More Jobs More Hope For Miami CRE
Miami-Dade County produced a 1.4 percent growth in jobs (15,300) from October 2015 to October 2016 with mixed results among sectors, according to a recent report by the Beacon Council, a public-private agency. This data is significant when considering an investment in commercial real estate. Job growth often sparks demand, which subsequently applies upward pressure on property values. But not all industries are experiencing job growth, which means not all sectors are benefiting from Miami’s positive numbers. In fact, government jobs shrunk 0.4 percent between October 2016 and 2015. Other industries that experienced a decrease in employment include information, transportation/warehousing, and manufacturing [see chart below.] Industries that are expanding include professional and business services; construction; financial activities, wholesale trade and others.
“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.