The newest data shows that tens of thousands of Florida residents quit their jobs in February 2024, giving the Sunshine State one of the highest quit rates in the country.
What’s interesting about this data is that it’s not necessarily a bad sign for Florida’s economy or the workforce as a whole. However, the statistics show that people are leaving certain industries for others, so some Florida companies will likely feel the effects of what many are calling the “Great Resignation.”
35,000 Floridians Quit Their Jobs in February 2024
According to the Bureau of Labor Statistics, 303.000 Floridians quit their jobs in February 2024, which is 35,000 more than the month before and 19,000 more than in February last year.
This number is certainly high, especially when compared to other states in the country. In fact, many other states saw a much lower quit rate that month than they did last year.
Understanding Quit Rates
In order to fully understand the magnitude of Florida’s current quit rate, it’s essential to compare it to that of other states. For example, Nevada saw only 45,000 residents quit their jobs, and in Massachusetts, just 57,000 left their current positions.
The only states with comparable numbers to Florida were California and Texas, which saw 324,000 and 337,000 resignations, respectively.
Quit Rates Are Actually Good News
While hundreds of thousands of people leaving their positions may seem like a bad thing, it’s actually an indicator of a stable economy and low employment rates.
High quit rates typically mean a decline in unemployment, worker satisfaction, better working conditions, and even higher pay for the general public. Essentially, it means that residents feel confident that they can get another job that pays better and offers more benefits than the one they have.
Florida Has More Open Positions Than Most States
This reality absolutely applies to the state of Florida where there are currently some 557,000 open positions throughout the state.
This means that those 303,000 people who left their jobs will almost certainly be able to find another job. And depending on their previous position, it will likely be quite an upgrade.
Florida Unemployment Rates Are Lower Than the National Average
Another sign that Florida’s workforce is currently better than most other states is that its unemployment rate is much lower than the national average.
Although the Sunshine State’s unemployment rate increased significantly to an almost unbearable 14.5% in 2020 due to the COVID-19 pandemic, it has since recovered. Currently, the national unemployment rate is 3.8%, while Florida’s is only 3.2%.
Layoffs in Florida Are Down
Additionally, Florida’s layoffs are down; in January 2024, 105,000 lost their jobs, whereas only 98,000 were let go in February.
This is another fantastic sign for the labor force in Florida. However, while the workforce is experiencing an upturn in general, only certain industries are profiting.
Education, Health Services, and Government Positions Are Seeing More Applicants
According to the data, three industries benefit from Florida’s Great Resignation: education, health services, and local government.
Positions within the state and local government and education have a quit rate of less than 1%, and 57,000 Floridians got new jobs in health services.
Restaurants Are Struggling to Keep Their Staff
On the other hand, Florida’s businesses within the service industry are struggling to keep their staff. Retail saw a 4.5% quit rate last month, where 5.8% of hospitality workers left their positions.
As Marc Weinstein, clinical professor of business at Florida International University, explained, “People in low-wage jobs, they want better jobs. Better jobs not just in terms of compensation but greater stability.”
Many Remote Workers Have Moved to Florida
There’s also been a significant increase in remote workers in Florida over the past few years. Since the pandemic, when companies forced millions of Americans to work from home instead of going into the office, many businesses have kept the model as it saves them money and increases employee satisfaction.
And many Americans who can now work from anywhere decided they would rather work from the beautiful sandy beaches of Florida than anywhere else.
Without Income Tax, Florida Is a Great Place to Work
One of the reasons why Florida’s workforce has remained consistently impressive since the pandemic is because the state doesn’t charge residents income tax.
Therefore, employees in every industry, including those remote workers who are employed by companies in other states, get to keep much more of their paychecks than their compatriots in California, New York, or most other states.
Florida’s Economy Will Continue to Improve as Americans Move to the Sunshine State
Over the past few years, Americans have been moving in drones to the Sunshine State. Although the mass migration seems to be slowing, more than 300,000 new residents were still in 2023.
While one may think that more residents mean there will be fewer jobs, that’s not actually the case. In fact, as the population in Florida increases, the economy and labor force will improve over the next few years, making Florida one of the best places to live and work in the nation.
