The U.S. Department of Labor’s Bureau of Labor Statistics (BLS) and the Florida Department of Economic Opportunity (DEO) have recently released employment and unemployment estimates as well as revised historical data.
As highlight of the report, the Gainesville Metropolitan Statistical Area (MSA) is showing economic growth overall, losing pace with the state of Florida in specific indicators:
Unemployment keeps inching down. Gainesville MSA April 2018 seasonally adjusted unemployment rate was 3.1%, down 0.3% from the March 2018 rate. Unemployment in the Gainesville MSA remains lower than state and national levels, mostly because of the predominant institutional economic base of the local economy. Please see Page 1 for more details.
Employment growth losing pace to state averages. The over-the-year growth of Nonfarm Employment by 1.5% was outpaced by the statewide increase of 2.1%. 5 out of 10 major industries in the Gainesville MSA posted over-the-year gains in April 2018. Employment gains were seen in several industries: Mining, Logging, & Construction (1.8%); Professional & Business Services (8.6%); Education & Health Services (2.0%); Other Services (2.3%); and Government (0.9%). Please see Page 2 for more details.
Taxable sales experienced a 4.4% growth. Gainesville MSA over-the-year growth of taxable sales by 4.4% was outpaced by the statewide increase of 7.7%. Sales tax receipts in Consumer Durables experienced a strong double-digit growth in February 2018 (14%). Please see Page 1 for more details.
Cost of living remains below national average. The Gainesville MSA cost of living was calculated at 98.4 points for the 2017 Annual Average Index, below the national average of 100 points. The following categories of consumer expenditures posted above the national average cost of living: Grocery items, utilities, and transportation. Please see page 5 for more details.
This report provides a snapshot of recent changes in the economy of the Gainesville MSA. The MSA is comprised by Alachua County and Gilchrist County. The report draws on official statistics that have been released during the last month. The data published in this publication was gathered from several sources such as: U.S. Bureau of Labor Statistics (BLS), National Association of Realtors, Council for Community & Economic Research (C2ER), Florida Department of Economic Opportunity (DEO), and Office of Economic & Demographic Research.