Miami-Dade: Unemployment Rates Continue to Trend Low
Miami-Dade County’s economy remains healthy as local businesses created 27,100 new nonagricultural payroll jobs in the past year, according to the August report of the Miami-Dade Beacon Council. This data highlights one of the reasons the office market continues to perform well in Miami. The unemployment rate remained low at 4.8% in July 2017, which was a 0.2 percentage point decrease from June 2017 at 5.0 percent. The 4.8% unemployment level is one of the lowest rates since the Great Recession in 2008.
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According to August’s Florida Department of Economic Opportunity figures, there was a 2.4 percent increase in new payroll jobs in Miami-Dade year over year. As shown in the chart below, leading the way were the Education, Health Care Services, Wholesale Trade, Leisure and Hospitality sectors.
“Miami-Dade County’s economy is showing a consistent trend of creating new jobs and maintaining unemployment rates at a historically low level for our area,” said Michael Finney, President & CEO of the Beacon Council, a nonprofit organization, which focuses on job creation and economic growth in Miami-Dade.