Miami-Dade's Year-End Employment Surpasses Pre-Recession Levels
January 22, 2016
(Miami, FL – January, 22, 2016) – Miami-Dade County added 16,300 payroll jobs from December 2014 to December 2015 peaking in October/November with 79,500 jobs and surpassing pre-recession levels, according to statistics released Friday.
“There was a positive trend in payroll job growth throughout the year and we expect it to continue in 2016,” The Beacon Council President & CEO Larry K. Williams said. “Higher-paying industry sectors such as financial activities are leading the way with fast-paced job growth.”
The numbers analyzed
Miami-Dade County created 16,300 new nonagricultural payroll jobs (not seasonally adjusted) which was a 1.5 percent increase from December 2014 to December 2015. 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. And between November 2015 and December 2015, Miami-Dade County increased nonagricultural payroll jobs by 3,000 or a 0.3 percent increase.
The not seasonally adjusted unemployment rate from December 2014 to December 2015 decreased by 0.1 percentage point, to 5.8 percent from 5.9 percent. The not seasonally adjusted unemployment rate in December 2015 increased 0.2 percentage points, to 5.8 percent from 5.6 percent in November 2015. This slight increase is primarily attributed to an increase in the labor force from November 2015 to December 2015.
In December 2015, the seasonally adjusted unemployment rate for Miami-Dade County (taking seasonal fluctuations in the labor force into consideration) was 6.1 percent, which is 0.2 percentage points lower than a year ago (6.3 in December 2014) and 0.1 percentage point higher from November 2015.
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.
In Miami-Dade County, from December 2014 to December 2015, most industry sectors saw job improvements. The improvements in these sectors contributed to the gain of 16,300 new nonagricultural payroll jobs (not seasonally adjusted). Notably Financial Activities, Professional and Business Services, Trade, Transportation, and Utilities, Construction, Education and Health Services, and Leisure and Hospitality, and Other Services, all continue to experience significant gains after having lost a large portion of their workforce during the recession.
The only major sectors that lost jobs between December 2014 and December 2015 was Total Government (-1,700 jobs), Manufacturing (-600 jobs) and Information (-100 jobs).
Sector | December 2014 – December 2015 Job Change (% Change) |
Leisure and Hospitality | 6,700 (+5.0%) |
Transportation, Warehousing, and Utilities | 3,300 (+4.9%) |
Financial Activities | 1,500 (+1.9%) |
Wholesale Trade | 1,500 (+2.0%) |
Professional and Business Services | 1,500 (+0.9%) |
Construction | 1,400 (+3.8%) |
Other Services | 1,300 (+2.6%) |
Retail Trade | 1,100 (+0.7%) |
Education and Health Services | 400 (+0.2%) |
State Government | 100 (+0.6%) |
Between November 2015 and December 2015, Miami-Dade County experienced an increase in the nonagricultural payroll jobs adding, 3,000 jobs. The sectors that lost jobs from November 2015 to December 2015, include Manufacturing (-400 jobs), Information (-100 jobs), Financial Activities (-200 jobs), Professional and Business Services (-400 jobs), Education and Health Services (-300 jobs), State Government (-1,400 jobs) and Local Government (-700 jobs).
Sector | November 2015 – December 2015 Job Change (% Change) |
Retail Trade | 2,700 (+1.8%) |
Education and Health Services | 2,200 (+1.3%) |
Transportation, Warehousing, and Utilities | 1,800 (+2.6%) |
Total Government | 1,300 (+0.9%) |
Leisure and Hospitality | 1,200 (+0.9%) |
Federal government | 400 (+2.1%) |
Wholesale Trade | 300 (+.04%) |
Construction | 100 (+0.3%) |
The not-seasonally adjusted December 2015 unemployment rate for the State of Florida was 4.7 percent, which is 0.2 percentage points lower than November 2015 at 4.9 percentage points. From 2014 December to December 2015, Florida’s unemployment rate decreased by 0.7 percentage points (from 5.4 percent to 4.7 percent). The United States not seasonally adjusted unemployment rate was 4.8 percent in December 2015.
For Broward County, the unemployment rate in December 2015 was 4.3 percent, which were 0.2 percentage points lower than November 2015 (4.5 percent), and a decrease of 0.7 percentage points compared to December 2014 (5.0 percent). For Palm Beach County, the December 2015 unemployment rate was 4.5 percent, which were 0.2 percentage points lower than November 2015 at 4.7 percent, and a decrease of 0.3 percentage points compared to December 2014 at 4.8 percent.
The overall unemployment rate for the South Florida region (Miami-Ft. Lauderdale-West Palm Beach MSA) in December 2015 was 5.0 percent, which is the same as November 2015. A year ago, in December 2014, the South Florida unemployment rate was 5.3 percent. In terms of job creation in South Florida, the region gained 55,300 jobs or a 2.2 percent increase from December 2014 to December 2015. From November 2015 to December 2015, South Florida gained 11,900 nonagricultural payroll jobs.
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, visit www.beaconcouncil.com
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Source: Old Beacon Site
