ORLANDO, June 24 — Florida’s unemployment rate has surged past 4.8%, climbing more than a percentage point over the past year and pushing the state’s joblessness among the highest nationwide. The figure that matters: While the U.S. unemployment rate has seen little change over the past year, Florida’s has risen faster than nearly any other state. Job growth has slowed to a crawl amid a pullback in key industries like real estate, retail, and tourism — all sectors highly sensitive to interest rates and consumer demand.
The bottom line: Florida’s economy, one of the hottest in the country coming out of the pandemic, is now reversing course. And the pain is showing up in individual stories.
Joseph McCue, a 45-year-old New York native, moved from New York City to Orlando expecting to do even better than he did as an electrician earning nearly $250,000. He had a job lined up at a hospital construction site. The zero state income tax and nice weather sealed the deal.
He figured he’d buy a house and bring his wife and three children down. The job fell through.
Three months later, McCue hasn’t even landed a lower-paid position at Walmart Inc. “I think I gave it enough time,” he said. “Instead of being with my family every night, I’m down here in this rat race where everybody is just trying to make ends meet.” His experience offers a cautionary tale for the once red-hot Florida economy — even as the likes of billionaire Ken Griffin’s Citadel, Wells Fargo & Co., and Palantir Technologies Inc. continue to grab headlines with high-profile corporate relocations to the state.
By the numbers, the disconnect is stark. High-wage finance and tech firms are moving in, but the broader economy is struggling. A rising cost of living is starting to send would-be Floridians elsewhere, raising questions about the viability of the state’s growth model.
Investors will note that Florida’s economy is set up in a way that leaves it exposed. The pullback in real estate, retail, and tourism — all interest-rate-sensitive — has hit hard.
The state’s run as a magnet for workers and retirees coming out of the pandemic is now showing cracks.
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