FloridaCommerce Announces Miami Metro Area Employment Data for August 2024
MIAMI, Fla. — FloridaCommerce has reported that the Miami metro area experienced the highest private sector job growth among all metro areas over the past year, adding 33,300 jobs (+2.9%) in August 2024. The most significant gains were observed in four industry sectors: education and health services (+9,000 jobs), leisure and hospitality (+8,400 jobs), professional and business services (+7,300 jobs), and construction (+6,500 jobs).
The labor force in the Miami area increased by 1.9% (+26,260) over the year as of August 2024. The area's unemployment rate rose to 3.1%, up from 2.0% a year ago.
Statewide, Florida's private sector job growth continues to outpace the national average with a growth rate of 2.1% since August 2023, compared to the national rate of 1.4%. This success is attributed to strategic investments in workforce education and development aimed at fostering high-demand, high-wage jobs.
Florida’s statewide unemployment rate stands at 3.3%, nearly one percentage point lower than the national rate of 4.2%, maintaining this lower rate for 46 consecutive months. Over the last 52 months, Florida employers have added jobs in all but two months, with private sector job growth surpassing the national rate for 41 consecutive months.
In August 2024 alone, the leisure and hospitality sector saw an increase of 7,300 jobs (+0.6%), followed by education and health services with an addition of 3,900 jobs (+0.3%). Florida's labor force grew by approximately 7,000 people (+0.1%) over the past year.
Governor Ron DeSantis has declared September as Workforce Development Month. Since 2019, Florida has invested more than $8.5 billion in workforce education initiatives.
Key investments include:
- Nearly $400 million for semiconductor industry workforce and infrastructure since 2022.
- Over $200 million for expanding Career and Technical Education programs via the Workforce Development Capitalization Grant Program.
- More than $257 million awarded through the Florida Job Growth Grant Fund to enhance public infrastructure and workforce education opportunities.
These investments have resulted in a significant increase in registered apprentices (45%), apprenticeship programs (40%), and apprenticeable occupations (110%).
Florida continues to be recognized for its talent development (#1), higher education (#1), overall economy (#1 according to U.S News & World Report and CNBC), new business formations (#1 with over 3.2 million since 2019), boasting an annual GDP nearing $1.6 trillion which would rank it as the world's sixteenth largest economy if it were a country.
Job creators continue to invest confidently in Florida’s market by creating high-skill, high-wage employment opportunities.
Resources available for job seekers include:
- Employ Florida Labor Exchange Marketplace.
- CareerSource Florida’s local career centers offering career counseling, skills assessments, resume assistance, and job placement support.
- Apprentice Florida partnership to expand apprenticeship programs statewide.
- Veterans Florida initiative aiding military veterans' transition into civilian employment.
- Military Family Employment Advocacy Program providing priority workforce services to military families through local career centers.
As of July data indicates there are more than 405,000 job postings online across various sectors available for Floridians seeking employment or new opportunities.
For detailed regional employment reports or further information on labor market data:
Visit www.floridajobs.org/labor-market-information/labor-market-information-press-releases/monthly-press-releases or explore additional resources at Florida Insight.
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