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(Miami, FL – July 22, 2016) – Miami-Dade added 18,600 new jobs from June 2015 to June 2016 with growth in the construction sector leading (13.2 percent), followed by financial service sector (3.7 percent) and professional service sector (3.3 percent) according to statistics released Friday.
“Thanks to One Community One Goal’s county-wide strategic planning process, we continue to add jobs at steady pace across multiple sectors,” said Beacon Council Senior Vice President, Research & Strategic Planning Jaap Donath, Ph.D. “OCOG’s emphasis on startups, innovation and entrepreneurial growth are working to ensure Miami-Dade’s future economic prosperity.”
The One Community One Goal (OCOG) Annual Report to the Community, held July 21 at the University of Miami, provided reasons to be optimistic about the future of Miami-Dade County’s economy.
“Miami-Dade County’s business environment is transforming,” said President & CEO of the Miami-Dade Beacon Council, Larry K. Williams. “Jobs grow when businesses succeed and expand. Through OCOG, we’ve created a community-wide initiative that has resulted in sustainable job growth and a healthy economic environment.”
The numbers analyzed
Miami-Dade County created 18,600 new nonagricultural payroll jobs (not seasonally adjusted which means seasonal fluctuations in the labor force are not taken into consideration) – a 1.7 percent increase from June 2015 to June 2016. 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 May 2016 and June 2016, Miami-Dade County decreased nonagricultural payroll jobs by 15,800 or a 1.4 percent decrease. Much of that loss of jobs can be attributed to the end of the school year when school personnel on 10 month contracts are considered not being employed in the local government category, thus dropping the number of individuals working in local government by 11,200 people between May and June 2016. By August with the start of the new school year these jobs are regained.
The not seasonally adjusted unemployment rate for Miami- Dade County was 5.4 percent in June 2016, which was a 1.0 percentage point decrease from June 2015 at 6.4 percent, and 0.1 percentage point decrease from May 2016 at 5.3 percent. In June 2016, the seasonally adjusted unemployment rate for Miami-Dade County was 5.3 percent, which is 0.1 percentage points lower than May 2016 at 5.4 percent.
|
Sector |
June 2015 to June 2016 Job Change (% Change) |
May 2016 to June 2016 |
|
Construction |
5,300 (+13.2%) |
-800 (-1.7%) |
|
Professional and Business Service |
5,300 (+3.3%) |
500 (+0.3%) |
|
Financial Activities |
2,900 (+3.7%) |
-100 (-0.1%) |
|
Leisure and Hospitality |
2,800 (+2.1%) |
-600 (-0.4%) |
|
Education and Health Services |
2,400 (+1.3%) |
-1,600 (-0.9%) |
|
Wholesale Trade |
800 (+1.1%) |
500 (+0.7%) |
|
Retail Trade |
700 (+0.5%) |
-100 (-0.1%) |
|
Federal Government |
300 (+1.5%) |
100 (+0.5%) |
|
Information |
-200 (-1.1%) |
-100 (-0.5%) |
|
Other Services |
-1,100 (-2.1%) |
-400 (-0.8%) |
|
Manufacturing |
-1,800 (-4.6%) |
-800 (-2.1%) |
|
Local Government |
-11,200 (-10.9) |
-700 (-0.8%) |
|
|
June 2016 |
June 2016 |
May 2016 to June 2016 |
|
Miami-Dade County |
5.3 |
5.4 |
(+0.1%) |
|
Broward/Palm Beach/ Miami-Dade |
N/A |
5.0 |
(+0.3%) |
|
Florida |
4.7 |
4.9 |
(+0.5%) |
|
United States |
4.9 |
5.1 |
(+0.6%) |
The 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.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 Beacon Council President & CEO Larry K. Williams and Senior Vice President, Research & Strategic Planning Jaap Donath, Ph.D. are available for additional information.
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Source: Old Beacon Site
