Yearly Job Growth Increase Continues in Miami-Dade County
(Miami, FL – Nov. 18, 2016) – Miami-Dade added 1.4 percent job growth (15,300) from October 2015 to October 2016 with increases in a variety of sectors, according to statistics released Friday.
“The Miami-Dade Economy continues to demonstrate significant resiliency in employment creation, despite strong ‘head-winds’ from sluggish growth in the global economy and recessionary conditions in top trade partners,” said Tony Villamil, Chair of the Miami-Dade Beacon Council Economic Roundtable.
The numbers analyzed Miami-Dade County created 15,300 new nonagricultural payroll jobs (not seasonally adjusted), from October 2015 to October 2016 which was a 1.4 percent increase. 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. Between September 2016 and October 2016, Miami-Dade County increased nonagricultural payroll jobs by 6,900 or a 0.6 percent increase.
The not seasonally adjusted unemployment rate for Miami- Dade County was 5.4 in October 2016, which was a 0.6 percentage point decrease from October 2015 at 6.0 percent. From October 2016 was 0.2 percentage decrease from September, which was at 5.6 percent.
In October 2016, the seasonally adjusted unemployment rate for Miami-Dade County (taking seasonal fluctuations in the labor force into consideration) was 5.3 percent, which is 0.1 percentage points higher than September 2016 at 5.2 percent, and a 0.8 percentage point decrease from October 2015 at 6.0 percent.
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 target 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.
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 980 businesses that have created more than 65,000 direct jobs and added more than $4 billion in new capital investments. It accomplishes this by marketing Miami-Dade as a world-class business location, growing local companies and shaping the local economy’s future. For more information, visit www.beaconcouncil.com
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