South Florida unemployment down

Rate is the lowest in a decade or more, report shows

South Florida’s unemployment rate in October was dramatically lower than a year ago, according to a monthly report released Friday by Florida’s Department of Economic Opportunity.

The tricounty region’s rates have not been this low in a decade or more, said spokeswoman Tiffany Vause.

Broward County’s rate was 2.8 percent, down from 3.6 percent in October 2017.

Palm Beach County’s dropped to 3.1 percent, down from 3.8 percent a year ago.

Miami-Dade County’s rate fell to 3.6 percent in October, down from 4.7 percent a year ago.

“Just unbelievably low. We’re closing in on lows we saw at the height of the housing bubble,” said Sean Snaith, economist for the University of Central Florida in Orlando.

At the same time, job creation continues to escalate.

“There’s job growth across the board,” Snaith said. “We’re still staying well above the national rate of job creation.”

Broward added 18,800 jobs over October 2017, a 2.2 percent increase. Palm Beach County added 16,100 jobs, with growth of 2.6 percent over last year; and Miami-Dade County added 29,100 jobs, with growth of 2.5 percent.

Over the year, Broward added the most jobs, 3,100, in construction. That was followed by 3,800 in trade, transportation and utilities; 3,500 in other services; 3,000 in professional and business services; 1,800 in education and health services; 1,000 in financial activities; 800 in manufacturing; 500 in government; and 400 in information.

The only industry that lost jobs was leisure and hospitality, 100 over the year. Those numbers are likely affected by last year’s Hurricane Irma, when many hotels and restaurants were damaged, especially in the Keys. But employment recovered relatively quickly from the storm.

Over the year, Palm Beach County added the most jobs, 7,200, in leisure and hospitality. That was followed by 3,700 in financial activities; 3,500 in construction; 2,800 in business and professional services; 1,600 in manufacturing; 1,500 in trade, transportation and utilities; and 200 in information.

The county lost 3,200 jobs over the year in government; 700 in education and health services; and 500 in other services.

Over the year, MiamiDade added 7,300 in construction; 6,700 in education and health services; 6,500 in trade, transportation and utilities; 4,700 in manufacturing; 4,300 in leisure and hospitality; 500 in other services; 400 in information; and 400 activities.

The county lost 1,400 in government and 300 in professional and business services over the year.

Florida’s unemployment rate fell to a seasonally adjusted 3.4 percent, the lowest since January 2007; a year ago, the rate was 3.9 percent. County rates are not seasonally adjusted.

The state added 232,600 over the year, an increase of 2.7 percent, continuing to outpace the national growth rate of 1.7 percent in financial