Miami’s unemployment rate is now at a new historic low, according to a new federal report.
The U.S. Bureau of Labor Statistics report released February 2 showed that the Miami-Miami Beach-Kendall area had an unemployment rate of just 1.4 percent in December 2021 – the lowest of any other BLS division in the U.S.
When measuring the metro area as a whole (which also includes West Palm Beach), the unemployment rate was 2.6 percent – also one of the best numbers nationwide.
Miami’s unemployment rate has dropped sharply in just one year.
In December 2020, the Miami-Miami Beach-Kendall division unemployment rate was 7.9 percent, while the Miami-Fort Lauderdale-West Palm Beach metro stood at 5.6 percent.
Miami’s unemployment rate is now even lower than it was during the condo construction boom year of 2006.
Bloomberg reported that it is Miami’s lowest unemployment rate since records began in 1990.
Wages are also rising faster in Miami than anywhere else in the U.S., the BLS reported.