Unemployment in South Florida reaches new lows
South Florida’s unemployment numbers plunged in September while employers continued to add jobs, further fueling the already tight labor market in the region.
Broward County’s unemployment fell under 3 percent in September to 2.8 percent, the lowest rate of the three counties in South Florida. Rates in Palm Beach and Miami-Dade counties also were lower at 3.1 percent and 3.6 percent, respectively, according to a Florida Department of Economic Opportunity report released on Friday.
“We’re seeing incredibly strong growth,” said Gus Faucher, chief economist for PNC Bank, which has Florida operations.
Faucher said the large drop in rates year-over-year was a result of Hurricane Irma in September 2017. The hurricane disrupted Florida’s streak of job growth, sending payrolls spiraling.
This year, September’s healthy job growth was “broad-based” and reflecting a favorable economy, Faucher said.
However, going forward, the economist expressed concern that the state’s shortage of labor “is going to become a constraint on growth. It’s going to get tighter, and that’s going to make it more difficult for employers.”
Broward’s jobless rate in September was a 0.9 percentage point lower than the county’s year-ago rate of 3.7 percent. Palm Beach County’s rate was 1 percentage point lower than the county’s year-ago rate of 4.1 percent. And Miami-Dade’s rate was a 1.3 percentage point lower than the county's year-ago rate of 4.9 percent.
Job creation was robust throughout South Florida.
Broward added 35,100 jobs, a 4.3 percent increase over the year. The county added the most jobs — 7,800 — in professional and business services.
The second highest number — 7,600 — was in construction.
The county added 4,800 jobs in trade, transportation and utilities; 4,500 in leisure and hospitality; 4,100 in other services; 3,200 in Unemployment in South Florida continued to decline in September.
education and health services; 1,100 in manufacturing; 700 in financial activities; 700 in government; and 600 in information.
No industries lost jobs in September over a year ago in Broward.
Palm Beach County added 22,400 jobs, an increase of 3.7 percent over the year. The county added the most jobs — 7,200 — in leisure and hospitality, followed by 5,300 in construction; 3,900 in professional and business services;
2,900 in financial activities; 2,400 in other services; 1,400 in manufacturing; and 200 in information.
The county lost 1,800 jobs in education and health services and 1,600 in government.
Miami-Dade County added 50,200 jobs, an increase of 4.4 percent over the year. The county added 9,700 jobs each in construction; trade, transportation and utilities; and education and health services. That was followed by 7,800 in leisure and hospitality; 6,700 in professional and business services; 6,400 in manufacturing; 2,400 in
other services; and 200 in information.
The county lost 1,800 jobs in government and 500 in financial activities.
Florida’s seasonally adjusted jobless rate was 3.5 percent, the lowest since February 2007. The state’s unemployment remained lower than the U.S. unemployment rate, which was 3.7 percent in September.
The state added 407,300 jobs, an increase of 4.8 percent over the year.