Miami Metro Ranks #3 For Job Growth Over The Past Year

The Miami area continues to outpace the rest of the country when it comes to job growth, according to the U.S. Bureau of Labor Statistics.

As of July 2024, the metro area job growth was 2.6 percent over the previous year. The U.S. as a whole saw 1.6 percent growth during the same period.

The Miami metro added 75,300 nonfarm employees during the period. Only New York and Los Angeles saw higher total numbers.

Miami’s education and health services subsector saw the highest job growth, followed by construction.

 

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Johanna
27 days ago

Amazing. With the growing tech sector and finance sector, I hope we see more industries come done to Miami from big pharma to fashion and movie industry.

Jamrock
27 days ago

Chicago being that low is WILD

Anon
27 days ago

Chicago is like 3x cheaper as a result than Miami these days.

Anonymous
27 days ago

What do you expect when every leader of Chicago has had a “D” next to their name since 1931? All economic development in that city owes success to the foundations built between the Great Fire and Great Depression, those same foundations that have started to crumble in the last ten years.

Anonymous
26 days ago

Nonsense. Most major cities in the US have a “D” next to their name including Miami for years.

LoganSQKing
26 days ago

No The mayor of Miami Dade county, she’s is a middle of the road Democrat. But mostly all the commissioners in the county and in the city/ they’re all Republicans.

Mr. Dobalina
25 days ago

The City of Miami is a city. Miami-Dade County is a county.

In the last 100 years, there have been about 3 Democrat Mayors of Miami.

Robert King High (1957-1967)
Maurice Ferre (1973-1985), and
Manny Diaz (2001-2008)

Anonymous Four
23 days ago

Remember to blame those commissioners as well when you bring up the problems that are truly in their remit. These jokers take credit for all the things outside of their actual responsibilities and dodge the blame for those related to their core responsibilities. Don’t pick and choose randomly.

Jordan
26 days ago

Nope.
There have been very few Democrat Mayor’s of Miami.

Besides Manny Diaz, the only back to back Mayors who were Democrats allowed the Feds to ru. I95 through Overtown.

Socrates
27 days ago

Insane. How does the second city fall so fast?

It isn’t just the (D), the Daley’s keep the pothole filled and the streets clean.

Bob
26 days ago

Too much crime.

Make it make sense
27 days ago

And no appropriate subway system yet (above ground).

Anon
27 days ago

so looks like one isn’t needed

I ❤️ MIAMI
27 days ago

If one isn’t needed then why is everyone complaining about traffic all the time?

Socrates
27 days ago

Not “everyone” is complaining.

The reason that a disproportionate number of people comment on the “tragic” congestion is because the people who complain about traffic all the time are mid to low level contributors who do not do anything impactful.
The most difficult challenges that they face are “hideous traffic” and public transportation that isn’t good enough for their wholly entitled sensibilities.

NYC has about 20M in their MSA, and eyeballing the graph above, they have added about 200,000 new jobs.
1% increase with an EXTRAORDINARY subway and trains system and the operating expense that goes with it.

Miami MSA has about 6.2M people, and added 75,300.
2.6% increase with the system that is in place.

NYC is growing jobs at a rate less that the USA as a whole with a government train system that is the envy of the entire WE NEED to get cars off the road crowd.

Anon
26 days ago

Why does NYC have the best public transit in the nation but also the worst car traffic? D’oh!

Jordan
26 days ago

I know! I know!

Jorge
27 days ago

If you’ve ever driven in Miami that is a wild thing to say

Mr. Dobalina
26 days ago

I drive in Miami all the time, sometimes, it’s terrible, 95% of the time, it is perfect.

I have also tried to drive in NYC, it is worse. LA is terrible. Haven’t been to Chicago since the pandemic, but traffic was worse than Miami on the last visit.

Too many people overweight the importance of the government trains. They also give too much weight to the “traffic problem” relative to other major metros.

Anon
26 days ago

Thinking only Miami has bad or the worst traffic is a wild thing to imply. Every city on this list has traffic as bad as or worse than Miami. SF and Chicago and even Atlanta have lots more of those precious gubbamit trains than Miami but even worse car traffic.

Socrates
27 days ago

Exactly.

Anonymous
27 days ago

We have the Metro Mover, with all the new station hubs being transformed in Downtown and Brickell, Miami will feel like a real city in a few years.

Anonymous
27 days ago

Metromoober to a subway system is Yugo to a Cadillac, and no expansions with the current low speed and capacity cars are going to fix it.

Anonymous
27 days ago

The “sub” in subway means subterranean. You mean elevated.

Anon
27 days ago

Elevated rail is more effective in Downtown and Brickell, which is the City part of Miami, similar to the trains running between Midtown and the World Trade Center in NYC, We already have that connectivity. Even with people driving in, traffic is still lighter than what we see in Manhattan.

LoganSQKing
27 days ago

Subway ? Are you in NY?

They Did The Math
27 days ago

NYC: 200,000 jobs /19,500,000 pop = 1.026%
LA: 100,000 jobs /12,800,000 pop = 0.781%
MIA: 80,000 jobs / 6,200,000 pop = 1.290%

I didn’t check them all, but I think Miami’s growth as a percentage of population is the highest on this list.

Mr. Dobalina
26 days ago

Your math is correct.

The Next Miami journalisming above has this:
“As of July 2024, the [Miami] metro area job growth was 2.6 percent over the previous year. The U.S. as a whole saw 1.6 percent growth during the same period.”

TNM is fuzzy math. or maybe they not using the 6.2m population denominator for Miami MSA.

Anon
27 days ago

Big part of the reason why housing costs here have soared. Yes, housing was a lot cheaper 20-30 years ago in Miami versus other cities, but there were also less good paying jobs and higher unemployment rates to go with it.

Mann
27 days ago

Miami was undervalued for too long. Real estate prices are still too low compared to other major cities.

Anon
27 days ago

Wrong Mann-o. Miami has amongst the WORST income to housing cost ratios in the country.

Socrates
27 days ago

Soo….
Only academics, politicians and the useful idiots who love them focus onto that methodolgy.

The next time you look at that “income to housing ratio” dig deeper and think more deeply. Are they counting Gross Income or Net of taxes income?
Household Income or individual income.
“Housing costs” of only primary residences, or does a $79M Jeff Bezos house and the $105M Ken Griffin house factor into that cost calculus?

Entrepreneurs, retirees, business owners and people savvy enough to know how the world works do their best to lower their income as low as possible for income tax purposes. Fortune 500 employees get a W2, and do not have that luxury.

Anon
26 days ago

^^and you actually think that’s why Miami’s incomes are low? A person savvy you are not.

I've got Sowell
25 days ago

What is the “Income to Cost Ratio” as that man calls it for Jeff Bezos’ $79m Indian Creek home?
Personal Income/Housing cost = What percentage?

As CEO of Amazon, Bezos’ Salary was last reported at $81,840. W2 Personal Income.

My educated guess is that Bezos makes less than a 5 million dollars a year in Personal Income on his tax filing.

Housing Cost for that 1 house.
$78M with $15.8M down payment, and a 5% 30 year mortgage is a

$339,271.27 Monthly Payment
$131,666.67 Monthly Property Taxes
$65,000 Monthly Insurance/Maint/Utilities (wild guess…it is probably higher)

Ohhhhh boy. If Bezos Personal income is $5m, the est. housing cost for this house is $5.652M per year.

Then he is REALLY statistically stretched, right?
His housing cost is 113% percent of his “Income to Cost Ratio”! My college professor and a politician told me that the Income to Housing Cost Ratio number must be 33% or below. “NO ONE should pay more than 33% of their income on housing” they will tell you.

Now…run those same numbers on the $68m lot he bought in 2023 which is next door to the $79m lot on Indian Creek.
Now…run the numbers of the $74M he spent for his parents house on Old Cutler Lane.

His annual “Income to Cost Ratio” is over 500% !!! We better get him a government program to get that percentage under 33%.

Ken Griffin bought 2 houses on Brickell Ave for $106.9m.
His income won’t cover that annual nut either. There are other reasons that they do this, and this post is long enough already.

Obviously, these are outliers And, they are chosen to be dramatic to make a point. Not all cities on the “affordability ranking” list have oceanfront homes on gated islands.

To add to this, think about all the “Housing Costs” for the homes where the owner files his Personal Income taxes with a primary residence outside of Florida. The income is reported there, not here.
The Income to Cost Ratio is 0 income divided by A LOT of housing expense.

UHNWI’s use tax planning to keep their incomes low. Business owners use tax planning to keep their incomes low. Investors buy expensive houses in single asset LLC’s that have zero income. etc. etc.

It makes a small difference when you increase the sample size, but the difference artificially inflates the housing costs.

Honest housing cost studies would include only Homesteaded properties to get a more honest number, but even that is not accurate. Maybe if the lopped off the tails on the housing cost bell curve, but they do not do that either.

Don’t panic when you see the “Income to Housing Cost Ratio”, it is usually a politician writing a grant to get some free money from taxpayers.

Anon
24 days ago

^^Your word orgy is a joke. I can’t respond to it because there is no substance to respond to, just pontification. Who cares about housing/income costs for top 1%ers? You caring for them does not make you one. Real people compare housing costs TO THEIR W-2 INCOME which is where cities like Houston shine and why Houston’s metro population growth has been blowing away Miami’s for years now. A guy making $200k/yr can buy a nice 500K house in Houston. In Miami, with the insurance here, $200k/yr gets you a $400k cramped old condo. Plus, there are more good paying jobs in Houston. Miami is hardly undervalued. I said nothing about housing subsidies (are YOU looking for one?).

Mr. Dobalina
20 days ago

I understood that…no problem and there are great points in there.

These extraordinary sales skew the numbers when the statistics and rankings are sited. Just today, ANOTHER $100 million dollar property was purchased in the Miami MSA. That person, does not have Miami MSA income for the Census calculations.

Maybe the explanation assumed to much of the reader, but to simplify, the top buyers make the numbers look higher than is practical for “real people” you speak of.

Houston, TX has NEVER had a house sell for more than $100m. A quick search says that the highest price paid in Houston is $20m for luxury homes. The “real people” in Houston do not have Oceanfront choices.

“Nice” house is very subjective.

If a “real people” “guy” in Miami can’t buy a $500,000 house in Miami, than he must have a terrible debt to income ratio or awful credit score.

Still, the monthly housing expense for a $500,000 house is about $3,900 (even in this interest rate environment), and a guy who makes $200,000 at 33% of income as housing expense should afford $5,500 for Principal and Interest, Property Taxes, and Insurance payment.

But Houston….that sounds lovely. I heard that Gary, Indiana is also more affordable.

Anon
24 days ago

^^dumbest response ever on this board, and that says a lot. Is Bezos representative of the typical person?

Mr. Dobalina
20 days ago

You must be new.

Housing Boom Miami
26 days ago

I lived in Miami from 2004-2007 and housing prices were more expensive than NYC.

Mr. Dobalina
26 days ago

C”mon…..I bought a PH new construction condo in Brickell for $350 per sq ft. in 2006,
There is no waterfront Manhattan condo on a 42nd Floor with pools, gyms, doorman, 24/7 security, and a balcony looking at the bay for $350 per sq ft. even between 2004-2007.

Johanna
27 days ago

Miami is still cheaper than most similar cities, I believe we will see housing prices double within the next decade but I hope we see the same growth in salaries and job opportunities.

Mr. Dobalina
26 days ago

The biggest two reasons why housing costs have soared in Miami is because inflation has soared, and Demand has soared without the same increase in Supply.

Bob
26 days ago

Yes, there is an urgent need to build more housing…and not just multi million dollar condos.

Mr. Dobalina
20 days ago

For sure!
And that is happening, and will continue to happen.

LoganSQKing
27 days ago

Surprising to see LA ahead. But most surprising to see my home town of Chicago last.

Joe
26 days ago

Chicago isn’t the same as it used to be.

Anonymous
27 days ago

Whow, New York and Los Angeles are kiking ass!

Vardim
27 days ago

Yeah they were always up there but Miami wasn’t, which signals a shift for Miami.

Saul Wasserberg
27 days ago

New York City has such a huge lead? Oy! I thought everyone in NY was moving to Miami. These numbers are messhugganah!

Anonymous
27 days ago

What?

Lynx at Miami Tower
27 days ago

Still outpaced by quote “dying” unquote New York and LA. Still probably the strongest growth percentage wise.

Anonymous
27 days ago

NYC and LA are light years ahead of everywhere else, so of course there will still be considerable growth, albeit not at the levels when sane leaders were in office. The point is other metropolitan areas are catching up.

LoganSQKing
27 days ago

Are you smart ?

Socrates
27 days ago

New York is growing at 1%
The United States is growing at 1.6%
Miami is growing at 2.6%

Of course NY is over 3x larger than Miami, and it should be expected that they would grow more jobs.

Mr. Dobalina
25 days ago

In today’s news:
South Florida investor negotiates to buy 57-story office tower in Chicago at huge discount
FRI Investors has preliminary deal for about $100 million, a fraction of the last sale price which was $375m in 2014.

LoganSQKing
27 days ago

Did they referred to Miami the city municipality or Miami Dade the county ?

Socrates
27 days ago

Metropolitan Statistical Areas in all the cases mentioned above.

TacoMan
26 days ago

so, many of the jobs created in “Miami” were actually in West Palm Beach, Delray, Boca Raton, or Fort Lauderdale. The job growth does not seem as impressive knowing a lot of it (most of it?) was not even in Miami Dade County.

Anon
26 days ago

The other cities’ numbers are for metro area as well.

Cover the Podiums
27 days ago

yeah tourism based jobs…nothing to brag about

BDub
27 days ago

How are education, health services and construction (top 3) tourism based jobs?

Socrates
27 days ago

They are not.

Marlon
27 days ago

Plenty of tech jobs and more have been growing

Does anyone read articles anymore?
27 days ago

Literally says education and health services sub sector is main reason.