Florida is one of the most regarded states amongst tourists and locals for attractions, entertainment, and coastline vibes. With great weather year-round and gorgeous beaches, it is no surprise that Florida is such a well-known tourist destination. But have you ever wondered how residents can afford all the luxury and top-amenities that tourists get to enjoy only for a few days?
You are probably aware that some of the most visited areas in Florida are also some of the most expensive. For example, take the metropolitan area of Miami. I believe it is safe to assume that everyone knows or heard about Miami FL. Ranking as one of the top coastline cities in the country, the “Magic City” lives up to the expectations regarding attractions, entertainment, and coastal vibes. But have you ever wondered how expensive it is to live in Miami FL? What kind of jobs do people have there, and what would be a good number in terms of income for a decent living?
If you want to find out what it takes to live in the sprawling metropolis, stick with us. We are about to dive deeper into Miami Florida’s job market and explore the employment growth, trends, and many others.
Miami area employment in 2020
If we take a look at the Miami area employment in 2020, some interesting numbers show up. In the Metropolitan Statistical Area of Miami-Fort Lauderdale-West Palm Beach FL, nonfarm employment stood at around 2,517,400 in September 2020. By comparing these numbers with last year, we can see that there has been a decrease of about 189,700 in employment.
These results are worrying for many people who thought about living in Miami FL, even more so because this is the sixth consecutive month of employment decline. Total nonfarm employment over-the-year has experienced a maximum positive growth around September 2018 in the Miami area. After that, employment growth consistently stayed positive until March 2020, when it took a rapid plummet to the ground.
The job market has experienced an all-time low in total nonfarm employment in March 2020. However, trends suggest a stabilizing economy, and numbers are leaning towards growth in the Miami metro area. The local rate of job loss for September was right around 7%, which is higher than the national decline rate of 6.4%.
However, this situation reported in September is prone to rapid change especially since Florida fully opened its borders. As a result, the economy is stabilizing and the job market is rapidly gaining momentum in the right direction. Also, with the upcoming vaccine in December, things are going to be even more promising as the industries that suffered the most from the pandemic are going to reopen. This might also be the right moment to look into the housing market. Get in touch with the local realtors in Miami FL if you want to find some really good deals and relocate here.
Miami employment and the pandemic
If you are interested in the job market of Miami FL you probably assumed that the pandemic had a major impact on employment numbers, and you are right. Many more people around the country try their best to keep the Covid-19 out of their homes while staying safe at work. The pandemic has caused an increase in unemployment rates and a decrease in job opportunities worldwide and not only in Florida.
The Miami metro area benefits significantly from tourism in the area. Miami gets about 2.5 million tourists a year, but with the current situation of the pandemic, these years’ numbers might be significantly lower. Tourism is also one of the main aspects driving the economy in the area. However, the rate of job loss in Miami is not even close to some other major metro areas, where the rates are significantly higher.
New York-Newark-Jersey City is the area with the fastest rate of job loss in the US, standing somewhere around 11%. Therefore, the Miami area is better placed in terms of total employment than places such as New York or Los Angeles, where the total number of job losses is around 600,000. The lowest rate of job loss in the US is about 3% in Phoenix Arizona.
Notably, if you are looking for a job in the financial sector, you should be aware that the pandemic didn’t affect this sector in the Miami area. It did the opposite since Dallas gained about 9,100 jobs in this sector, followed by Miami with more than 1,300 job opportunities.
About Miami’s job market
In many regards, the job market has been affected by the pandemic. Before the epidemic hit, the unemployment rate in Florida was close to 3%, but as we moved forward, businesses closed down, and more people were forced to stay home. As a result, the jobless numbers rose, and according to CBSMiami, by July 2020, the unemployment rate was around 14%.
However, good things can emerge from dire situations. New jobs were created after the Great Recession, and some of the job opportunities that emerged afterward include freelance or “gig” work, contract, temp, or on-call work. Following an economic shock, industries typically reconstruct by cutting labor costs. That means that workers won’t be called back anytime soon, and most people without a job will start looking for this project-based freelance work rather than full-time employment.
On the bright side of things, Miami and many other areas have witnessed a decrease in first-time unemployment claims by about 25%. Most of it is attributed to the fact that many people realized that federal benefits run out eventually, and they are starting to research the job market for better work opportunities.
Altogether, Miami’s employment rates might discourage many people from venturing into the job market of South Florida. This shouldn’t be the case since many industries experienced growth during the pandemic, and while the hospitality and leisure industry might suffer, the financial sector is gaining ground.
Trends show that the labor department’s situation is improving, and the state of things is prone to a lot of changes in the near future. With the upcoming vaccine, the borders of Florida are being fully opened and the economy is improving rapidly. If you are interested in joining the job market train of Miami, you should consider relocating here. Grab your nearest realtor in Miami FL, find yourself a lovely home, and enjoy the great coastal vibes of the “Magic City.”
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