For Immediate Release

Media Contact:

Maria Camacho

[email protected]

(305) 579-1341

(Miami, FL - November 21, 2014) - Miami-Dade County had the largest year-over-year gain in payroll jobs in Florida with most industry sectors showing growth, according to statistics released on Friday.

"We are reaching the point where we continue to grow jobs and we are moving beyond the job losses from the recession," The Beacon Council President & CEO Larry K. Williams said. "Construction and manufacturing continue to show the largest growth from last year."

The numbers analyzed

Miami-Dade County added 37,800 new nonagricultural payroll jobs (not seasonally adjusted) or a 3.5 percent increase from October 2013 to October 2014. Miami-Dade County had the largest year over year gain in the State of Florida. Improvements in the non-farm payroll jobs can be found in a variety of sectors.

The not seasonally adjusted unemployment rate from October 2013 to October 2014 decreased by 1.7 percentage points, to 6.4 percent from 8.1 percent. The not seasonally adjusted monthly unemployment rate from September 2014 to October 2014 decreased by 0.4 percentage points, to 6.4 percent from 6.8 percent. Not only did the actual number of unemployed individuals decrease, but the total labor force increased, which means that there was a net new job creation. It was also the lowest unemployment rate since July 2008 when it was 6.3 percent.

In October 2014, the seasonally adjusted unemployment rate for Miami-Dade County (taking seasonal fluctuations in the labor force into consideration) was 6.5 percent, which is 1.1 percentage points lower than a year ago (October 2013) and 0.1 percentage points lower than September 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 October 2013 to October 2014 most industry sectors saw job improvements. The improvements in these sectors contributed to the gain of 37,800 new nonagricultural payroll jobs (not seasonally adjusted). Historically, October 2014 also saw the largest number of payroll jobs, even higher than during the height of the last economic boom.

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 October 2013 and October 2014 include Wholesale Trade (-900 jobs) and Government (-800 jobs).

Between September 2014 and October 2014, Miami-Dade County gained 13,100 nonagricultural payroll jobs or a 1.2 percent increase. Most sectors added jobs from September 2014 to October 2014, including Government; Construction; Retail Trade; Manufacturing; and Professional and Business Services.

Sectors that lost jobs between September 2014 and October 2014 include Federal Government (-100 jobs).

The not-seasonally adjusted October 2014 unemployment rate for the State of Florida was 5.8 percent, which is 0.3 percentage points lower than September 2014. Florida's unemployment rate decreased by 0.9 percentage points from October 2013 to October 2014 (5.8 percent to 6.7 percent). The United States not seasonally adjusted unemployment rate was 5.5 percent in October 2014, which is 0.2 percentage points lower than September 2014 and 1.5 percentage points lower than one year ago (7.0 percent).

For Broward County, the unemployment rate in October 2014 was 5.0 percent, which is 0.2 percentage points lower than September 2014 and a decrease of 0.6 percentage points compared to October 2013. For Palm Beach County, the October 2014 unemployment rate was 5.6 percent, which is 0.4 percentage points lower than September 2014 and a decrease of 1.3 percentage points compared to October 2013.

The overall unemployment rate for the South Florida region (Miami-Ft. Lauderdale-Pompano Beach MSA) in October 2014 was 5.7 percent, which is 0.4 percentage points lower than September 2014. A year ago, in October 2013, the South Florida unemployment rate was 7.0 percent. In terms of job creation in South Florida, the region gained 76,600 jobs or a 3.2 percent increase from October 2013 to October 2014. From September 2014 to October 2014, South Florida gained 24,7 nonagricultural payroll jobs, which represents a 1.0 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

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