Miami-Dade's Annual Job Growth in Construction and Financial Activities Tops State's Rate
March 25, 2016
(Miami, FL – March 25, 2016) – Miami-Dade County’s employment numbers show annual job growth rates in February of 15 percent in construction and 4.5 percent in financial activities, exceeding the state’s annual rate, according to statistics released Friday.
“Both job sectors – construction and financial activities – are key drivers in our local economy,” The Beacon Council President & CEO Larry K. Williams said. “Construction jobs provide entry level positions that can lead to greater opportunities. Our financial sector continues its robust growth due to the demand for wealth management from Latin America and strong interest in hedge funds based on comments from companies we work with.”
The numbers analyzed
Miami-Dade County continues to show year over year gains with 19,200 new nonagricultural payroll jobs (not taking seasonal fluctuations in the labor force into consideration). That shows a 1.7 percent increase from February 2015 to February 2016. Improvements in the non-farm payroll jobs can be found in a variety of sectors. Between January 2016 and February 2016, Miami-Dade County increased nonagricultural payroll jobs by 900 or a 0.1 percent increase.
The not seasonally adjusted unemployment rate from February 2015 to February 2016 decreased by .8 percentage points, to 5.2 percent from 6 percent. The not seasonally adjusted unemployment rate in February 2016 decreased .5 percentage points to 5.2 percent from 5.7 percent in January 2016.
In February 2016, the seasonally adjusted unemployment rate for Miami-Dade County was 5.8 percent, which is 0.2 percentage points lower than January 2016.
Sector | February 2015 – February 2016 Job Change (% Change) | January 2016- February 2016 Job Change (%Change) |
Construction | 6,000 (+15.5%) | 2,000 (+4.7%) |
Financial Activities | 3,500 (+4.5%) | 1,000 (+1.3%) |
Education and Health Services | 3,100 (+1.8%) | -1,300 (-0.7%) |
Professional and Business Service | 2,700 (+1.7%) | 200 (+0.1%) |
Transportation, Warehousing, and Utilities | 2,300 (+3.4%) | 300 (+0.4%) |
Leisure and Hospitality | 2,200 (+1.7%) | -1,800 (-1.3%) |
Manufacturing | 800 (+2.1%) | 400 (+1.0%) |
Other Services | 1,300 (+2.5%) | 0 (+0.0%) |
Retail Trade | 1,000 (+0.7%) | -1,800 (-1.2%) |
Wholesale Trade | 500 (+0.7%) | 900 (+1.2%) |
Information | -100(-0.5%) | 0 (+0.0%) |
Total Government | 100 (+0.1%) | 1,000 (+0.7%) |
February 2016 Unemployment Rate (Seasonally Adjusted) | February 2016 Unemployment Rate (Not Seasonally Adjusted) | January 2016 – February 2016 Unemployment Rate Change (not seasonally adjusted | |
Miami-Dade County | 5.8 | 5.2 | (-0.5%) |
Tri-County | * | 4.8 | (-0.4%) |
Florida | 4.9 | 4.7 | (-0.2%) |
United States | 4.9 | 5.2 | (-0.1%) |
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. Read 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.
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Source: Old Beacon Site
