Capital Bank Names Roberto R. Muñoz Miami Market President

Distinguished Banking, Civic and Community Leader Brings Global Impact to New Position

MIAMI, Fla. (February 6, 2019) – Capital Bank, a member of the First Horizon National Corp. (NYSE:FHN) family of companies, announced Roberto R. Muñoz has been named market president of Miami and commercial bank and wealth executive. The well-known banking, civic and community leader with more than three decades of experience has facilitated over $27 billion dollars of economic activity within the state of Florida, the Caribbean, and Central and South America.

“We’re honored to welcome Roberto Muñoz to our team,” said Florida market president Jeff Jackson. “Roberto’s financial expertise and commitment to the community make him a perfect fit to lead our growth strategy in the international Miami market.”

Recognized for his long-time civic engagement, Muñoz is the 2019 chair of the World Trade Center Miami (WTCM), the region’s leading global trade promotion organization. The WTCM has generated more than $3.8 billion in international sales over the last 30 years and stimulated the creation of thousands of new jobs. Additionally, Muñoz is an officer on the executive board of the Miami-Dade Beacon Council; treasurer of the Greater Miami Chamber of Commerce and former chairman and president of the Florida International Bankers Association.

Muñoz serves on a host of additional boards including:   The Center for Financial Training, Southeastern Chapter; Center for Leadership Studies at Florida International University; the Chapman Partnership for the Homeless; and, the Boy Scouts of America South Florida Chapter. He is the 2019 recipient of its “Distinguished Citizen Award,” and was recognized as “Philanthropist of the Year” in 2015 by the Leukemia and Lymphoma Society of South Florida. Muñoz received the “Florida Business Ambassador Award” from Gov. Rick Scott in 2015.

He received an Associate of Arts degree in Business Administration from Miami Dade College and a Bachelor’s degree in Finance and International Business from Florida International University’s College of Business.

Capital Bank has more than 30 locations across South Florida. For more information, please visit capitalbank-us.com.

The Miami-Dade Beacon Council and Publishing Partner HCP Media Launch Advantage Miami 2019

MIAMI, FL., January 11, 2019 – The Miami-Dade Beacon Council, together with custom media company HCP Media, proudly unveil the 2019 edition of Advantage Miami, the County’s official business location guideThis “go-to” resource provides business owners, site selectors and talent looking to relocate with key information on Miami-Dade County’s business advantages, including its growing tech ecosystem, strategic global location, infrastructure and more.

Click to view the digital edition

“People’s understanding of Miami’s advantages as a world-class business destination have evolved as more and more businesses choose to call this community home,” states Michael Finney, President and CEO of The Miami-Dade Beacon Council. “We invite you to take a deep dive into this publication as it provides invaluable insights and data about all of the Advantages Miami has to offer, and why it’s the place to bring your business today when you are consciously building for tomorrow.”

Showcasing the data key stakeholders need in order to make informed, strategic decisions about the future of their business, the 2019 edition of Advantage Miami is a great resource for both local, domestic and international companies.

“Miami is known the world over as a vacation destination, and that’s great—but it’s not the whole story. This is a vibrant business community with global connectivity,” explains Maria Budet, Vice President, Marketing and Communications for The Miami-Dade Beacon Council. “Companies big and small are choosing to double down on Miami because of the business advantages we offer: strong, diverse talent pipeline; innovative culture with an entrepreneurial spirit; favorable business climate; the quality of life we are known for, and so much more. This publication allows us to share actionable information with individuals and companies looking to establish, expand, or relocate their business in a user-friendly way. It helps us tell Miami’s full story—and how The Beacon Council can help new and growing businesses make the most of everything we have to offer.”

“It is such a pleasure to create Advantage Miami on behalf of The Beacon Council knowing it is used to cultivate more business in Miami-Dade County,” says Marisa Beazel, President and Publisher of HCP Media. “This new edition is chock full of data, visually appealing photography and quotes from local business owners and community figures that continue to position Miami-Dade County as a burgeoning destination for art, technology, startups and more.”

For more information on this publication and for an opportunity to be a part of the next edition, please contact Cristiana Glassford at 305-376-5252.

The Miami-Dade Beacon Council Reaccredited by the International Economic Development Council

MDBC Represents Top 1% of Accredited Economic Development Organizations Globally

Miami, FL) January 10, 2018 –  The Miami-Dade Beacon Council, the County’s official public-private economic development partnership has been recognized as one of 62 economic development organizations to be designated by the International Economic Development Council (IEDC) as an Accredited Economic Development Organization (AEDO). The Miami-Dade Beacon Council was one of the first national organizations to be accredited, and has maintained that designation for almost twenty years.

“The Miami-Dade Beacon Council displays the professionalism, commitment, and technical expertise that is deserving of this honor,” said IEDC President and CEO Jeff Finkle.

The AEDO program is a comprehensive peer review process that measures economic development organizations against commonly held standards in the profession. The program consists of two phases: a documentation review and an onsite visit. Each phase is designed to evaluate the structure, organization, funding, program, and staff of the candidate economic development organization.

“Being a designated AEDO is coveted honor, since it places us in a distinguished, internationally recognized elite group,” said Michael A. Finney, President & CEO of The Miami-Dade Beacon Council. “Over the years, The Miami-Dade Beacon Council has continued to innovate and hone best practices that allow us to not only allow us to successfully market Miami as a world-class business destination, but attract companies to relocate to this community while diversifying the economy.”

Miami-Dade County Mayor Carlos A. Gimenez, who co-chairs the Beacon Council’s One Community One Goal initiatives, noted the importance of this AEDO reaccreditation in terms of spotlighting South Florida’s growing role on the world’s economic stage. “This success sends a clear message to global investors, corporations and entrepreneurs that the advantages of living, working, doing business, enjoying life and traveling to Miami continue to grow. We achieved this prosperity by developing seven areas of our economy, including technology, aviation, entertainment, banking and finance, trade and logistics, hospitality and tourism, and life sciences and healthcare. This winning approach sets us up for even greater future accomplishments.”

Earning the AEDO accreditation tells the community and prospective business enterprises that The Miami-Dade Beacon Council has attained an exceptional level of excellence, assuring residents and organizations that their trust is well-placed, and their business is in good hands. This past year, the organization celebrated a major milestone by supporting 50 companies in expanding or relocating to Miami-Dade County, which in turn created almost 2,000 jobs generating more than $402.6 million in new capital investments. This is a testament to the strength of the organization’s economic development initiatives and programing, and the direct impact it has on the growth of this global community.

Maintenance of the AEDO status is required every three years and is accomplished through documentation submissions and/or onsite visits by a team of the AEDO subcommittee.

The Miami-Dade Beacon Council Announces Multiple Promotions and New Hires

Maria Budet and Diana Londono Join the Economic Development Organization

(Miami, FL) January 10, 2018 –  The Miami-Dade Beacon Council, the County’s official public-private economic development partnership is pleased to announce Maria Budet and Diana Londono have recently joined the organization. Maria was hired as the Vice President of Marketing and Communications and Diana was hired as Vice President of Business Development. Both bring knowledge, creativity and different perspectives to the organization adding additional momentum to support the overall mission of marketing Miami as a world-class business destination.

With over 20 years of experience, prior joining The Miami-Dade Beacon Council, Maria was Group Director at Zubi Advertising (a WPP agency). During her time at Zubi Advertising she worked with Fortune 500 companies including Nestlé, Procter & Gamble, The J. M. Smucker Company, Johnson & Johnson, Dunkin’ Donuts, Walgreens, and SC Johnson. She also managed new business development, successfully landing 80% of the pitches championed during her tenure. Besides her marketing and communications work at Zubi, CSA Marketing and other partners, Maria also wrote for a variety of print and online publications including Latina, The Miami Herald,  New Times to name a few.

In her current role, Maria is responsible for shaping all organizational communications and marketing efforts, both internal and external. She also leads the development and implementation of strategy, including creative development and agency management, marketing effectiveness, digital and social marketing, paid media, sponsorships, events, partnerships and corporate communications.

Subsequently, Diana Londono joins the organization from Enterprise Florida Inc. (EFI), here she managed the Foreign Direct Investment (FDI) portfolio for The State of Florida. Londono also led the international business development and recruitment efforts for the state with support from ten international offices serving many markets. Diana first joined EFI as Stakeholder Engagement Manager where she supported the economic development partners from all regions and counties in the state, enhancing partnerships on the local and state level. Currently, Diana will continue to support the growth of international companies seeking to relocate to Miami-Dade County.

The Miami-Dade Beacon Council President & CEO, Michael Finney notes the importance of investing and developing talent to succeed as an organization.  “We are confident Maria’s and Diana’s background and experience are well suited to continue to drive the organization’s growth. They have both demonstrated their passion, enthusiasm, innovation, strategic approach and vision not only for business development but for the community.”

Other internal promotions include:

  • Madeline Mesa; Assistant to the President
  • Vanja Hajdukovic; Director, Economic Development
  • Melisa Brod; Coordinator, Investor Relations
  • Frances Fleites; Coordinator, Economic Development

“At The Miami-Dade Beacon Council we encourage internal growth opportunities within our staff to support their career development and are happy to see them be successful.” said Michael A. Finney, President & CEO of The Miami-Dade Beacon Council.

Miami-Dade’s Unemployment Rate Continues its downward trend at 3.2%, the lowest since November 2007

DECEMBER EMPLOYMENT REPORT

Presented by CareerSource

 

The numbers analyzed

In November 2018, Miami-Dade County area was the second largest metro area in year-over-the-year job gains in Florida, following Orlando-Kissimmee-Sanford area. The County created 24,200 new nonagricultural payroll jobs (not seasonally adjusted), from November 2017 to November 2018 which was a 2.0 percent increase. The jobs were created in different industries with the highest job creation occurring in Construction (7,900), Transportation, Warehousing & Utilities (7,300), Education & Health Services (7,100), Leisure and Hospitality (4,100) Manufacturing (3,600). The graphs below show the payroll data since February 2017.

SectorNov 2017 – Nov 2018Oct 2018 – Nov 2018
Construction+7,900 (+16.7%)+600 (+1.1%)
Transportation, Warehousing, & Utilities+7,300 (+9.6%)+1,300 (+1.6%)
Education & Health Services+7,100 (+3.8%)-300 (-0.2%)
Leisure and Hospitality+4,100 (+2.9%)+2,000 (+1.4%)
Manufacturing+3,600 (+8.3%)-900 (-1.9%)
Other Services+1,400 (+2.7%)+500 (+1.0%)
Information+600 (+3.2%)+400 (+2.1%)
Financial Activities+200 (+0.2%)‘+1,000 (+1.3%)
Total Government0 (0%)+500 (+0.3%)
Professional & Business Services-1,100 (-0.6%)+1,400 (+0.8%)
Retail Trade-2,700 (-1.8%)+4,300 (+2.9%)
Wholesale Trade-4,300 (-5.7%)-200 (-0.3%)

 

The not seasonally adjusted unemployment rate for Miami-Dade County was 3.2 in November 2018. Compared to last year November there was a 1.3 percentage point decrease from the unemployment rate at 4.5 percent. Below the graph compares the unemployment rate for Miami-Dade County with that of the United States since February 2017. It shows that Miami-Dade County was tracking the unemployment rate of the United States until November 2018 when it was 0.3 percent lower than the unemployment rate of The United States.

In November 2018, the seasonally adjusted unemployment rate for Miami-Dade County (taking seasonal fluctuations in the labor force into consideration) was 3.7 percent, which was a 1.0 percentage point lower than in November 2017.

 November 2018
Unemployment Rate
(Not Seasonally Adjusted)
November 2017 to November 2018
Unemployment Rate Change
(not seasonally adjusted)
Miami-Dade County3.2%-1.3%
Palm Beach County3.0%-0.8%
Broward County2.8%-0.8%
Florida3.0%-0.8%
United States3.5%-0.4%

From the data and analysis above, we see continued improvement in the local economy. Nevertheless, the community needs to remain focused on job-creation projects in targeted industries. 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 Beacon Council Highlights Miami’s Business Accomplishments at the 2018 Annual Meeting & Key Ceremony

Celebrating a record-breaking year with 50 new and expanding companies, 2,000 new direct jobs and $402.7M in new capital investments

(Miami, FL) November 15, 2018 –  The Miami-Dade Beacon Council, the County’s official public-private economic development partnership, is pleased to announce this year’s achievements during its 2018 Annual Meeting & Key Ceremony. This year’s signature event theme “Miami SynchroniCity”, celebrates not only how many advantages Miami offers from a business perspective—diverse talent pipeline, location, global connectivity, technology, infrastructure and more—but how these converge in a way that is meaningful to the success of both companies and individuals. This convergence of people, passions, strengths, and spirit are part of what sets this community apart, serving as the foundation for Miami-Dade County’s economic development success story.

Slated for this upcoming Friday, Nov. 16, 2018, at the InterContinental Downtown Miami Hotel, The Beacon Council’s Annual Meeting will feature the organization’s official change in leadership as this year’s Chair Nelson Lazo, Chief Executive Officer of Doctors Hospital and Miami Orthopedics & Sports Medicine Institute, passes the gavel on to Incoming Chair, Penny Shaffer, Ph.D., South Florida Market President for Florida Blue.

This event celebrates the Miami-Dade business community’s many achievements over the past year, from being selected as a top 20 finalist in the bid for Amazon HQ2 to a record-breaking 50 companies working with The Beacon Council to expand or relocate to Miami-Dade County. These 50 companies alone drove $402.6 million in new capital investments and almost 2,000 direct new jobs. With unemployment at 3.6 percent, its lowest since 2008, and consistent growth in Miami-Dade’s target industries, 2017-2018’s successes speak to the impact of The Beacon Council’s economic development efforts and the One Community One Goal strategic plan.

Miami-Dade County Mayor, The Honorable Carlos A. Gimenez, will be honoring all 50 companies with a Key to Miami-Dade County. Representing a diverse portfolio of industries and countries, these businesses will be recognized by Mayor Gimenez as well as the County Commissioners, City Officials and other dignitaries who represent the communities they are moving into and the diverse countries they call home.

“We want to honor all those companies that have added to Miami-Dade County’s economy,” said Mayor Gimenez.  “In just six years, job growth has surged 15 percent across all industries, creating more than 160,000 new jobs… Along with our partners at The Miami-Dade Beacon Council, we are making sure not only our businesses, but also our residents have the necessary tools to grow and achieve their full potential.”

Approximately 400 people are expected to attend to this year’s event and participate in the highly anticipated “Miami SynchroniCity” Showcase, featuring more than 30 of the new and expanding businesses that are contributing to Miami-Dade County’s growing economy. Attendees have the opportunity to network one-on-one with other businesses, innovators and community leaders shaping the new Miami.

“It has been a full year since I first arrived in this community, and what a year it has been,” said Michael Finney, President and CEO of the Miami-Dade Beacon Council. “From being selected as a top 20 finalist for Amazon’s HQ2, to welcoming companies like Genius Plaza, Bombardier and Atlantic Sapphire to Miami-Dade County, we already see that, globally, people’s understanding of Miami as a business destination is changing. More and more people want to do business and be in Miami.”

“I am grateful that I had the opportunity to be part of The Miami-Dade Beacon Council this past year. The ability to be a true champion of the community where I am not only a business professional, but also a resident couldn’t make me prouder,” said Miami-Dade Beacon Council Former Chair, Nelson Lazo, Chief Executive Officer of Doctors Hospital and Miami Orthopedics & Sports Institute. “The Annual Meeting & Key Ceremony gives us an opportunity to not only acknowledge the companies who we have assisted, but also to reflect on the year’s efforts and how as a community, we will continue to be successful.”

“Miami continues to elevate our regional profile on a global scale, and I can’t think of a better time than now to be part of The Miami-Dade Beacon Council and to support our business community. We have achieved great success in the past year, not only by welcoming new companies but also by creating more jobs — all thanks to our One Community One Goal strategic plan,” said Miami-Dade Beacon Council Incoming Chair, Penny Shaffer, Ph.D., South Florida Market President for Florida Blue. “Our momentum is in full force and we need to take advantage of this excitement and energy.”

This annual event is made possible with the support of sponsors including TD Bank, Baptist Health South Florida, Doctors Hospital, Florida Power & Light, SunTrust and others. Ongoing support provided by Sustaining Investors American Airlines, Avison Young and The Miami Herald.

“TD Bank is proud to once again be the title sponsor of the Miami-Dade Beacon Council’s Annual Meeting and Key Ceremony, which showcases the various businesses and industries that shape Miami-Dade County. TD Bank supports initiatives that drive business and economic growth in our local communities, and The Beacon Council and Miami-Dade County both do an incredible job retaining businesses and attracting new and expanded businesses to be part of our community,” stated Pablo Pino, South Florida Market President – Commercial, TD Bank.

 

Leading EdTech Company Relocates Global Headquarters to Miami-Dade Adding over 100 Tech Jobs to the Community

The Miami-Dade Beacon Council, the county’s official public-private economic development partnership, is pleased to announce the opening of Genius Plaza, an innovative, proven EdTech-devised teaching program in Downtown Miami.

Genius Plaza’s arrival marks an important milestone in the Miami-Dade community as the company intends to create over 100 new tech jobs and make $1.28M in new capital investments over the next five years. The company’s decision drivers for relocating their headquarters to Miami mirror the reasons other companies are being drawn to Miami from other markets: Miami’s Advantages, including access to global markets, diverse talent, connectivity, cultural diversity and the region’s position as a growing tech hub.

“As we looked at our global plans and commitment to diversity, we knew Miami was the obvious choice. Our recent expansion to Africa demonstrated the need of what it meant to be in a global community, one like Miami. The global connectivity and access to all markets—beyond just Latin America—paired with the diverse talent were just two of the many reasons why relocating to Miami was the right choice,” said Ana Roca Castro, CEO & Founder, Genius Plaza.

The Miami-Dade Beacon Council worked diligently in partnership with Genius Plaza to assist with incentives and facilitate key introductions to strategic partners in the Miami-Dade business community.  Creating new tech jobs and hiring local talent to support the development of their culturally-relevant education platform, Genius Plaza is contributing to the community’s growing entrepreneurial and tech ecosystem. The Miami-Dade Beacon Council will continue to be a resource for Genius Plaza and the tech community, a target sector for the area’s growth and development.

“The technology industry has increased over 33% in the last five years, adding over 10,853 jobs in our community,” said Michael A. Finney, Miami-Dade Beacon Council President & CEO. “Given Miami’s rise in the tech scene, being placed eighth on the list of U.S. cities in terms of venture capital activity—right between Seattle and Chicago—welcoming a company like Genius Plaza into our community just proves that we are cultivating the next generation of startups and tech workers. Given our pipeline of talent and the growing level of investment in the sector, we are confident we will continue to see more and more tech companies relocate to Miami in the years to come.”

Genius Plaza’s award-winning, cloud-based platform provides access to culturally relevant,  personalized learning content in literacy, math, and science.  Its approach is to move students from being passive to being a protagonist of their own learning. Founded five years ago,  it is now in 22 countries and available in over 30 languages.

The Company’s stated goal is “to ignite the genius in every child using technology to bring the best quality education to communities around the world, especially the most underserved.”

“We know that genius lives in every zip code with access the only barrier, which is why we want students from all backgrounds to relate to the content, including the stories, the characters, and the experiences,” added Roca Castro.

# # #

About The Miami- Dade 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’s economic future.  Since 1985, the organization has assisted more than 1,000 businesses that have created nearly 70,000 direct jobs and added more than $4.7 billion in new capital investments. A professional staff and volunteer community leaders work to promote Miami as a world-class 21st century community at the forefront of a changing global economy.

About Genius Plaza

Genius Plaza’s award-winning education platform is the first multicultural platform built for diverse communities and uses technology to remove obstacles to quality education by providing engaging content, tools, and resources where students are the protagonists of their own learning.  The cloud-based platform provides access to culturally relevant,  personalized learning content in literacy, math, and science.  The Company serves communities in 22 countries and is available over 30 languages including African Tribal languages & Indigenous languages.

Miami-Dade’s Unemployment Rates is 3.6%, The Lowest since February 2008 in Recent Employment Report

Miami-Dade County continues to be a good news story. The non-seasonally adjusted unemployment rate for Miami-Dade County was 3.9 percent, which was an 0.8 percentage point lower than in September 2017. It is the lowest unemployment rate from February 2008.

The numbers analyzed

 In September 2018, Miami-Dade County area was the second largest metro area  in year-over-the-year job gains in Florida. The County has created 50,200 new nonagricultural payroll jobs (not seasonally adjusted), from September 2017 to September 2018 which was a 4.4 percent increase. The jobs were created in different industries with the highest job creation occurring in Education & Health Services (9,700), Construction (9,600), Transportation, Warehousing & Utilities (8,900), Leisure and Hospitality (7,800), Professional and Business Services (6,700) and Manufacturing (6,400). The graphs below show the payroll data since December 2016.

In September 2018, the seasonally adjusted unemployment rate for Miami-Dade County (taking seasonal fluctuations in the labor force into consideration) was 3.9 percent, which was an 0.8 percentage point lower than in September 2017. It is the lowest unemployment rate from February 2008.

 

From the data and analysis above, we see continued improvement in the local economy. Nevertheless, the community needs to remain focused on job-creation projects in targeted industries. 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.

* The seasonally adjusted unemployment rate was unavailable at the time this report was composed.

 

 

 

 

Miami Community Ventures Program, A One Community One Goal Initiative Receives SunTrust Foundation’s 2018 Lighting the Way Award and $75,000 Grant

Recognized for its philanthropic contributions supporting Miami’s economic development, The Beacon Council Economic Development Foundation was awarded a 2018 Lighting the Way Award and $75,000 grant by the SunTrust Foundation for the launch of their Miami Community Ventures Program, part of the One Community One Goal initiative.

The SunTrust Foundation’s Lighting the Way Awards recognizes select nonprofit organizations that strengthen their local communities through programs that help people better their circumstances and gain financial confidence.

“We’re committed to building stronger communities, and our nonprofit partners are addressing community needs in innovative and very meaningful ways,” said Stan Little, president of the SunTrust Foundation. “Miami-Dade Beacon Council is set to improve the lives of many people, and we applaud their mission, long-term service and the impact they’re making where it’s most needed.”

“Receiving the SunTrust Foundation’s grant for this program is extremely significant as we work toward the official launch of the Community Ventures Program in Miami in early November 2018. The program was framed after a successful model I rolled out in Michigan, which generated positive state-audited results reflecting break-even achievement in the 20th month,” said Michael A. Finney, President & CEO, Miami-Dade Beacon Council and The Beacon Council Economic Development Foundation. “The mission of this program is to make communities safer, to alleviate poverty and to connect low-income, structurally unemployed individuals with sustainable living wage jobs. With this initiative, we are focusing on a very important segment in our community and we are also providing individuals an opportunity to establish financial independence that in return will help contribute to the Miami-Dade economy.”

Established in 2008, the SunTrust Foundation is committed to supporting a wide range of financial well-being efforts through grants and partnerships with local philanthropic organizations. To date, the SunTrust Foundation has awarded more than $140 million in grants to organizations across the United States.

About The Miami-Dade Beacon Council

The Miami-Dade Beacon Council is Miami-Dade County’s official economic development partnership. The not-for-profit public-private organization focuses on job creation and economic growth. Since 1985, the organization has assisted more than 1,000 businesses that have created nearly 70,000 direct jobs and added more than $4.6 billion in new capital investments. It accomplishes this by marketing Miami-Dade as a world-class business location, growing local companies and fostering entrepreneurs, and shaping the County’s economic future.

About the SunTrust Foundation

The SunTrust Foundation is dedicated to SunTrust Bank’s purpose of Lighting the Way to Financial Well-Being by engaging organizations to advance financial confidence. Grants and activities focus primarily on financial empowerment, but also include education, health and human services, civic improvement and cultural growth. The SunTrust Foundation supports American Red Cross disaster relief efforts and contributes as a United Way Global Corporate Leader. Established in 2008, the SunTrust Foundation has proudly provided grants totaling more than $140 million throughout the United States.

Miami-Dade Unemployment Rates Continue a Downward Trend in August 2018 Report

Miami-Dade County continues to be a good news story. The non-seasonally adjusted unemployment rate for Miami-Dade County was down to 4.1% in August 2018, 0.2% lower than last month.  Year-over-year there was a 1.0% decrease, as the unemployment rate for August 2017 was 5.1%.

Additionally, we have seen a solid uptick in the creation of new jobs in the County. In August 2018, Miami-Dade County was in the top 3 metro areas in Florida in over-the-year job gains (right behind Orlando and Tampa). The County created 22,100 new non-agricultural payroll jobs (not seasonally adjusted), from August 2017 to August 2018, a 1.9% increase.

“Some of these increases in new jobs can be linked back to the start of the 2018-2019 school year, which brings back all the teachers who were on summer hiatus. This unusual spike occurs every year,” said Miami-Dade Beacon County President & CEO Michael Finney. “Our goal is to realize sustained growth in new jobs by following our long-term strategy of consistently focusing on high-paying target industries.”

The graphs below show the payroll data since November 2017.

Jobs were created in a variety of industries, with the highest job creation occurring in Transportation, Warehousing & Utilities (8,100), Manufacturing (6,900), Construction (6,600), and Education & Health Services (5,700). Between July 2018 and August 2018, Total Government added 11,100 new jobs. A segment of the increase in government jobs is due to teachers returning to their classrooms.

SectorAugust 2017 – August 2018July 2018 – August 2018
Transportation, Warehousing, & Utilities+8,100 (+11.3%)+400 (+0.5%)
Manufacturing+6,900 (+16.5%)-200 (-0.4%)
Construction+6,600 (+14.0%)-500 (-0.9%)
Education & Health Services+5,700 (+3.1%)+1,400 (+0.8%)
Other Services+400 (+0.8%)+1,000 (+2.0%)
Financial Activities0 (0%)-300 (-0.4%)
Information-100 (-0.5%)+200 (+1.1%)
Leisure and Hospitality-600 (-0.4%)+100 (+0.1%)
Wholesale Trade-900 (-1.2%)-100 (-0.1%)
Professional & Business Service-900 (-0.5%)-600 (-0.4%)
Total Government-1,000 (-0.7%)11,100 (+8.5%)
Retail Trade-2,200 (-1.5%)-400 (-0.3%)

The graph below compares the unemployment rate for Miami-Dade County with that of the United States since November 2016. It shows that Miami-Dade County tracks the unemployment rate of the United States, but at a slightly higher rate.

 

In August 2018, the seasonally adjusted unemployment rate for Miami-Dade County (taking seasonal fluctuations in the labor force into consideration) was 4.2 percent, which was an 0.5 percentage point lower than in August 2017.

August 2018
Unemployment Rate
(Not Seasonally Adjusted)
August 2017 to August 2018
Unemployment Rate Change
(not seasonally adjusted)
Miami-Dade County4.1%-1.0%
Palm Beach County3.9%-0.5%
Broward County3.5%-0.5%
Florida3.8%-0.5%
United States3.9%-0.6%

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.

–end–

 

* The seasonally adjusted unemployment rate was unavailable at the time this report was composed.