By Gay Cororaton
MIAMI REALTORS(R) Chief Economist
Key Takeaways
- The Miami Metro Area gained 24,300 jobs on a net basis from other states during 2020 Q1 – 2024 Q1, with the largest net job inflows from New York (+17,491), New Jersey (+6,209), and California (+4,707).
- Among jobs that originated from other states and the District of Columbia, the average earnings earned in the Miami Metro Area was at least $ 100,000 in 22 states in the District of Columbia.
- There was a notable increase in net job inflows in 2020 Q1 through 2024 Q1 compared to the levels in 2015- 2019 in professional/technical services (+59%) and in finance/insurance (+139%).
Download the Job Flows into the Miami Metro Area in 2000-2024 Q1 Report HERE.
Miami Metro Area Gained 24,300 Net Jobs from Other States During 2020 Q1- 2024 Q1 With Notable Increases from New York and California
The Miami Metro Area gained a net of 24,300 jobs, with the largest net inflows from the states of New York (+17,491), New Jersey (+6,209), and California (+4,707).
Worth noting is that the Miami Metro Area is gaining jobs on a net basis from California metro areas after years of job losses: Los Angeles (+2,007), San Francisco (+1,470), San Diego (+409), and San Jose (+327).
However, the Miami Metro Area lost lobs on a net basis during 2020 Q1 through 2024 Q1 to 26 states, with the largest net outflows to the states of Texas (-6,818 ), Georgia (- 6,732 ), and North Carolina (- 3,035).
At the metro area level, the top metro areas that had the largest net job inflows into the Miami Metro Area in 2020 Q1 through 2024 Q1 were the New York-Newar-Jersey City metro area (+21,082 jobs), Chicago-Naperville-Elgin (+4,533 jobs), and the Boston-Cambridge-Newton metro area (+2,680 jobs).
The Miami Metro Area lost the most jobs on a net basis during 2020 Q1 through 2024 Q1 to Tampa-St. Petersburg-Clearwater (-6.,161), Atlanta-Sany Springs-Roswell (-4,128), and Orlando-Kissimmee-Sanford (-3,581).
Out-of-State Job Inflows Have Higher Earnings on Average than Inflows from Other Florida Areas
Job inflows from other states have higher earnings on average in the destination jobs in the Miami Metro compared to the average earnings in the new jobs that originated from other Florida areas.
Among jobs that originated from other states and the District of Columbia, the average earnings earned in the Miami Metro Area was at least $ 100,000 in 22 states in the District of Columbia. In comparison, the average earnings of jobs in the Miami Metro Area that originated from any area in Florida (including the Miami Metro Area) was $59,960.
Among the states with the largest net job flows into the Miami Metro Area, the average earnings in the Miami Metro area in 2023 of jobs that originated from the state of Illinois in 2023 was $213,240; from California, $187,396; from New York, $155,068, from New Jersey, $133,340; and from Pennsylvania, $126,336.
Rising Share of Professional/Technical Services and Finance Jobs are Moving into the Miami Metro Area
During 2020 Q1 through 2024 Q1, the largest net job inflows into the Miami Metro Area by industry was professional, scientific, and technical services, with 26,146 net jobs flows up 59% compared to the level in 2015-2019 (+16,742).
In the finance and insurance industry, net job inflows in 2020 Q1 through 2024 Q1 increase to 19,859 jobs, up 139% from 2015-2019 (+8,304).
Among job inflows (gross) into the Miami Metro Area that originated from New York during 2020 Q1 through 2024 Q1, professional/technical services accounted for 15.3% of total job inflows (10.0% in 2015-2019). Finance/insurance jobs accounted for 10.4% of total job inflows (6.4% in 2015-2019).
Among job inflows (gross) into the Miami Metro Area that originated from California during 2020 Q1 through 2024 Q1, professional/technical services accounted for 16.6% of total job inflows (12.6% in 2015-2019).
Among job inflows (gross) into the Miami Metro Area that originated from Illinois during 2020 Q1 through 2024 Q1, professional/technical services accounted for 15.7% of total job inflows (13.1% in 2015-2019). Finance/insurance jobs accounted for 9.9% of total job inflows (5.8% in 2015-2019).
