October 2020 Employment Report

The numbers analyzed

In October 2020, the not seasonally adjusted unemployment rate in Miami-Dade County was 8.8 percent. The County had a reduction of 74,900 nonagricultural payroll jobs (not seasonally adjusted), from October 2019 to October 2020 which was a 6.1 percentage point decrease. From September 2020 to October 2020, there was an increase of 9,900 nonagricultural payroll jobs, which is a 0.9 percentage point increase.

Non-agricultural Payroll Jobs

Due to the impact of COVID-19, there continues to be a sharp decline in non-agricultural payroll jobs throughout most industries when comparing year over year (October 2019 with October 2020). The sectors most affected are Leisure & Hospitality (-26,900), Total Government (-13,200), Education & Health Services (-11,900), Professional & Business Services (-7,200), Retail Trade (-6,600), Transportation, Warehousing, & Utilities (-5,300), and Other Services (-4,700). The sectors seeing some improvements in the past 12 months are Construction (+1,400), Manufacturing (+1,100), and Financial Activities (+900). The graph below shows the payroll data since October 2018.

From October 2019 to October 2020 there was a reduction of 74,900 non-agricultural payroll jobs. From September 2020 to October 2020 there was an increase of 9,900 non-agricultural payroll jobs.

 

 

The change in non-agricultural payroll job between September 2020 and October 2020 shows that several sectors have added jobs, including in sectors that were the hardest hit during the onset of the COVID-19 crisis. These sectors include Leisure and Hospitality (+3,400), Retail (+2,300), Education and Health Services (+1,800) Manufacturing (+1,200), and Wholesale Trade (+1,000)

Not seasonally adjusted unemployment rate

The not seasonally adjusted unemployment rate of 8.9 percent compared to last year is 6.9 percentage points higher than the unemployment rate at 2.0 percent in October 2019. Compared to September 2020 there was a 3.6 percentage point decrease from the unemployment rate at 12.5 percent.

Additionally, analyzing Miami’s unemployment history in the graph below, the Miami metro area labor force statistics use a different measurement method than all other counties in Florida.  The information for the monthly employment and unemployment estimates come from Current Population Survey (CPS).  There are only seven large areas across the nation which uses this labor force statistics model.  The increase in the count of unemployed individuals in Miami-Dade County in September 2020 and the subsequent decrease in October was driven by the responses of Miami residents to the Current Population Survey. The graph compares the unemployment rate for Miami-Dade County with that of the United States since October 2018.

 

Seasonally adjusted unemployment rate

In October 2020, the seasonally adjusted unemployment rate for Miami-Dade County (taking seasonal fluctuations in the labor force into consideration) was 8.8 percent, which is 6.8 percentage points higher than in October 2019. The unemployment rate is 3.8 percentage points lower than in September 2020 when it was at 12.6 percent.

 

 

From the data and analysis above, we continued to observe the negative impact of COVID-19 on our local economy. Nevertheless, the community needs to remain focused on job-retention projects in targeted industries, as well as all sectors. These industries have been identified as the Miami-Dade County industries most able to create additional well-paying job opportunities, leading to an improved quality of life for Miami-Dade County residents. The Miami-Dade Beacon Council continues to aggressively work on attracting new companies to our community and work on the expansion and retention of existing business. For more information, visit www.beaconcouncil.com.

The job creation numbers are derived from the U.S. Bureau of Labor Statistics Current Employment Statistics Program (CES), and only account for non-farm payroll jobs. However, the unemployment rates are derived from the U.S. Bureau of Labor Statistics Local Area Unemployment Statistics Program (LAUS), which includes farm payroll jobs as well as self-employed workers. 

In addition, the federal government typically conducts interviews in sample households to determine the unemployment rate. Miami-Dade County is one of six metropolitan areas in the United States that uses a different method solely based on a statistical model derived from several data sets.

 

Bank of America Gives Florida International University, Miami Dade College and University of Puerto Rico $1 Million Each for Jobs Initiative

Bank of America Gives Florida International University, Miami Dade College
and University of Puerto Rico $1 Million Each for Jobs Initiative

$25 Million National Program Supports Programming, Re-skilling, and Upskilling for Students of Color; Includes Partnerships with Major Employers and The Aspen Institute

MIAMI —Bank of America today announced a new $1 million jobs initiative partnership with Florida International University (FIU), Miami Dade College (MDC) and University of Puerto Rico to help students of color successfully complete the education and training necessary to enter the workforce and embark on a path to success in Miami. This initiative builds on Bank of America’s ongoing work to address the underlying issues facing individuals and communities of color who have been disproportionately impacted by the current health crisis.

 

“We understand the important role skills development and training plays in advancing racial equity so students of color can thrive in our community,” said Gene Schaefer, Miami market president for Bank of America. “Bank of America is proud to partner with FIU, MDC and University of Puerto Rico to ensure their students have access to high-quality training that will empower them to pursue opportunities and have a positive impact on economic justice and mobility.”

 

This year, the bank provided $2,330,000 in grants to nonprofits that are connecting individuals to skills and employment in Miami. The initiative is part of the bank’s recent $1 billion, four-year commitment to advance racial equality and economic opportunity, and its $25 million commitment to enhance up-skilling and reskilling for Black/African American and Hispanic-Latino individuals.

Including FIU, MDC and University of Puerto Rico, the $25 million, nationwide initiative includes partnerships with nearly two dozen community colleges that serve predominately Black/African American and Hispanic-Latino students, public historically Black colleges and universities (HBCUs) and public Hispanic-serving institutions (HSIs). Bank of America is also partnering with and providing funding to the Aspen Institute to convene the participating higher education institutions for technical and programmatic assistance and to share best practices.

 

Today, less than 40 percent of community college students earn a certificate or degree within six years of enrollment. For students of color, graduation and completion rates are particularly low – 28.8 percent for Black students and 37.1 percent for Hispanic students. Although HBCUs and HSIs are a mix of public and private institutions, the ongoing challenges brought on by coronavirus, have exacerbated their financial struggle as they seek to serve students from the most vulnerable communities.

“Over the past two years we have created a framework to give our learners the skills they need to enter or get promoted in specific industries. Our framework includes the design and delivery of micro-credentials,” said Elizabeth Bejar, senior vice president for academic and student affairs at FIU. “This grant from Bank of America will allow us to expand our programs and make a transformative impact at a critical time when so many in our community are unemployed or underemployed.”

 

“Re-skilling, upskilling, retooling and completing a college certificate or degree have never been more important,” said Dr. Rolando Montoya, interim president of Miami Dade College. “This endeavor will go a long way in helping those who need it most.”

 

With the support from Bank of America, FIU and MDC will develop or enhance existing programs to meet specific skills gaps to create higher paying, family-sustaining jobs that are in demand. Bank of America will work alongside the Miami-Dade Beacon Council, the official economic development partnership for Miami-Dade County, to ensure these programs target specific hiring needs and create a clearly defined career pathway to future employment.

 

“The investment of partners like Bank of America is essential to driving equitable economic inclusion in any community,” said Michael A. Finney, President and CEO, Miami-Dade Beacon Council. “Working closely with our academic institutions and the private sector to ensure workforce and talent development efforts are forward-thinking and inclusive, it is collaboration and commitments like these that allow us to drive long-term, positive change for Miami-Dade as a whole – starting with underserved Black and Brown talent.”

 

Focused on advancing economic mobility, Bank of America also recently announced:

 

About Bank of America
At Bank of America, we’re guided by a common purpose to help make financial lives better, through the power of every connection. We’re delivering on this through responsible growth with a focus on our environmental, social and governance (ESG) leadership. ESG is embedded across our eight lines of business and reflects how we help fuel the global economy, build trust and credibility, and represent a company that people want to work for, invest in and do business with. It’s demonstrated in the inclusive and supportive workplace we create for our employees, the responsible products and services we offer our clients, and the impact we make around the world in helping local economies thrive. An important part of this work is forming strong partnerships with nonprofits and advocacy groups, such as community, consumer and environmental organizations, to bring together our collective networks and expertise to achieve greater impact. Learn more at about.bankofamerica.com, and connect with us on Twitter (@BofA_News).

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for email alerts.

www.bankofamerica.com

About FIU
Florida International University is Miami’s public research university, focused on student success. According to U.S. News and World Report, FIU has 26 top-50 rankings in the nation among public universities and Washington Monthly Magazine ranks FIU among the top 20 public universities contributing to the public good and No. 12 for social mobility. FIU is a top U.S. research university (R1), with more than $200 million in annual expenditures. FIU ranks 15th in the nation among public universities for patent production, which drives innovation, and is one of the institutions that helps make Florida the top state for higher education. The Next Horizon fundraising campaign is furthering FIU’s commitment to providing students Worlds Ahead opportunities. Today, FIU has two campuses and multiple centers, and supports artistic and cultural engagement through its three museums: Patricia & Phillip Frost Art Museum, the Wolfsonian-FIU, and the Jewish Museum of Florida-FIU. FIU is a member of Conference USA, with more than 400 student-athletes participating in 18 sports. The university has awarded more than 330,000 degrees to many leaders in South Florida and beyond. For more information about FIU, visit www.fiu.edu.

 

About Miami Dade College

Miami Dade College is the most diverse institution in the nation. There are 167 nations and 63 languages represented in its student body. The college’s eight campuses and outreach centers offer more than 300 distinct degree pathways including associate and baccalaureate degrees, career certificates and apprenticeships. Baccalaureate degree offerings include biological sciences, engineering, data analytics, information systems technology, education, public safety, supervision and management, nursing, physician assistant studies, film and others.  MDC is the recipient of many top national awards including the Aspen Prize. As Democracy’s College, MDC changes lives through accessible, high quality-teaching and learning experiences.  It is the home of the Miami Culinary Institute, the Miami Animation & Gaming International Complex, the Miami Fashion Institute, the Eig-Watson School of Aviation, The Idea Center, the Cybersecurity Center of the Americas, the Cloud Computing Center, the Center for Learning, Innovation and Simulation, the School for Advanced Studies, and the New World School of the Arts, to name a few of its most innovative programs.  MDC has been named among the nation’s “Great Colleges to Work For” since the program’s inception.  The College embraces its responsibility to serve as an economic, cultural, and civic leader for the advancement of our diverse global community. Its alumni and employees contribute more than $3 billion annually to the local economy, and MDC graduates occupy top leadership positions in every major industry. MDC is renowned for its rich cultural programming. It is the home of the Miami Book Fair, Miami Film Festival, the National Historic Landmark Miami Freedom Tower, the Tower Theater, Dyer Building, Koubek Center Mansion and Gardens, Live Arts Miami at MDC, the Lynn and Louis Wolfson II Florida Moving Image Archives, the Museum of Art and Design, a sculpture park and a large campus art gallery and theater system.  MDC has admitted more than 2,000,000 students and counting, since it opened its doors in 1960. More than 120,000 students are currently enrolled. For more information, visit www.mdc.edu.

 

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Reporters May Contact:

Matthew Daily, Bank of America, 1.404.607.2844
matthew.daily@bofa.com

 

 

Matt Haggman Joins The Miami-Dade Beacon Council As Executive Vice President, One Community One Goal

 

Community leader, former Knight Foundation Director and Past OCOG Co-Chair brings his passion for Miami to
community-wide strategic initiative focused on shaping Miami-Dade County’s economic future

  

MIAMI, FL – NOVEMBER 9, 2020 – The Miami-Dade Beacon Council, the County’s official public-private economic development partnership, today announced that Matt Haggman has joined the organization as Executive Vice President, One Community One Goal. In this role, Matt leads the efforts of the community-wide strategic initiative focused on shaping Miami-Dade’s economic future. Matt is well-versed in the collaborative platform, having Co-Chaired One Community One Goal (OCOG) with Baptist Health South Florida’s Nelson Lazo and Miami-Dade County Mayor Carlos Gimenez from 2015 to 2017.

“I’m thrilled to join The Beacon Council team and embrace the opportunity to work with them on shaping Miami’s economic future via One Community One Goal,” says Matt. “But in addition to thinking about the future, we are confronted with the urgent needs of the present. Namely, assisting small business owners, entrepreneurs and people across our community recover from this economic crisis. I am eager to participate in the work of rebuilding our economy during this very difficult time.”

“We are excited to have Matt join us as the Executive Vice President spearheading One Community One Goal,” says Michael A. Finney, President and CEO, Miami-Dade Beacon Council. “An experienced leader committed to Miami’s long-term growth, Matt brings with him a real understanding of the collaboration, innovation and investment required to maximize OCOG’s positive impact. The present economic climate presents a new set of challenges that we can only address successfully by working together. I am confident that his strategic vision and passion for innovation will prove to be valuable assets as we craft new solutions and pathways for Miami-Dade’s residents and businesses to grow.”

In his previous role as Miami Director at Knight Foundation, Matt created and built the Foundation’s program focused on propelling high-growth entrepreneurs and civic innovators as a way to drive innovation, expand opportunity and stir greater community engagement. Numerous efforts funded and supported under Matt’s leadership are now pillars of Miami’s rapidly growing entrepreneurial ecosystem, including Endeavor Miami, The Idea Center at Miami Dade College, eMerge Americas, Center for Black Innovation, 500 Startups Miami, and Babson’s Women Innovating Now Lab.

Prior to joining Knight Foundation, Matt was an award-winning journalist with The Miami Herald and Daily Business Review. Matt covered business, government and investigative stories of local and national importance. Work he led or contributed to resulted in consumer protection reforms in Tallahassee, an overhaul of Miami-Dade County government, and changes to voting systems in Florida. Matt’s awards include the Gerald Loeb Award, the highest honor in business journalism.

Actively involved with numerous organizations across the community, Matt is currently a founding Board Member of Endeavor Miami, a Trustee at New World Symphony and advisor to national non-profit Right to Start. He has been a mentor with Big Brothers Big Sisters Miami for more than a decade. Several years ago, Matt joined with friends to launch TEDxMiami, which continues today under a new generation of leaders.

Originally from Boston, Matt has called Miami home for almost 20 years, building relationships and investing himself in its growth. Charged with rallying the community around a unified vision to create a better quality of life for Miami-Dade residents, he will work with OCOG’s Academic Leaders Council, local business and community leaders, and the rest of The Beacon Council team to foster the development and expansion of the seven priorities at the core of this collaborative strategy: Physical Infrastructure and Resiliency; Entrepreneurship and Innovation; Education and Workforce Development; Business Climate and Policy; Leadership; Economic Development Marketing; and Target Industries. Matt will partner closely with recently announced One Community One Goal Co-Chairs Juan Carlos Liscano, Vice President for Miami, the Caribbean and Latin America, American Airlines; Tony Argiz, Chairman and CEO, MBAF; and Miami-Dade County Mayor-Elect Daniella Levine Cava.

“One Community One Goal is a community-wide effort. It only works if it continues to be of, by and for the community,” says Matt. “As always, the starting point in an effort like this is listening. I look forward to engaging with community leaders, business owners, workers and entrepreneurs across our community as we, together, build an economy that is even more innovative, inclusive and sustainable.”

 

For Matt Haggman’s bio, please click here; headshot, please click here.

For more on the Miami-Dade Beacon Council, click here.

For more on One Community One Goal, click here.

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About the MiamiDade Beacon Council
The Miami‐Dade Beacon Council is the official economic development organization for Miami‐Dade County. Its mission is to increase jobs and investment through marketing Miami as a world-class business destination, helping grow local companies, and shaping Miami-Dade’s economic future. Since 1985, the organization has assisted more than 1,200 businesses to expand in or relocate to Miami-Dade, creating more than 104,000 direct and indirect jobs combined, and driving more than $6.7 billion in new capital investments. A professional staff and volunteer community leaders work together to promote Miami-Dade as a world‐class business community at the forefront of a changing global economy, driving long-term growth and prosperity for the region. For more information, visit: www.beaconcouncil.com.

About One Community One Goal (OCOG)
One Community One Goal is a roadmap for Miami-Dade County’s future economic development success. This initiative provides a collaborative platform that promotes community-wide economic development and prosperity in Miami-Dade County, by driving innovation, leveraging strengths, providing clear thought leadership, and coalescing public and private priorities. One Community One Goal brings together a broad spectrum of Miami-Dade organizations, working to advance the goal of a thriving, inclusive and diverse community.

The Miami-Dade Beacon Council Celebrates $772m in New Capital Investment, 35 Years of Economic Development Success and More at 2020 Annual Meeting

New jobs, companies, COVID-19 response, and Small Business support highlighted at virtual gathering—

MIAMI, FL – OCTOBER 29, 2020 – The Miami-Dade Beacon Council, the County’s official public-private economic development partnership, celebrated the impact of their 2019-2020 business development efforts at its 2020 Annual Meeting held virtually on Thursday, October 29th, and presented by Florida Power & Light in partnership with TD Bank. While the COVID-19 pandemic and other challenges have forced the nation – and the world – to reimagine the way it goes about day-to-day life, this year’s meeting was inspired by the many ways in which Miami’s businesses supported one another, demonstrated remarkable resiliency, and expanded to establish resources that will have a long-term positive impact on the local economy well beyond recovery.

At the close of 2019-2020 fiscal year, The Beacon Council had secured commitments from 34 companies looking to relocate or expand in Miami-Dade County. The organization also saw the second highest level of capital investment in its 35-year history – more than $772 million – and added 2,904 new direct jobs. The more than 3.7 million square feet of new development these projects will bring is setting another record, as it is the most for any one year for The Beacon Council. ThermoFisher, FrieslandCampina, Xtreme Aviation,  Majority LLC, GenoSUR/7 Holdings Group (7HG)’s collaboration, and Chef’s Warehouse were among the new companies recognized in the meeting and honored with a Key to Miami-Dade County by Mayor Carlos Gimenez (download the 2020 report for full roster of projects).

“For 35 years, The Beacon Council has been a pivotal partner, helping recruit top companies and bringing thousands of new good-paying jobs to our County to strategically grow seven target areas, including technology, logistics, aviation, life sciences, international finance, creative industries, and hospitality,” Miami-Dade County Mayor Carlos A. Gimenez said. “Now more than ever, having The Beacon Council focus on driving jobs and investment to our community is essential to the successful recovery of our local economy.”

The Annual Meeting itself was a success, with more than 500 virtual attendees and keynote speakers including Miami-Dade County Mayor, The Honorable Carlos A. Gimenez; 2020-2021 Beacon Council Board Secretary Yolanda Cash Jackson, Becker; 2019-2020 Beacon Council Chair Hugo Castro, Equitable Advisors; 2020-2021 Beacon Council Chair Gary Goldfarb, Interport Logistics; and President and CEO of the Miami-Dade Beacon Council, Michael A. Finney. The event also featured the organization’s official change in leadership as this year’s Chair Hugo Castro, Executive Vice President/Co-Manager of Equitable Advisors’ South Florida Branch, passed the gavel to incoming Chair Gary Goldfarb, Chief Strategy Officer of Interport Group of Companies.

“It has certainly been a year like no other,” said Hugo Castro, Executive Vice President, Equitable Advisors South Florida Branch and 2019-2020 Chair of the Miami-Dade Beacon Council. “The continued investment in our community – with 34 new projects, hundreds of jobs retained and thousands of new jobs created – shows that all the work put into making Miami a thriving economic destination cannot be outdone by a single event, even one as impactful as the coronavirus pandemic.”

The highlight of the afternoon was the ability to clearly see the impact that The Beacon Council’s efforts to market, grow and shape Miami-Dade as an innovative, inclusive, world-class business destination is having on Miami’s local economy – development that is especially important given the current climate. In addition to the key performance indicators detailed above, the organization was able to demonstrate broad community reach to Urban Priority Areas, which saw 41% of the total projects for the year, 1,790 new direct jobs and more than $315 million in new capital investment.

“We are encouraged by the growth we’ve seen,” said Michael A. Finney, President and CEO of the Miami-Dade Beacon Council. “It shows that Miami has all the elements of a global city, with a strong foundation where businesses know they can build something that will endure for years to come. While circumstances have changed dramatically in the last year, the enthusiasm and confidence in our community has not waned. Our renewed appreciation for – and commitment to – our small business community, as well as our innovation and strength in key sectors like trade and logistics, life sciences and healthcare, and financial services, lead our business community to be well-positioned for a positive recovery. ”

In looking ahead to the next phase of recovery, the organization is also looking back to appreciate the milestones achieved in its 35-year history; updating The Beacon Council’s logo is part of that journey.  “Our goal was not only to refresh the logo, but to create a stronger visual connection between Miami-Dade as a whole and The Beacon Council,” Maria Budet, Chief Marketing Officer of the Miami-Dade Beacon Council explained. “In working with our partners at VS/Brooks, we were able to evolve the logo in a way that we feel better represents the Miami-Dade that we are all working together to market, grow and shape today.”

“FPL believes that continuous innovation is the key to business success. Bringing innovators into our region ensures the economic prosperity and growth of our communities,” said Irene White, senior director of External Affairs for FPL. “We are proud to be members of the Beacon Council and congratulate the organization on its accomplishments, which now more than ever are vitally important to help move Miami-Dade County forward.”

Incoming Chair Gary Goldfarb noted that “prior to the pandemic, Miami-Dade County employment numbers were at their highest ever; logging in at below 2% unemployment. Not surprisingly, with the pandemic and subsequent closures, our numbers were affected, but the Miami-Dade Beacon Council’s team of professionals stepped up and established multiple recovery programs. As newly appointed Chair, I am confident our organization will continue to lead the way to getting our community’s economy back and better than ever.”

For more information, please visit www.beaconcouncil.com,
or click HERE to download the 2020 Annual Report (which includes a full roster of projects).

September 2020 Employment Report

Sponsored by:

The numbers analyzed

In September 2020, the not seasonally adjusted unemployment rate in Miami-Dade County was 13.0 percent. The County had a reduction of 76,600 nonagricultural payroll jobs (not seasonally adjusted), from September 2019 to September 2020 which was a 6.3 percentage point decrease. From August 2020 to September 2020, there was an increase of 7,900 nonagricultural payroll jobs, which is a 0.7 percentage point increase.

Non-agricultural Payroll Jobs

Due to the impact of COVID-19, there continues to be a sharp decline in non-agricultural payroll jobs throughout most industries when comparing year over year (September 2019 with September 2020). The sectors most affected are Leisure & Hospitality (-30,100), Education & Health Services (-11,000), Total Government (-10,500) Professional & Business Services (-6,900), Retail Trade (-6,400), Other Services (-4,800), Wholesale Trade (-3,700), and Transportation, Warehousing, & Utilities (-3,100). The sectors seeing some improvements in the past 12 months are Financial Activities (+1,200) and Construction (+100). The graph below shows the payroll data since September 2018.

From September 2019 to September 2020 there was a reduction of -76,600 non-agricultural payroll jobs. From August 2020 to September 2020 there was an increase of 7,900 non-agricultural payroll jobs.

 

The change in non-agricultural payroll jobs between August 2020 and September 2020 shows that several sectors have added jobs, including in sectors that were the hardest hit during the onset of the COVID-19 crisis. These sectors include Leisure and Hospitality (+3,700), Manufacturing (+2,200), Transportation, Warehousing, and Utilities (+1,000), and Education and Health Services (+1,200).

SectorSeptember 2019- September 2020August 2020 – September 2020
Financial Activities+1,200 (+1.5%)+500 (+0.6%)
Construction+100 (+0.2%)-800 (-1.5%)
Information-500 (-2.4%)0 (0%)
Manufacturing -900 (-2.1%)+2,200 (+5.6%)
Transportation, Warehousing, & Utilities-3,100 (-3.7%)+1,000 (+1.3%)
Wholesale Trade-3,700 (-5.0%)-300 (-0.4%)
Other Services-4,800 (-9.6%)-500 (-1.1%)
Retail Trade-6,400 (-4.5%)+400 (+0.3%)
Professional & Business Services-6,900 (-3.8%)+800 (+0.5%)
Total Government -10,500 (-7.2%)-300 (-0.2%)
Education & Health Services-11,000 (-5.7%)+1,200 (+0.7%)
Leisure and Hospitality-30,100 (-20.9%)+3,700 (+3.4%)

Not seasonally adjusted unemployment rate

The not seasonally adjusted unemployment rate of 13.0 percent compared to last year is 10.7 percentage points higher than the unemployment rate at 2.3 percent in September 2019. Compared to August 2020 there was a 5.0 percentage point increase from the unemployment rate at 8.0 percent. Below the graph compares the unemployment rate for Miami-Dade County with that of the United States since September 2018. It shows that Miami-Dade County was tracking the unemployment rate of the United States at a slightly lower rate from November 2018 through May 2020, at which point the Miami-Dade County unemployment rate tracked higher due to our strong hospitality and tourism industry being impacted by COVID-19.

The Miami metro area labor force statistics are derived using a different model than all other counties in Florida.  The primary inputs for the monthly employment and unemployment estimates come from Current Population Survey (CPS).  There are only seven large substate areas across the nation that the labor force statistics are derived using this model.  The decrease in the count of unemployed individuals in Miami-Dade County in August 2020 and the subsequent increase in September was driven by the responses of Miami residents to the Current Population Survey.

 

 

September 2020
Unemployment Rate
(Not Seasonally Adjusted)
September 2019 to

September 2020
Unemployment Rate Change (Not Seasonally Adjusted)

Miami-Dade County13.0%+10.7%
Broward County8.2%+5.4%
Palm Beach County7.0%+3.8%
Florida7.6%+4.7%
United States7.7%+4.4%

 

Seasonally adjusted unemployment rate

In September 2020, the seasonally adjusted unemployment rate for Miami-Dade County (taking seasonal fluctuations in the labor force into consideration) was 12.8 percent, which is 10.7 percentage points higher than in September 2019. The unemployment rate is 5.3 percentage points higher than in August 2020 when it was at 7.5 percent.

From the data and analysis above, we continued to observe the negative impact of COVID-19 on our local economy. Nevertheless, the community needs to remain focused on job-retention projects in targeted industries, as well as all sectors. These industries have been identified as the Miami-Dade County industries most able to create additional well-paying job opportunities, leading to an improved quality of life for Miami-Dade County residents. The Miami-Dade Beacon Council continues to aggressively work on attracting new companies to our community and work on the expansion and retention of existing business. For more information, visit www.beaconcouncil.com.

The job creation numbers are derived from the U.S. Bureau of Labor Statistics Current Employment Statistics Program (CES), and only account for non-farm payroll jobs. However, the unemployment rates are derived from the U.S. Bureau of Labor Statistics Local Area Unemployment Statistics Program (LAUS), which includes farm payroll jobs as well as self-employed workers.

In addition, the federal government typically conducts interviews in sample households to determine the unemployment rate. Miami-Dade County is one of six metropolitan areas in the United States that uses a different method solely based on a statistical model derived from several data sets.

NYC-Based Blackstone Selects Miami for Advanced Financial Technology Hub

World’s largest alternative asset manager will create more than
200 new high-earning technology jobs and invest $25 Million in Miami-Dade County

Miami, FL – October 12, 2020 —The Miami-Dade Beacon Council announced that Blackstone, the largest alternative investment firm in the world, will open an advanced regional financial services technology headquarters in Downtown Miami. The most recent among dozens of financial services, private equity, hedge fund, and venture capital firms to migrate to South Florida, Blackstone will create 215 new jobs by 2024 and invest $25 Million locally in new capital investments.

“Miami is a vibrant market with a pipeline of top talent from best-in-class technology programs and a large technology footprint,” said Jennifer Friedman, Managing Director, Global Public Affairs at The Blackstone Group. “[The office] will enable us to diversify our talent pool and grow our technology team.”

“We want, from a tech perspective, a peer to New York [in] terms of talent, and the population and universities, and the tech pipeline, all that mirrored what we [have] here,” Blackstone Chief Technology Officer John Stecher told the Miami Herald, noting that Miami’s world class amenities also make it easy to attract and retain qualified individuals. “All those factors, when you combine them together, and contrast that with other cities, Miami ranked consistently higher,” Stecher noted.

As the County’s official economic development partnership, The Beacon Council is working closely with Blackstone and their site selection team to successfully navigate everything Miami-Dade’s world-class business community has to offer; access to highly qualified technology professionals proved to be a strong competitive advantage for Miami.

“Blackstone’s decision to open this office in Miami is a testament to our ability to develop, retain, and recruit high-level tech talent, as talent was the driving force in the firm’s site selection process,” said Michael A. Finney, President and CEO of the Miami-Dade Beacon Council. “We are proud of our work to attract Blackstone to Miami-Dade, as they are creating the high-value, knowledge-based jobs we know our community needs, and further accelerating the growth of our innovation ecosystem.”

Identified as a target growth industry under the One Community One Goal strategic plan, the job growth for the Technology Target Industry in Miami-Dade between 2012 and 2019 was 77%. During the same period, the local talent of computer and related professionals increased by 34%, with more than 15 coding schools complementing the robust pipeline of local college and university graduates in technology-related fields (with Florida International University ranking 6th in the U.S. for Computer Science graduates).“I’m excited that Blackstone will be opening a regional financial technology headquarters in our County,” said Miami-Dade County Mayor Carlos A. Gimenez. “With its commitment to add 215 FinTech jobs and $25 million in capital investments in our County, Blackstone has chosen the best place to do business. This is another example of our great partnership with The Beacon Council as we continue to grow good-paying jobs and expand our County’s efforts to diversify our economy.”

Home to one of the largest concentration of international banks in the United States, and the second-largest financial hub outside of New York City, Miami’s strength in FinTech is a natural outgrowth of the intersection between its burgeoning tech innovation community and its established financial services sector. Strategic investments like Blackstone’s further cement the community’s position as a destination for financial services and technology firms from across the country and around the world.

“The arrival of these companies is stimulating our local economy – bringing jobs, private investment and new residents to Miami’s urban core and putting our district on the track to sustained growth,” Miami DDA Chairman and Miami City Commissioner Manolo Reyes shared in a statement. “As long as businesses and individuals across America are weighed down by state and local taxes, Downtown Miami will continue to thrive as 24-7 district – without the tax burdens evident in so many other places.”

“I am so pleased that Blackstone has chosen downtown Miami for its new regional headquarters,” said Miami-Dade County Commissioner Eileen Higgins, who represents District 5. “Blackstone brings the type of high skill, high paying jobs we continue to attract to Miami-Dade County as we strive to diversify our economy and build greater economic resilience for our residents and our tax base.”

No state or local personal income tax, low corporate income tax, and a supportive regulatory environment creates a pro-business climate that presents significant advantages for high-income earners and business owners. Recent tax increases in New York, Illinois, California, and other states are expected to spur more relocations; coupled with more affordable office rents, lower housing prices, and access to high caliber diverse talent in a culturally-rich, active, world-class community like Miami, and the appeal for global companies like Blackstone is clear.

 

**For media inquiries please reach out to the Beacon Council media contact**

tgarcia@beaconcouncil.com / 305-335-8894

About the Miami‐Dade Beacon Council

Miami‐Dade Beacon Council is the official economic development organization for Miami‐Dade County. Its mission is to increase jobs and investment through marketing Miami as a world-class business destination; helping grow local companies; and shaping Miami-Dade’s economic future. Since 1985, the organization has assisted more than 1,200 businesses to expand in or relocate to Miami-Dade creating over 100,000 direct and indirect jobs combined and driving more than $6.6 billion in new capital investments. A professional staff and volunteer community leaders work together to promote Miami-Dade as a world‐class 21st century community at the forefront of a changing global economy. For more information: www.beaconcouncil.com.

 

About Blackstone

Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management businesses, with $564 billion in assets under management as of June 30, 2020, include investment vehicles focused on private equity, real estate, public debt and equity, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com.

20/20 Vision: Reimagining Recovery for Miami-Dade Vol. 2 Miami-Dade Beacon Council Hosts Second Virtual Roundtable with Local Business Leaders

WLRN’s Tom Hudson to Moderate discussion

WHAT: Second panel discussion featuring top executives from diverse industries, “20/20 Vision: Reimagining Recovery for Miami-Dade Vol.2″ provides a platform where local business leaders can speak to the business community’s needs and foster conversation about economic recovery, equity, inclusion, learnings and innovations, and what Miami-Dade businesses and workforce really need.

WHO: Miami-Dade business leaders

Introductory Remarks:

  • Hugo Castro, Divisional EVP, Equitable Advisors & 2019/20 Chair, Miami-Dade Beacon Council

Michael A. Finney, President & CEO, Miami-Dade Beacon Council

Moderator: 

  • Tom Hudson, VP of News and Special Correspondent, WLRN

Panelists Include:  

WHERE:  Zoom Meeting   https://bit.ly/MDBCVision2

*Meeting will also stream live via The Beacon Council’s Facebook page*

WHEN: Wednesday, September 30, 2020

2:00PM-3:30PM

ADDITIONAL INFORMATION:

  • Event registration link can be found here
  • Discussion to stream live on Beacon Council’s Facebook page here

**For media inquiries please reach out to the Beacon Council media contact**

tgarcia@beaconcouncil.com / 305-335-8894

About the Miami‐Dade Beacon Council

Miami‐Dade Beacon Council is the official economic development organization for Miami‐Dade County. Its mission is to increase jobs and investment through marketing Miami as a world-class business destination; helping grow local companies; and shaping Miami-Dade’s economic future. Since 1985, the organization has assisted more than 1,200 businesses to expand in or relocate to Miami-Dade creating over 100,000 direct and indirect jobs combined and driving more than $6.6 billion in new capital investments. A professional staff and volunteer community leaders work together to promote Miami-Dade as a world‐class 21st century community at the forefront of a changing global economy. For more information: www.beaconcouncil.com.

August 2020 Employment Report

Sponsored by:

The numbers analyzed

In August 2020, the not seasonally adjusted unemployment rate in Miami-Dade County was 8.1 percent. The County had a reduction of 75,800 nonagricultural payroll jobs (not seasonally adjusted), from August 2019 to August 2020 which was a 6.2 percentage point decrease. From July 2020 to August 2020, there was an increase of 16,000, which is a 1.4 percent increase of nonagricultural payroll jobs.

Non-agricultural Payroll Jobs

Due to the impact of COVID-19, there continues to be a sharp decline in non-agricultural payroll jobs throughout most industries when comparing year over year (August 2019 with August 2020). The sectors most affected are Leisure & Hospitality (-35,300), Education & Health Services (-10,300), Professional & Business Services (-8,700), Retail Trade (-8,200), Transportation, Warehousing, & Utilities (-3,900), Wholesale Trade (-3,300), and Manufacturing (-3,200). The sectors seeing some improvements in the past 12 months are Total Government (+1,200), Construction (+700), and Financial Activities (+100). The graph below shows the payroll data since August 2018.

From August 2019 to August 2020 there was a reduction of 75,800 non-agricultural payroll jobs. From July 2020 to August 2020 there was an increase of 16,000 non-agricultural payroll jobs.

The change in non-agricultural payroll job between July 2020 and August 2020 shows that several sectors have added jobs, including in sectors that were the hardest hit during the onset of the COVID-19 crisis. These sectors include Total Government (+13,000), Transportation, Warehousing, and Utilities (+2,100), Professional and Business Services (+4,300), Education and Health Services (+1,500), Retail Trade (+1,500). The increase in Total Government can primarily be attributed to faculty and staff reentering the workforce for the new school year.

SectorAugust 2019- August 2020July 2020 – August 2020
Total Government+1,200 (+0.8%)+13,000 (9.7%)
Construction+700 (+1.3%)-1,500 (-2.7%)
Financial Activities+100 (+0.1%)-1,100 (-1.3%)
Information-800 (-3.8%)0 (0%)
Manufacturing -3,200 (-7.5%)0 (0%)
Wholesale Trade-3,300 (-4.5%)-1,100 (-1.5%)
Transportation, Warehousing, & Utilities-3,900 (-4.6%)+2,100 (2.7%)
Other Services-4,200 (-8.5%)+400 (+0.9%)
Retail Trade-8,200 (-5.7%)+1,500 (+1.1%)
Professional & Business Services-8,700 (-4.8%)+4,300 (+2.5%)
Education & Health Services-10,300 (-5.4%)+1,500 (+0.8%)
Leisure and Hospitality-35,300 (-24.4%)-3,100 (-2.8%)

Not seasonally adjusted unemployment rate

The not seasonally adjusted unemployment rate of 8.1 percent compared to last year was 5.5 percentage points higher than the unemployment rate at 2.6 percent in August 2019. Compared to July 2020 there was a 6.4 percentage point decrease from the unemployment rate at 14.5 percent. Below the graph compares the unemployment rate for Miami-Dade County with that of the United States since August 2018. It shows that Miami-Dade County was tracking the unemployment rate of the United States at a slightly lower rate from November 2018 through May 2020, at which point the Miami-Dade County unemployment rate tracked higher due to our strong hospitality and tourism industry being impacted by COVID-19. In August 2020, Miami-Dade County’s unemployment rate once again fell below the United States unemployment rate by 0.4 percent.

 

 

 

 

August 2020
Unemployment Rate
(Not Seasonally Adjusted)
August 2019 to

August 2020
Unemployment Rate Change (Not Seasonally Adjusted)

Miami-Dade County8.1%+5.5%
Broward County9.3%+6.1%
Palm Beach County8.0%+4.4%
Florida7.7%+4.4%
United States8.5%+4.7%

Seasonally adjusted unemployment rate

 

In August 2020, the seasonally adjusted unemployment rate for Miami-Dade County (taking seasonal fluctuations in the labor force into consideration) was 7.6 percent, which is 5.4 percentage points higher than in August 2019.

From the data and analysis above, we continued to observe the negative impact of COVID-19 in our local economy. Nevertheless, the community needs to remain focused on job-retention projects in targeted industries, as well as all sectors. These industries have been identified as the Miami-Dade County industries most able to create additional well-paying job opportunities, leading to an improved quality of life for Miami-Dade County residents. The Miami-Dade Beacon Council continues to aggressively work on attracting new companies to our community and work on the expansion and retention of existing business. For more information, visit www.beaconcouncil.com.

The job creation numbers are derived from the U.S. Bureau of Labor Statistics Current Employment Statistics Program (CES), and only account for non-farm payroll jobs. However, the unemployment rates are derived from the U.S. Bureau of Labor Statistics Local Area Unemployment Statistics Program (LAUS), which includes farm payroll jobs as well as self-employed workers.

In addition, the federal government typically conducts interviews in sample households to determine the unemployment rate. Miami-Dade County is one of six metropolitan areas in the United States that uses a different method solely based on a statistical model derived from several data sets.

Miami-Dade County Proposes Homestead Air Reserve Base as Site for U.S. Space Command Headquarters

On May 14, 2020, the United States Air Force announced an open bidding process to select the future location of U.S. Space Command Headquarters (USSPACECOM). Established in December 2019, USSPACECOM is designed to focus on defending U.S. interests in Space. Provisional headquarters are located at Peterson Air Force Base in Colorado Springs, Colorado, with plans to move to a permanent location in the next five years. With the endorsement of Governor Ron DeSantis, Miami-Dade County is one of eight qualified communities in the State of Florida selected for the Basing Evaluation Phase of the bidding process for USSPACECOM’s permanent headquarters.

July 2020 Employment Report

Sponsored by:

The numbers analyzed

During July 2020, the not seasonally adjusted unemployment rate in Miami-Dade County was 14.2 percent. From July 2019 to July 2020, the County had a reduction of 75,900 nonagricultural payroll jobs (not seasonally adjusted), which indicate a 6.3 percentage point decrease. From June 2020 to July 2020, there was a reduction of 7,700, which is a 0.7% decrease of nonagricultural payroll jobs.

Non-agricultural Payroll Jobs

Due to the impact of COVID-19, there continues to be a sharp decline in non-agricultural payroll jobs throughout most industries when comparing year over year (July 2019 with July 2020). The sectors most affected are Leisure & Hospitality (-32,400), Professional & Business Services (-12,300), Education & Health Services (-9,500), Retail Trade (-9,400), Transportation, Warehousing, & Utilities (-5,900), Other Services (-3,300), and Manufacturing (-2,900). The sectors seeing some improvements in the past 12 months are Construction (+1,500), and Financial Activities (+1,400). The graph below shows the payroll data since July 2018.

From July 2019 to July 2020 there was a reduction of 75,900 non-agricultural payroll jobs. From June 2020 to July 2020 there was a reduction of 7,700 non-agricultural payroll jobs.

The change in non-agricultural payroll job between June 2020 and July 2020 shows that several sectors have added jobs, including in sectors that were the hardest hit during the onset of the COVID-19 crisis. These sectors include Other Services (+1,700), Manufacturing (+1,400) and Retail Trade (+1,000).

SectorJuly 2019- July 2020June 2020 – July 2020
Construction+1,500 (+2.8%)-1,300 (-2.3%)
Financial Activities+1,400 (+1.7%)+400 (+0.5%)
Information-300 (-1.5%)-500 (-2.4%)
Total Government-400 (-0.3%)-1,000 (-0.7%)
Wholesale Trade-2,500 (-3.4%)-600 (-0.8%)
Manufacturing -2,900 (-6.8%)+1,400 (+3.7%)
Other Services-3,300 (-6.5%)+1,700 (+3.7%)
Transportation, Warehousing, & Utilities-5,900 (-7.0%)+100 (+0.1%)
Retail Trade-9,400 (-6.6%)+1,000 (+0.8%)
Education & Health Services-9,500 (-5.1%)-900 (-0.5%)
Professional & Business Services-12,300 (-6.8%)-1,700 (-1.0%)
Leisure and Hospitality-32,400 (-22.6%)-6,300 (-5.4%)

Not seasonally adjusted unemployment rate

The not seasonally adjusted unemployment rate of 14.2 percent compared to last year was 11.6 percentage points higher than the unemployment rate at 2.6 percent in July 2019. Compared to June 2020 there was a 2.4 percentage point increase from the unemployment rate at 11.8 percent. Below the graph compares the unemployment rate for Miami-Dade County with that of the United States since July 2018. It shows that Miami-Dade County was tracking the unemployment rate of the United States at a slightly higher rate until November 2018 through May 2020. In July 2020, Miami-Dade County’s unemployment rate is 3.7 percentage points higher than the United States.

 

 

July 2020
Unemployment Rate
(Not Seasonally Adjusted)
July 2019 to

July 2020
Unemployment Rate Change (Not Seasonally Adjusted)

Miami-Dade County14.2%+11.6%
Broward County13.1%+9.8%
Palm Beach County11.6%+8.0%
Florida11.5%+8.1%
United States10.5%+6.5%

Seasonally adjusted unemployment rate

 

In July 2020, the seasonally adjusted unemployment rate for Miami-Dade County (taking seasonal fluctuations in the labor force into consideration) was 13.9 percent, which is 11.6 percentage points higher than in July 2019. 

From the data and analysis above, we continued to observe the impact of COVID-19 in our local economy. Nevertheless, the community needs to remain focused on job-retention projects in targeted industries, as well as all sectors. These industries have been identified as the Miami-Dade County industries most able to create additional well-paying job opportunities, leading to an improved quality of life for Miami-Dade County residents. The Miami-Dade Beacon Council continues to aggressively work on attracting new companies to our community and work on the expansion and retention of existing business. For more information, visit www.beaconcouncil.com.

The job creation numbers are derived from the U.S. Bureau of Labor Statistics Current Employment Statistics Program (CES), and only account for non-farm payroll jobs. However, the unemployment rates are derived from the U.S. Bureau of Labor Statistics Local Area Unemployment Statistics Program (LAUS), which includes farm payroll jobs as well as self-employed workers.

In addition, the federal government typically conducts interviews in sample households to determine the unemployment rate. Miami-Dade County is one of six metropolitan areas in the United States that uses a different method solely based on a statistical model derived from several data sets.