By Gay Cororaton, MIAMI REALTORS Chief Economist
Key Takeaways
- Miami-Dade’s employment growth of 1.1% was the fastest among the 10 largest counties as of the end of 2024. Nationally, employment rose 0.8%.
- Leisure and hospitality (+2.7%), education and health services (2.2%), and construction (+1. 6%) led Miami-Dade’s employment growth.
- Average weekly wages rose the highest in the high-wage industries: financial activities (11.9%), professional/business services (8.9%), and information services (7.6%).
Download the 2024 Q4 Southeast Florida Employment and Wages Report HERE.
Miami-Dade County employment rose 1.1% in 2024 outpacing the 0.8% national increase
Miami-Dade County led the 10 largest counties in total employment growth as of the end of 2024, with employment rising 1.1% from the prior year. In 2023, Miami-Dade County also had the fastest employment growth among the 10 largest counties.
Nationally, employment rose 0.8% year-over-year. Employment rose in eight of the 10 largest counties: Miami-Dade County, Florida (1.1%); Maricopa County, Arizona (1.0%); New York County, New York (0.8%); Harris County, Texas (0.8%); Dallas County, Texas (0.6%),Los Angeles County, California (0.4%); King County, Washington (0.3%), and Cook County. Illinois (0.2%). Employment was flat in San Diego, California (0%) . Data was not reported for Orange County, California where the data collected did not meet reporting standards for the Quarterly Census of Employment and Wages program of the Bureau of Labor Statistics.
Expanding the coverage to the largest 370 counties, Kings County, New York had the highest employment growth (+5.3%).
Among the Southeast Florida counties, employment rose the fastest in St. Lucie County (1.8%), followed by Miami-Dade County (1.1%), Martin County (0.9%), and Palm Beach (0.6%). Employment slightly fell in Broward County (-0.2%).
Leisure and hospitality and education and health services led Miami-Dade’s employment growth
In Miami-Dade County, the highest employment growth from December 2023 through December 2024 was in leisure and hospitality (+ 2.7%), followed by education and health services (+2.2%) , and construction (1.6%).
Measured in numeric change, the largest increases were in education and health services (+ 4,636), leisure and hospitality ( 4,119), and trade and transportation services (2,599). Across all private industries, employment increased by 24,894.
However, employment fell in information services (-441) and financial activities (-361). The decline in information services could be related to the closure of FTX, a cryptocurrency exchange company. Elevated mortgage rates that have resulted in a pullback in lending activity may account for the decline in employment in the financial services industry.
Finance, information, and professional services industries saw the highest wage growths
Yet even as employment declined in the financial activities industry in Miami-Dade County, this industry saw the highest increase in average weekly wage, up 11.9%. In information services, the average weekly wage rose 7.6%. In the professional/business services industry, wages rose 8.9%.
The increase in average weekly wages amid a decline in employment levels indicates that higher-paying jobs are being created and/or moving to the area. MIAMI Realtors research on job-to-job flows revealed an increase in jobs that moved to the Miami-Fort Lauderdale-West Palm Beach Metro Area from New York and California during 2020-2024 Q1 compared to 2015-2019. In 2020 Q1- 2024 Q1, there were 12,007 jobs moved from New York state to the Miami Metro area, up from 2,937 during 2015-2019. Miami MSA Continues to Attract Tech and Finance Jobs from New York, California, and Illinois – MIAMI REALTORS®
