Miami-Dade Continues Upsurge in Yearly Job Growth

August 19, 2016

(Miami, FL – Aug. 19, 2016) – Miami-Dade added nearly 2 percent job growth (20,700) from July 2015 to July 2016 with growth in the construction sector leading (13.6 percent), followed by professional service sector (3.4 percent) and financial activities (3.8 percent) according to statistics released Friday.

“This past year, we’ve seen consistent increases in job growth in nearly all sectors and that trend continues,” The Miami-Dade Beacon Council President & CEO Larry K. Williams said. “The job numbers reflect the diverse nature of our economy and community.”

 

The numbers analyzed

Miami-Dade County created 20,700 new nonagricultural payroll jobs (not seasonally adjusted), from July 2015 to July 2016 which was a 1.9 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 June 2016 and July 2016, Miami-Dade County decreased nonagricultural payroll jobs by 4,200 or a 0.4 percent decrease.

 The not seasonally adjusted unemployment rate for Miami- Dade County was 5.4 in July 2016, which was a 1.0 percentage point decrease from July 2015 at 6.4 percent, and 0.1 percentage point decrease from June 2016 at 5.5 percent.

 In July 2016, the seasonally adjusted unemployment rate for Miami-Dade County (taking seasonal fluctuations in the labor force into consideration) was 5.2 percent, which is 0.1 percentage points lower than June 2016 at 5.3 percent, and a 0.8 percentage point decrease from July 2015 at 6.0 percent.

 

 

 

Sector

July 2015 to July 2016

Job Change (% Change)

June 2016 to July 2016
Job Change (% Change)

Construction

5,500 (+13.6%)

400 (+0.9%)

Professional & Business Service

5,400 (+3.4%)

500 (+0.3%)

Leisure and Hospitality

3,600 (+2.7%)

-1,100 (-0.8%)

Financial Activities

3,000 (+3.8%)

400 (+0.5%)

Retail Trade

2,400 (+1.6%)

1,100 (+0.7%)

Wholesale Trade

2,300 (+3.2%)

-500 (-0.7%)

Education & Health Services

2,100 (+1.2%)

-2,000 (-1.2%)

Other Services

0 (0.0%)

100 (0.2%)

Total Government

-100 (-0.1%)

-1,700 (-1.3%)

Information

-300 (-1.6%)

0 (0.0%)

Transportation, Warehousing, &Utilities

-1,500 (-2.2%)

-1,400 (-2.1%)

Manufacturing

-1,700 (-2.0%)

0 (-0.0%)

 

 

 

July 2016
Unemployment Rate (Seasonally Adjusted)

July 2016
Unemployment Rate
(Not Seasonally Adjusted)

June 2016 to July 2016
Unemployment Rate Change
(not seasonally adjusted

Miami-Dade County

5.2%

5.4%

(-0.1%)

Broward/Palm Beach/ Miami-Dade

*

5.1%

(0.0%)

Florida

4.7%

5.1%

(+0.2%)

United States

4.9%

5.1%

(0.0%)

 

 

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 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, go to 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.      

Source: Old Beacon Site

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published.