Construction, Financial Activities and Professional Service sectors continue to Lead Job Growth in Miami-Dade County
(Miami, FL – Sept. 16, 2016) Miami-Dade added nearly 12,000 jobs from August 2015 to August 2016 with growth in the construction sector leading (11.2 percent), followed by financial activities sector (4.3 percent) and professional services (1.7 percent), according to statistics released Friday.
“Year over year we continue to add jobs across sectors with two out of the three leading sectors providing higher than average paying jobs,” The Miami-Dade Beacon Council President & CEO Larry K. Williams said. “The increase of construction jobs at projects around Miami-Dade is a strong indicator of widespread growth throughout our county and a continually improving economy.”
The numbers analyzed
Miami-Dade County created 11,700 new nonagricultural payroll jobs (not seasonally adjusted), from August 2015 to August 2016 which was a 1 percent increase. Miami-Dade County continues to show year over year gains. Improvements in the non-farm payroll jobs can be found in a variety of sectors. Between July 2016 and August 2016, Miami-Dade County increased nonagricultural payroll jobs by 7,800 or a 0.7 percent increase.
The not seasonally adjusted unemployment rate for Miami- Dade County was 5.6 in August 2016, which was a 0.8 percentage point decrease from August 2015 at 6.4 percent, and 0.2 percentage point increase from July 2016 at 5.4 percent.
In August 2016, the seasonally adjusted unemployment rate for Miami-Dade County (taking seasonal fluctuations in the labor force into consideration) was 5.1 percent, which is 0.1 percentage points lower than July 2016 at 5.2 percent, and a 0.8 percentage point decrease from August 2015 at 5.9 percent.
The large increase in payroll jobs in government can be attributed to the rehiring of personnel at Miami-Dade County Public Schools. About half of the employees are on a 10-month contract. Although these employees will not collect unemployment during the two summer months, they are counted as not working, hence the drop in the June data for government and the increase in the August data.
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. Find out more at 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 is unavailable at the time this report was composed.
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 980 businesses that have created more than 65,000 direct jobs and added more than $4 billion in new capital investments. It accomplishes this by marketing Miami-Dade as a world-class business location, growing local companies and shaping the local economy’s future. For more information, visit www.beaconcouncil.com
https://www.beaconcouncil.com/wp-content/uploads/2016/09/beac96c8-d427-4e41-adbd-214f98a4cea0.jpg279800wpenginehttps://www.beaconcouncil.com/wp-content/uploads/2020/06/MDBC_rgb_color_hz.pngwpengine2016-09-23 18:52:432016-09-23 18:52:43Construction, Financial Activities and Professional Service sectors continue to Lead Job Growth in Miami-Dade County
Leave a ReplyWant to join the discussion?
Feel free to contribute!