The State of Florida Income Charts

This section shows the Florida economy using the most recent economic analysis from the 2022 Census Bureau. Starting with Figure 1 which shows the median earnings per worker, Florida depicts it has a Median earnings of $44,941 which is in the mid range of other states in the local area. The state with the highest median earnings per worker in the group is District of Columbia which depicts a median earnings of $86,225 (about twice as large).

In Figure 2 a more complete view of income is shown which aggregates income from all members in the household and it has a Median household income of $61,777 which is the second smallest as measured by median household income of all the other states in the local area. The state with the highest median household income in the group is District of Columbia which indicates a median income of $93,547 (51.4% larger).

The next section examines a variety of different income statistics for the Florida metropolitan area. In Figure 3 we see that it it has one of the largest proportions of earnings less than $10,000 at 7.1% of the total and is ranked #2. The only larger state being West Virginia with 7.2%. Second, it has the largest proportion of earnings between $10,000 and $14,999 at 6.8% of the total and is ranked #1. Third, it has the largest proportion of earnings between $15,000 and $19,999 at 35.3% of the total and is ranked #1. Also, it has the smallest proportion of earnings between $50,000 and $74,999 at 7.1% of the total.

Figure 5 has the Average number of hours worked in a typical work week during the year, it has a Avg Hours Worked of 38.9 which is the smallest when sorted by average hours of all the other states in the metro area. The state with the highest average hours in the group is District of Columbia which depicts an average hours of 40.3 (only about 3.6% larger). Dividing median annual worker earnings by the average number of hours worked in a year in Figure 6 shows that it has a Avg Hrly Earnings of $22.22 which is in the middle range of other states in the metro area. The state with the highest average hourly earnings in the group is District of Columbia which depicts an average hourly earnings of $41.15 (about twice as large).

Figure 7 examines the number of self employed people in the Florida metro area based on the number of people who reported any self employment income. Florida shows it has a Self Employed of 10.3% which is in the center range of other states in the metro area. The state with the highest percentage of people self employed in the group is Maryland which shows a percentage self employed of 11.1% (7.4% larger).

Turning our attention to Figure 8, the median household income by age group, has the percentage of median income-under 25 years the smallest as measured by median income for those under 25 years of age of all the other states in the area at $66,433 of the total. Second, it has the second smallest as measured by median income for those under 25 years of age of all the other states in the local area as measured by median income-25 to 44 years at $72,740 of the total.

Figure 9 breaks down the source of income and Florida has the largest proportion of self employment income at 17.6% of the total and is ranked #1.

The next chart (Figure 11) shows the percentage of households that had retirement income over the last 12 months and it has a With Retirement Income of 23.5% which is the second smallest in order of households with retirement income of all the other states in the metro area. The state with the highest households with retirement income in the group is Delaware which shows a households with retirement income of 29.2% (24.2% larger).

In the next chart, Figure 12, the median family income is shown for families broken down by racial group and has the percentage of overall family income in the mid range of other states in the metro area at $80,360 of the total. Second, it has the second smallest when ranked by overall family income of all the other states in the local area when ranked by white family income at $54,633 of the total. Third, it has one of the largest proportions of black family income at $60,855 of the total and is ranked #3. Only #2 Virginia ($85,485), and #1 Maryland ($91,862) are larger. Also, it has the smallest proportion of american indian family income at $89,018 of the total. In addition, it has the second smallest as measured by overall family income of all the other states in the greater region when ranked by asian family income at $63,375 of the total. Furthermore, it has the second smallest in order of overall family income of all the other states in the local area when ranked by hawaiian family income at $60,913 of the total.

Figure 13 shows the cost of living and other consumer spending categories for a variety of cost components from the Bureau of Labor Statistics. Florida depicts it has the hightest cost of 105.0 for the cost of housing grouping.

The State of Florida Labor Force Charts

The next two charts look at very recent, monthly trended employment related performance using data estimated by economists at the Bureau of Labor Statistics (BLS). The BLS tracks unemployment statistics for a large number of areas throughout the country on a month to month basis. However, not every location in the U.S. is tracked by the BLS so the chart will only show the closest location available (which may be the same location.) Figure 14 shows the monthly unemployment rate for the area as well as a comparison to the overall national economy measure for the United States. Note that in March to April 2020, the Covid 19 recession or great recession occurred and affects this metric. . It depicts that from January 2010 to before the disasterous Coronavirus Pandemic the monthly unemployment rate went from 11.5% to 4.6% in March 2020. This represents a decrease in the monthly unemployment rate of 60.0%. Since that time, the monthly unemployment rate has gone to 2.6% This represents a decrease in the monthly unemployment rate of 43.5%. In Figure 15 the monthly labor force participation which are people actively looking for work are also defined as unemployed but do not include people who have given up looking for work. . It depicts that from February 2010 to before the Wuhan Coronavirus Pandemic the monthly labor force participation went from 9,054,241 to 10,338,235 in January 2020. This represents an increase in the monthly labor force participation of 14.2%. Since that time, the monthly labor force participation has gone to 10,816,453 This represents an increase in the monthly labor force participation of 4.6%.

The next two charts look at the annual unemployment rate/eligible for unemployment benefits and is based on the American Community survey. Figure 16 shows Florida depicts it has a Unemployment Rate of 3.1% which is in the middle range of other states in the surrounding region. The state with the highest unemployment rate in the group is District of Columbia which shows a rate of 5.0% (59.6% larger). Figure 17 shows the labor force participation using the estimated percentage of people either working or actively looking for work. the state of shows it has a Labor Force Participation of 59.4% which is in the center range of other states in the metro area.

The percentage of full-time workers are compared to the number of part-time workers in Figure 19. Florida depicts full time employees approximately 3.8 times bigger as the part time employees.

The next employment related data item is shown in Figure 21 which is the percentage of families with only a single earner in the greater Florida area. Florida depicts it has a Single Earner Families of 28.4% which is less than most other states in the local area. The state with the highest families with a single earner in the group is West Virginia which depicts a single earners rate of 30.7% (8.0% larger). The percentage of families with no one working is depicted in Figure 22. Florida shows it has a Families with No One Working of 23.6% which is the second most families with no one working of all the states in the greater Florida region. The state with the highest families with no one working in the group is West Virginia which shows a families with no worker of 25.5% (8.2% larger).

The State of Florida Poverty Charts

The next section details economy analysis about poverty for residents of the Florida community. This performance can be enhanced by government programs such as economic opportunity zone to influence manufacturing, job growth, economic opportunity an hopefully lead to economic recovery after the recent Covid 19 recession. In Figure 23 the total number of people earning less than the poverty level are shown. Florida shows it has a Total In Poverty of 2,744,612 which is the most of all states in the greater Florida region.

In Figure 24 the percentage of people earning less than the poverty level is shown and compared across the group of places. Florida depicts it has a Percent of Population In Poverty of 13.1% which is the second smallest when ranked by percent of people earning less than the poverty level of all the other states in the local area. The state with the highest percent of people earning less than the poverty level in the group is West Virginia which depicts a percent of people in poverty of 16.9% (28.7% larger).

In Figure 25 people who are in poverty are broken out by age group. Florida has the smallest proportion of person in poverty 12 to 17 years at 23% of the total. Second, it has the largest proportion of person in poverty 55 to 64 years at 17% of the total and is ranked #1.

The next chart looks at the percentage of people in poverty based on their education level in Figure 28 marriage status. Florida has the largest proportion of has some college and in poverty at 6% of the total and is ranked #1. Additionally, Figure 30 looks at the percentage of people who receive some form of public assistance including general assistance, temporary assistance or food stamps (i.e. SNAP.) the state of shows it has a Public Assistance Percent of 14.1% which is the second most households with public assistance of all the states in the greater Florida region. The state with the highest households with public assistance in the group is West Virginia which shows a households with public assistance of 17.1% (21.2% larger).

Figure 31 shows the "Gini Index of Income Inequality" with a range from zero (perfect equality) to one (perfect inequality). the state of indicates it has a Gini Index of 48.5% which is the second most the gini index of all the states in the greater Florida region.

The State of Florida Work Commute Charts

Figure 33 shows a more detailed view of how the population commutes to work for (for example to downtown Florida or elsewhere.) Florida has the smallest proportion of people who walked at 1% of the total.

In Figure 35 is shown a frequency distribution of the time that people leave for work. Florida has the smallest proportion of people who leave for work between 7am to 730am at 11% of the total. Second, it has the largest proportion of people who leave for work between 9am to 10am at 3% of the total and is ranked #1. Third, it has the largest proportion of people who leave for work between 10am to 11am at 1% of the total and is ranked #1.

The average commute time is shown in Figure 37. the state of depicts it has a Avg Commute Time of 28 which is less than most other states in the metro area. Figure 38 shows the difference between male versus female commuting time. Florida depicts average commute time in minutes for men 25.0% larger as the average commute time in minutes for women. Figure 40 shows the total number of vehicles available for transportation and Florida has the largest proportion of 1 vehicle available at 44% of the total and is ranked #1. Second, it has in the middle range of other states in the greater region when sorted by 4 vehicles available at 3% of the total. Figure 41 shows the percentage of people who both work and live in the same city (town or place.) the state of shows it has a Work in city or place where live of 35% which is the second smallest as measured by people who both work and live in the same city of all the other states in the greater region. The state with the highest people who both work and live in the same city in the group is District of Columbia which shows a people who both work and live in the same city of 79% (approximately 2.2 times bigger).

The State of Florida Jobs Charts

The next to charts break out the median earnings for major job categories for men and women. Figure 46 shows the median earnings of men for the job categories. the state of depicts it has the hightest median earnings of $81,119 for the earnings-computer, engineering, and science occupations category. Similarly, Figure 47 shows the median earnings of women for the job categories and the state of depicts it has the hightest median earnings of $66,165 for the earnings-computer, engineering, and science occupations category. The table in Figure 48, shows Florida employment data in terms of job categories and salary data.

The State of Florida Self Employment Charts

Figure 49 shows economic activity in terms of the number of people who are self employed in incorporated local business by industry. the state of shows it has the hightest entrepreneurs of 48% for the self employed management, business, science, and arts businesses grouping.

Similar to the last chart is Figure 50 which shows the number of people who are self employed but in more detailed industry categories such as manufacturing, retail sales, residential real estate, commercial real estate, health care, exports/imports, and advanced industries, etc. the state of depicts it has the hightest entrepreneurs of 24% for the self employed in professional, scientific, management, administrative services classification.

In Figure 51 the average annual self employment/entrepreneur income is shown. the state of shows it has a Self Employment Income of $40,129 which is the second smallest when sorted by average annual self employment income of all the other states in the area. The state with the highest average annual self employment income in the group is District of Columbia which indicates an average annual self employment income of $53,282 (32.8% larger).

Figure 52 shows the difference between the number of self employed men and self employed women (i.e. entrepreneurs.) Florida depicts total number of self-employed men 67.9% larger as the total number of self-employed women.