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Miami-Dade’s Unemployment Rates is 3.6%, The Lowest since February 2008 in Recent Employment Report

Miami-Dade County continues to be a good news story. The non-seasonally adjusted unemployment rate for Miami-Dade County was 3.9 percent, which was an 0.8 percentage point lower than in September 2017. It is the lowest unemployment rate from February 2008.

The numbers analyzed

 In September 2018, Miami-Dade County area was the second largest metro area  in year-over-the-year job gains in Florida. The County has created 50,200 new nonagricultural payroll jobs (not seasonally adjusted), from September 2017 to September 2018 which was a 4.4 percent increase. The jobs were created in different industries with the highest job creation occurring in Education & Health Services (9,700), Construction (9,600), Transportation, Warehousing & Utilities (8,900), Leisure and Hospitality (7,800), Professional and Business Services (6,700) and Manufacturing (6,400). The graphs below show the payroll data since December 2016.

In September 2018, the seasonally adjusted unemployment rate for Miami-Dade County (taking seasonal fluctuations in the labor force into consideration) was 3.9 percent, which was an 0.8 percentage point lower than in September 2017. It is the lowest unemployment rate from February 2008.

 

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.

* The seasonally adjusted unemployment rate was unavailable at the time this report was composed.

 

 

 

 

One Community One Goal 2018 Report to the Community-Program

Thank you for accepting our invitation to attend tomorrow’s One Community One Goal Report to the Community Event at Marlins Park.  Click here to view program for tomorrow’s event.

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About One Community One Goal (OCOG)

The purpose of One Community One Goal is to provide Miami-Dade County with a roadmap for its future economic development success.  It offers strategic recommendations aimed at creating an environment where significant job creation occurs with a focus on new higher-paying jobs in target industries.  It is a community-wide effort that provides a unified vision for long-term economic growth in Miami-Dade County.

About The Miami-Dade Beacon Council

The Miami-Dade Beacon Council is Miami-Dade County’s official economic development partnership. The not-for-profit public-private organization focuses on job creation and economic growth. Since 1985, the organization has assisted more than 1,000 businesses that have created nearly 70,000 direct jobs and added more than $4.6 billion in new capital investments. It accomplishes this by marketing Miami-Dade as a world-class business location, growing local companies and fostering entrepreneurs, and shaping the County’s economic future.

To learn more about Advantage Miami, visit our new website.

 

 

One Community One Goal Champions Miami-Dade County’s Economy 2018 Report to the Community

Media Contact
Maria Teresa Garcia
Communications Manager
tgarcia@beaconcouncil.com

(Miami, FL) – July 23, 2018 –One Community One Goal (OCOG), Miami-Dade County’s long term strategic plan for economic growth, celebrates its sixth anniversary at this year’s Report to the Community. The event will take place on Wednesday, July 25th at Marlins Park. Keynote speaker Mark Wilson, President and CEO, Florida Chamber of Commerce, will challenge the audience to focus on Miami’s path to prosperity by 2030.  This is an opportunity for the community to learn about the advantages of Miami, meet key companies that are driving the economic success, and build essential networks.

The foundation of One Community One Goal (OCOG) is the expansion and development of the seven (7) community priorities: physical infrastructure & resiliency, entrepreneurship & innovation, education & workforce development, business climate & policy, target industries, economic development marketing and leadership. These priorities are the necessary elements needed to enhance Miami-Dade’s successful business environment.

“We are experiencing one of the best periods of economic prosperity in our county’s history. One Community One Goal is working and we are all seeing the benefits of using a community-wide economic strategy to grow Miami-Dade’s economy,” stated OCOG Co-Chair and Mayor of Miami-Dade County, Carlos Giménez.

“What an advantage One Community One Goal has been to Miami’s economy.  Every year we seem to watch the number of jobs being created go up and the unemployment rate go down” said OCOG Co-Chair, Penny Shaffer, PhD South Florida Market President for Florida Blue.

“What’s exciting is that One Community One Goal provides us with a roadmap and a focus that brings our community’s key economic drivers into alignment and moves them forward in the same direction,” said OCOG Co-Chair Maria C. Alonso, President & CEO of the United Way of Miami-Dade County.

According to EMSI, since 2012, there has been an 18% increase in job growth in the seven target industries representing over 67,015 jobs in aviation, banking & finance, creative design, hospitality & tourism, life sciences & healthcare, technology, and trade and logistics.

“These are very positive job statistics,” said Rick Beasley, Executive Director of CareerSource South Florida. “Add these job creation numbers to the latest statistics that show the present unemployment rate in Miami-Dade County which is at 4.0%, the lowest since the last recession. It’s also important we continue to invest in developing our workforce to protect our intellectual capital and build the talent pipeline.”

“While we remain focused on creating high paying jobs and building a world-class educational ecosystem, One Community One Goal is expanding its platform to include solutions for community-wide challenges such as workforce/affordable housing, resiliency, and talent enhancement.” said Michael Finney, Miami-Dade Beacon Council President & CEO.

Click here to register to the event. We also want to thank our Title sponsor CareerSource South Florida and all of our other sponsors of the 7th Annual One Community One Goal Report to the Community for supporting the One Community One Goal initiative and the success of Miami-Dade County: Miami Marlins, Miami-Dade County, Miami Herald, American Airlines, JP Morgan Chase & Co.,  First Bank, Florida Blue, Greater Miami Convention and Visitors Bureau (GMCVB), Wells Fargo, Baptist Health South Florida, Carlton Fields, Compass, TD Bank, EWM Real Estate, FPL, Sun Trust, Nicklaus Children’s Hospital and Miami Lighthouse for the Blind.

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About One Community One Goal (OCOG)

The purpose of One Community One Goal is to provide Miami-Dade County with a roadmap for its future economic development success.  It offers strategic recommendations aimed at creating an environment where significant job creation occurs with a focus on new higher-paying jobs in target industries.  It is a community-wide effort that provides a unified vision for long-term economic growth in Miami-Dade County.

About The Miami-Dade Beacon Council

The Miami-Dade Beacon Council is Miami-Dade County’s official economic development partnership. The not-for-profit public-private organization focuses on job creation and economic growth. Since 1985, the organization has assisted more than 1,000 businesses that have created nearly 70,000 direct jobs and added more than $4.6 billion in new capital investments. It accomplishes this by marketing Miami-Dade as a world-class business location, growing local companies and fostering entrepreneurs, and shaping the County’s economic future.

To learn more about Advantage Miami, visit our new website.