Miami_Dade_economic_trends:_economic_growth_vs_unemployment

By
Real Estate Agent with South Florida Brokers & Associates

South Florida Brokers & Associates is a current member of the Beacon Council (Miami Dade's economic developement committee).  We often receive updates and news letter from them regarding Miami's economis status.  I felt that this last update which we receive on a monthly basis was one worth sharing.  The update address Miami's unemployment versus employement growth.  Some of the highlights of the report are as follows:

Miami-Dade October 2008 unemployment rate is listed at 5.8%, although this may seem higher that a year ago (1.8% higher that October 2007), as a county we are still significantly below the national average of 6.5% and also lower than Florida's state average of 7.0%.  Our neighbor counties are also carrying higher rates: Palm Beach County 7.4% and Broward County 6.3%.

We have had some employment growth in certain economic sectors, see chart below:

Sector

October 2007 - 2008 Percentage Growth

Hospitals

7.8%

Federal Government

2.6%

Management of Companies and Enterprises

2.5%

Professional and Technical Services

2.3%

Accommodation and Food Services

0.8%

Local Government

0.4%

"Job losses in the construction industry continue to have a significant influence on the rise in unemployment." states the Beacon Council.

Other influences on the local economy have been attributed to the debt markets, historic bailouts in credit markets, decreased manufacturing and higher energy costs, the Beacon Council goes on to mention.

For those of you who are not familiar with the Beacon Council I would recommend visitng them online:

THE BEACON COUNCIL

The council is has recently launched a campaign to market Miami Dade County as a diverse business environment both NAtionally and Internationally.  You can learn more on this campaign at:

www.MiamiWhereWorldsMeet.com

This is just one of the many examples why we found it so useful and beneficial to be members of the council.

South Florida Brokers & Associates, Inc. and Miami Rent Seekers are proud members of The Beacon Council

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