Miami-Dade’s Economy Remains Healthy as New Jobs Continue to be Added
In July 2018, Miami-Dade County area was ranked 3rd for payroll job creation among major metro areas in Florida in over-the-year job gains. The Orlando area and Tampa area were ranked first and second respectively. Miami-Dade County created 24,300 new nonagricultural payroll jobs (not seasonally adjusted), from July 2017 to July 2018 which was a 2.1 percent increase.
Compared to last year, in July there was a 0.6 percentage point decrease from the unemployment rate at 4.9 percent. The not seasonally adjusted unemployment rate for Miami- Dade County was 4.3 in July 2018, which was an 0.2 percentage point higher than in June 2018.
The jobs were created in different industries with the highest job creation occurring in Construction (7,900), Manufacturing (7,400), Transportation, Warehousing & Utilities (7,400), and Education & Health Services (6,400). The graphs below show the payroll data since November 2017.
“This time of year, we do expect minor variances in the unemployment rate,” said Jaap Donath, Miami-Dade Beacon Council Senior Vice President of Research and Strategic Planning. “The Miami-Dade’s economy remains robust as we continue to create new jobs, especially in our high paying target industries.”
The graphs below show the payroll data since November 2016.
Payroll Changes for the Major Sectors in Miami-Dade County
|Sector||July 2017 – July 2018||June 2018 – July 2018|
|Construction||+7,900 (+16.9%)||+1,300 (+2.4%)|
|Manufacturing||+7,400 (+17.7%)||0 (0%)|
|Transportation, Warehousing, & Utilities||+7,400 (+10.3%)||-700 (-0.9%)|
|Education & Health Services||+6,400 (+3.6%)||+1,800 (+1.0%)|
|Financial Activities||+200 (+0.2%)||+600 (+0.8%)|
|Professional & Business Service||+100 (+0.1%)||-100 (-0.1%)|
|Leisure and Hospitality||+100 (+0.1%)||-1,600 (-1.1%)|
|Information||-200 (-1.1%)||-100 (-0.5%)|
|Wholesale Trade||-800 (-1.1%)||-100 (-0.1%)|
|Retail Trade||-1,000 (-0.7%)||+1,300 (+0.9%)|
|Other Services||-1,000 (-1.9%)||-1,800 (-3.4%)|
|Total Government||-2,300 (-1.7%)||-1,600 (-1.2%)|
Below the graph 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.
Unemployment rate for South Florida, Florida and the United States
(Not Seasonally Adjusted)
|July 2017 to July 2018|
Unemployment Rate Change
(not seasonally adjusted)
|Palm Beach County||4.0%||-0.4%|
From the data and analysis above, we see continued improvement. 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.