Politics
First Coast manufacturing flattens out in February after recent expansion
After some expansion to start the year, First Coast manufacturers appear to be stagnant in terms of production and other factors in February, according to a University of North Florida (UNF) survey.
UNF Coggin College of Business researchers found that North Florida manufactures did not show much growth last month compared to January. The UNF Jacksonville Economic Monitoring Survey found that several key manufacturing factors contracted. That includes new orders, which fell from the index figure of 56 to 49. Backlogs of work also fell, from 48 to 46, and employment dropped from an index of 51 in January to 48 in February.
Some manufacturing elements expanded slightly, such as output, new export orders and prices.
Albert Loh, interim dean of the UNF business college, oversees the monthly manufacturing survey and concluded that February was generally flat at First Coast companies.
“Jacksonville’s Purchasing Managers’ Index (PMI) of 50 in February indicates a holding pattern, with no significant expansion or contraction in overall manufacturing activity,” Loh said.
February saw several national developments, such as President Donald Trump’s promises to enact trade tariffs, that caused the Jacksonville area to reflect the bigger picture of uncertainty across America.
“The Jacksonville economy mirrors the national trend of stable output but weakened demand. The slight increase in supplier delivery times and input prices, along with continued uncertainty over tariffs, has led businesses to take a cautious approach to inventory management and hiring, contributing to a subdued outlook,” Loh said.
The UNF’s business college conducts monthly surveys of First Coast manufacturers to determine production levels and other factors.
While February saw a slowdown in manufacturing, Loh added that there are areas for improvement that may change in the coming months.
“While manufacturing employment declined slightly, the contraction was less severe than that at the national level, indicating that local manufacturers may be holding onto workers better than their national counterparts. The Business Activity Outlook Index also suggests that manufacturers anticipate some improvement over the next 12 months, though uncertainty around tariffs and economic policy is keeping expectations subdued,” Loh said.
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Florida’s jobless rate increased for the first time in about a half year to start 2025.
FloridaCommerce released the January figures showing that the unemployment rate came in at 3.5%. That’s the first increase in about a half year.
The rate held steady at 3.4% for the back half of 2024. Prior to that, the rate remained at 3.3% for most of early last year.
There were 390,000 people out of work in January in Florida out of a total labor force of 11,188,000 people in the state. That total labor force figure is the highest number Florida has ever seen.
“Florida continues to prove that leadership and conservative fiscal policies drive success,” said Gov. Ron DeSantis. “We will keep the momentum going by insisting on reducing government spending, continuing to eliminate bureaucracy, and finding more tax reductions for Floridians.”
While Florida’s jobless rate increased in January, it still remains lower than the national rate, which is 4%. The Sunshine State has maintained a lower jobless figure than the national number for 51 straight months.
Miami-Dade County had the lowest unemployment rate in the state for January at 2.4%, slightly down from December’s 2.5%. But compared to a year ago, January’s unemployment rate saw a 0.5-percentage-point increase from last year.
Sumter County had the highest unemployment rate in the state in January at 6.9%.
Among major metropolitan areas in Florida, Fort Myers and Pensacola shared the dubious distinction of having 4% unemployment rates in January, the highest among large metro areas. Both were increases month-to-month and compared to January 2024.
Jacksonville and Tampa each had a 3.8% unemployment rate in January. Both were increases from a year ago, and each had an increase from the December unemployment rate.
Palm Beach County registered a 3.7% jobless figure in January. That figure was also up for the month and the year-over-year comparison.
The Orlando area also had an increase in the jobless figure, coming in at 3.6%. As was the same with other major metro areas, that figure was an increase for the month and the year.
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