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Miami-Dade County's total
number of payroll jobs surpasses previous economic boom years
(Miami, FL - January 23,
2015) - Miami-Dade County ended 2014 with the highest number of total
payroll jobs since before the recession, according to statistics released
on Friday.
"In December 2007, we
had a total of 1.08 million payroll jobs during the height of the economic
boom," The Beacon Council President & CEO Larry K. Williams said.
"Today, we have surpassed that number with 1.12 million total
jobs."
The numbers analyzed
Miami-Dade County added 30,300 new nonagricultural payroll
jobs (not seasonally adjusted) or a 2.8 percent increase from December 2013
to December 2014. Miami-Dade County had the second largest year over year
gain in the State of Florida after the Orlando area. Improvements in the
non-farm payroll jobs can be found in a variety of sectors. December 2014
saw the historically highest level of non-farm jobs in Miami-Dade County.
For the last four months in a row, Miami-Dade County has increased its
number of non-farm jobs.
The not seasonally adjusted unemployment rate from December
2013 to December 2014 increased slightly by 0.1 percentage points, to 6.9
percent from 6.8 percent. Year over year there was a large increase in the
labor force and a similar increase in the number of employed people. There
was a slight increase in the number of unemployed individuals, thus causing
the unemployment rate to increase by 0.1 percentage point. The not
seasonally adjusted monthly unemployment rate from November 2014 to
December 2014 increased by 0.7 percentage points, to 6.9 percent from 6.2 percent.
Not only did the actual number of unemployed individuals increase, but the
total labor force increased as well.
In December 2014, the seasonally adjusted unemployment rate
for Miami-Dade County (taking seasonal fluctuations in the labor force into
consideration) was 6.7 percent, which is 0.6 percentage points lower than a
year ago (December 2013) and 0.3 percentage points higher than November
2014.
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 2013 to December 2014 most
industry sectors saw job improvements. The improvements in these sectors
contributed to the gain of 30,300 new nonagricultural payroll jobs (not
seasonally adjusted).
Notably, Financial Activities, Professional and Business
Services, Manufacturing, and Construction all continue to experience
significant gains after having lost a large portion of their workforce
during the recession.
Sectors that lost jobs between December 2013 and December 2014
include Wholesale Trade (-1,800 jobs) and Government (-900 jobs).
|
Sector
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December
2013 - December 2014
Job
Change (% Change)
|
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Professional and Business
Services
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7,000 (+4.7%)
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Retail Trade
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4,400 (+2.9%)
|
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Leisure and Hospitality
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4,200 (+3.3%)
|
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Construction
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2,900 (+8.3%)
|
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Financial Activities
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2,700 (+3.7%)
|
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Hospitals
|
2,600 (+5.6%)
|
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Ambulatory Health Care
Services
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2,400 (+4.2%)
|
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Transportation,
Warehousing, and Utilities
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2,000 (+3.0%)
|
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Manufacturing
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1,400 (+3.8%)
|
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Information
|
100 (+0.6%)
|
Between
November 2014 and December 2014, Miami-Dade County gained 3,900
nonagricultural payroll jobs or a 0.4 percent increase. Many sectors added
jobs from November 2014 to December 2014, including Wholesale Trade;
Information, Retail Trade; Financial Activities and Professional and
Business Services.
Sectors
that lost jobs between November 2014 and December 2014 include Construction
(-2,500 jobs), Government (-500 jobs) and Manufacturing (-200 jobs).
|
Sector
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November
2014 - December 2014
Job
Change (% Change)
|
|
Retail Trade
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1,400 (+0.9%)
|
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Leisure & Hospitality
|
1,200 (+0.9%)
|
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Professional and Business
Services
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1,100 (+0.7%)
|
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Wholesale Trade
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800 (+1.1%)
|
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Hospitals
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500 (+1.0%)
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Financial Activities
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500 (+0.7%)
|
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Transportation,
Warehousing, and Utilities
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500 (+0.7%)
|
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Ambulatory Health Care
Services
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300 (+0.5%)
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Information
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100 (+0.6%)
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The
not-seasonally adjusted December 2014 unemployment rate for the State of
Florida was 5.4 percent, which is 0.2 percentage points lower than November
2014. From December 2013 to December 2014, Florida's unemployment rate
decreased by 0.5 percentage points (from 5.9 percent to 5.4 percent). The
United States not seasonally adjusted unemployment rate was 5.4 percent in
December 2014, which was 0.1 percentage point lower than November 2014 and
1.1 percentage points lower than one year ago (6.5 percent).
For
Broward County, the unemployment rate in December 2014 was 4.5 percent,
which is 0.3 percentage points lower than November 2014 and a decrease of
0.5 percentage points compared to December 2013. For Palm Beach County, the
December 2014 unemployment rate was 4.8 percent, which is 0.5 percentage
points lower than November 2014 and a decrease of 1.2 percentage points
compared to December 2013.
The
overall unemployment rate for the South Florida region (Miami-Ft.
Lauderdale-Pompano Beach MSA) in December 2014 was 5.6 percent, which is
0.1 percentage points higher than November 2014. A year ago, in December
2013, the South Florida unemployment rate was 6.0 percent. In terms of job
creation in South Florida, the region gained 72,800 jobs or a 3.0 percent
increase from December 2013 to December 2014. From November 2014 to
December 2014, South Florida gained 14,400 nonagricultural payroll jobs,
which represents a 0.6 percent increase.
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
--end--
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