Startup Jobs as Percent of Total Jobs Advertised
Using data from Indeed.com the intensity of startup jobs shows a 24% growth over the last 12 months. U.S. total jobs advertised rose from 2.9 million to 3.2 million while at the same time startup jobs also rose from 50,000 to 69,000 creating a job intensity of 2.1%. During the same time frame, Florida likewise saw total jobs advertised rise from 185,000 to 190,000 as startup jobs surged from 1,573 to 1,995 resulting in an increased job intensity of 1% from 0.85%. Northwest Florida saw sustained losses (Chart 1) as total jobs held steady at 13,000 as startup jobs fell 35% to 110 decreasing startup job intensity to 0.8%.
Based on a paper by Michael Mandel of the Progressive Policy Institute (See Innovation Index Page) it is possible to estimate the local startup ecosystem and the demand for jobs in target industries. In this index, the United States as a whole is the baseline of one. The relative startup friendliness is compared to the United States. This index (Chart 2) is a real-time proxy index — not an index constructed up to a year in arrears after all data is in.
By this measure, Florida, as a whole, ranks well below the United States benchmark with a 0.50 index value while Northwest Florida has an index value of 0.47. In the last quarter NW Florida held steady at the 0.47 index (Chart 2) after hitting a high of 0.79 in January 2018.
Florida and Northwest Florida indices held steady from last quarter. In Florida, only Ocala has an index below the panhandle. NW Florida’s nearest big city, Atlanta, surpasses the U.S. benchmark by 22% topping NW Florida’s index by 75%.
Chart 2 Innovation Index
Chart 3 Innovation Index versus Time