Miami-Dade County has reached the highest number of payroll jobs in its history
The numbers analyzed
In November 2019, Miami-Dade County area was the third largest metro area in year-over-the-year job gains in Florida, following Orlando-Kissimmee-Sanford and Tampa-St. Petersburg-Clearwater areas. The County created 24,700 new nonagricultural payroll jobs (not seasonally adjusted), from November 2018 to November 2019 which was a 2.0 percent increase. In November 2019, Miami-Dade County reached the highest number payroll jobs in its history.
The highest job creation occurred in Education & Health Services (13,000), with most jobs created in the healthcare industry. Job creation also occurred in Leisure and Hospitality (3,400), Transportation, Warehousing & Utilities (3,000), Professional & Business Services (2,600), Total Government (2,300), Construction (1,700), Wholesale Trade (1,000), and Other Services (800). The graph below shows the payroll data since October 2017.
|Sector||November 2018- November 2019||October 2019 – November 2019|
|Education & Health Services||+13,000 (+6.8%)||+1,600 (+0.8%)|
|Leisure and Hospitality||+3,400 (+2.3%)||+2,100 (+1.4%)|
|Transportation, Warehousing, & Utilities||+3,000 (+3.8%)||+300 (+0.4%)|
|Professional & Business Services||+2,600 (+1.4%)||-1,300 (-0.7%)|
|Total Government||+2,300 (+1.6%)||+1,800 (+1.3%)|
|Construction||+1,700 (+3.1%)||+700 (+0.5%)|
|Wholesale Trade||+1,000 (+1.4%)||+100 (+0.1%)|
|Other Services||+800 (+1.5%)||+100 (+0.2%)|
|Information||-200 (-1.0%)||+200 (+1.0%)|
|Financial Activities||-400 (-0.5%)||+900 (+1.1%)|
|Retail Trade||-600 (-0.4%)||+2,700 (+1.9%)|
|Manufacturing||-2,500 (-5.9%)||-200 (-0.5%)|
The not-seasonally adjusted unemployment rate for Miami-Dade County was 2.7 percent in November 2019. This is among the lowest unemployment rates in Miami-Dade County’s history. The lowest rate was 2.5% prior to the Great Recession. Compared to last year November there was a 0.6 percentage point decrease from the unemployment rate at 3.3 percent. Compared to October 2019 there was a 0.2 percentage point decrease from the unemployment rate at 2.9 percent. Below the graph compares the unemployment rate for Miami-Dade County with that of the United States since October 2017. It shows that Miami-Dade County was tracking the unemployment rate of the United States at a slightly higher rate until November 2018. For the last twelve months the United States had a higher unemployment rate than Miami-Dade County.
In November 2019, the seasonally adjusted unemployment rate for Miami-Dade County (taking seasonal fluctuations in the labor force into consideration) was 3.5 percent, which is 0.5 percentage point lower than in November 2018.
(Not Seasonally Adjusted)
|November 2018 to|
|Palm Beach County||2.8%||-0.5%|
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 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.