,497 2,000 Job Openings 2,605 1,000 0 Aug-11 Dec-11 Apr-12 Aug-12 Dec-12 Apr-13 Aug-13 Dec-13 Apr-14 Aug-14 Dec-14 Apr-15 Source: The Conference Board, Help Wanted OnLine, prepared by the Florida Department of Economic Opportunity, Bureau of Labor Market Statistics. 18
Port St. Lucie Metro Area Top Occupations in Demand Top Advertised Occupations for Port St. Lucie MSA Source: The Conference Board, Help Wanted OnLine, prepared by the Florida Department of Economic Opportunity, Bureau of Labor Market Statistics. Online Ads July 2015 Registered Nurses 385 Heavy and Tractor-Trailer Truck Drivers 157 Retail Salespersons 127 First-Line Supervisors of Retail Sales Workers 109 Customer Service Representatives 97 Maintenance and Repair Workers, General 79 First-Line Supervisors of Office and Administrative Support Workers 66 First-Line Supervisors of Food Preparation and Serving Workers 63 Medical and Health Services Managers 56 Home Health Aides 55 Landscaping and Groundskeeping Workers 54 Sales Representatives, Wholesale and Manufacturing, Except Technical and Scientific Products 52 Demonstrators and Product Promoters 52 Critical Care Nurses 51 Nursing Assistants 49 Speech-Language Pathologists 48 Medical Secretaries 45 Industrial Engineers 44 Receptionists and Information Clerks 44 Medical Assistants 42 = STEM occupations 19
Unemployment Rate for Florida and the United States December 2010 July 2015, Seasonally Adjusted 20
Florida Unemployment Rate January 1990 July 2015, Seasonally Adjusted Mar. 08 5.4% 21
Port St. Lucie Metro Area Unemployment Rate January 2005 July 2015, Not Seasonally Adjusted 14 12 10 8 6 Mar. 06 3.2% Sept. 09 13.6% 4 2 Jul. 15 6.5% 0 Recession Port St. Lucie MSA Source: U.S. Department of Labor, Bureau of Labor Statistics, Local Area Unemployment Statistics Program in cooperation with the Florida Department of Economic Opportunity, Bureau of Labor Market Statistics, released August 21, 2015. 22
Decline in Unemployment Rate December 2010 to Current All States, Ranked by Change Seasonally Adjusted Rank State Change from December 2010 Rank State Change from December 2010 Rank State Change from December 2010 1 Nevada -6.8 18 Arizona -3.8 35 Pennsylvania -2.6 2 California -5.9 19 Tennessee -3.8 36 Kansas -2.3 2 Michigan -5.9 19 Texas -3.8 37 Vermont -2.3 4 Rhode Island -5.4 21 Connecticut -3.8 38 Maryland -2.2 5 Florida -5.3 22 Illinois -3.7 39 Louisiana -2.1 6 Kentucky -4.7 23 Maine -3.5 39 Wyoming -2.1 7 Indiana -4.6 23 Mississippi -3.5 41 Iowa -1.9 8 Idaho -4.6 23 New Jersey -3.5 41 Virginia -1.9 9 Georgia -4.5 23 Wisconsin -3.5 43 Nebraska -1.8 10 North Carolina -4.4 27 Missouri -3.4 43 New Hampshire -1.8 10 Ohio -4.4 28 Delaware -3.3 43 Oklahoma -1.8 12 Colorado -4.4 28 Montana -3.3 46 New Mexico -1.3 13 Washington -4.3 30 Hawaii -3.1 47 South Dakota -1.2 14 South Carolina -4.3 30 Massachusetts -3.1 48 West Virginia -1.2 15 Alabama -4.1 32 Minnesota -3.0 49 Alaska -1.1 16 Oregon -4.1 32 New York -3.0 50 North Dakota -0.6 17 Utah -3.9 34 Arkansas -2.7 23
Total Employment In Florida January 2005 July 2015, Seasonally Adjusted Jan. 07 8,816,000 Jul.15 8,985,000 Nov. 09 8,068,000 24
Total Unemployment In Florida January 2005 July 2015, Seasonally Adjusted Jul-15 517,000 Mar-06 279,000 Jan-10 1,020,000 25
Civilian Labor Force 2005-2015 26
Civilian Labor Force Participation Rate Total Labor force participation has been in decline nationally since 2000. Primarily driven by: Aging baby boomer cohort Decline in teen and young adult participation (16-24 years old) 27
Labor Force Participation by Age and Gender Teen labor force participation has been in decline since the 1980s. Male labor force participation has been in decline nationally since the 1940s and female participation has been in decline since 1999. 28
Reasons for Employment 29
Part Time Employment 30
Growth Rate Wages 74.4% (682,400) of private sector jobs created are in industries with an average annual wage > $40,000. 43.4% (397,900) of private sector jobs created are in industries with an average annual wage > $45,000. Over the last year, real wages (inflation-adjusted) in the private sector are up 1.9%. 7.0% 6.0% Annual Real Hourly Wage Growth- July 2015 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% Industry 31
RA Tax Rate Distribution 32
GDP 33
Competitive Economic Development 34
Tourism in Florida 35
Tourism in Florida 36
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