FloridaCommerce Announces Miami Metro Area Gained Highest Number of Private Sector Jobs Over the Year Among All Metro Areas

Miami, Fla. — Today, FloridaCommerce announced the Miami metro area gained the highest number of private sector jobs over the year in October 2023 among all metro areas. The Miami metro area added 38,600 new private sector jobs, a 3.4 percent increase over the year. Miami area unemployment rate was 1.6 percent in October 2023, a 0.8 percentage point decrease from the October 2022 rate of 2.4 percent.

The Miami metro area led all metro areas in job gains over the year in five industry sectors— trade, transportation, and utilities, increasing by 15,200 jobs; professional and business services, increasing by 11,900 jobs; manufacturing, increasing by 3,200 jobs; government, increasing by 5,700 jobs; and other services, increasing by 3,000 jobs. The industries gaining the most jobs over the year were trade, transportation, and utilities, increasing by 15,200 jobs; and professional and business services, increasing by 11,900 jobs.

Florida’s strategic investments have resulted in healthy economic indicators for Floridians as the nation faces slowing job growth. Florida’s labor force grew by 0.2 percent in October 2023, while the national labor force growth rate declined by 0.1 percent over the same time period. Florida continues to outpace the nation in labor force growth for a 29th consecutive month. Florida’s labor force has grown or remained steady for 36 consecutive months with an over-the-year growth rate of 3.1 percent in October 2023—faster than the national rate of 1.9 percent over the same time period. Florida’s private sector employment increased by 0.3 percent (+25,900 jobs) over the month in October 2023.

Florida’s construction industry experienced its fifth consecutive month of growth in October 2023 with 2,500 jobs added since September 2023. New construction permitting also continues to trend upward in Florida demonstrating Florida’s unique level of economic health. Florida also continues to lead the nation in new business formations, with 2.7 million new businesses since 2019.

Florida’s unemployment rate was 2.8 percent in October 2023, more than a percentage point lower than the national rate of 3.9 percent and marking the 36^th consecutive month Florida’s unemployment rate has remained below the nation’s. Florida’s private sector over-the-year job growth rate has exceeded the nation for 31 consecutive months at 3.0 percent (+252,900 jobs) compared to 1.7 percent nationally.

Florida continues to outpace the nation in labor force growth for the 29th consecutive month. Florida’s labor force has grown or remained steady for 36 consecutive months with an over-the-year growth rate of 3.1 percent in October 2023—faster than the national rate of 1.9 percent over the same time period.

In October 2023, the trade, transportation, and utilities sector gained the most jobs among all major industries, adding 10,900 jobs from the previous month, followed by education and health services, adding 8,500 jobs.

Floridians in search of work and new job opportunities are encouraged to turn to the CareerSource Florida network for help. Floridians can find guidance on how to register with Employ Florida and search listings of available local job openings. Career seekers also can improve their employability by perfecting resume writing and interviewing skills, establishing career goals, and pursuing customized career training. These services are provided at no cost to job seekers. To view the October 2023 jobs reports by region, please see below:

• Fort Lauderdale
• Jacksonville
• Miami
• Orlando
• Pensacola
• Southwest Florida
• Tampa
• West Palm Beach

To view the October 2023 employment data, visit: www.floridajobs.org/labor-market-information/labor-market-information-press-releases/monthly-press-releases.

Visit Florida Insight for more information on labor market and economic data. Additionally, the Department has provided a video to assist users in explaining the data provided through Florida Insight.

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