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Miami-Dade County Analysis of Current Economic Trends
The Miami-Dade Analysis of Current Economic Trends report is a quarterly publication that identifies local short-term economic trends and current economic conditions. The reports cover key Miami-Dade economic indicators such as employment and unemployment, existing home sales and prices, foreclosure activity, commercial real estate vacancies and leasing rates, taxable sales, and international trade & tourism activity.
The reports provide the latest data releases and at least 12 months of historical information, along with an analysis of the forces driving short-term economic trends.
The 2015 Third Quarter report (1.93 MB) (July through September 2015), shows that The Miami-Dade County economy continues to grow, however, there are some signs of a nascent slow-down. Some key trends, based on industry reports, include:
- In 2015:Q3 private-sector payrolls in Miami-Dade County grew 2.6%, adding 24,360 workers, compared to the same quarter a year ago according to Bureau of Labor Statistics (BLS) payroll data. Growth had averaged 3% over the previous six quarters.
- The third quarter of this year saw the number of unemployed residents drop to 77,800 workers and an unemployment rate of 6% according to the BLS household survey data. This is a vast improvement from 2011:Q1 when there were 158,000 unemployed and a rate of 12.4%.
- The average wage for a Miami-Dade worker continued to decline, down 16.8% since 2007 and 3.4% from the third quarter of last year after adjusting for inflation.
- The real estate market has remained strong. The 2015:Q3 median single-family home price was 9% higher than one year ago in current dollars, with sales up 4% year-over-year.
- The 2015:Q3 median price of condos and townhomes was 4% higher than a year ago while sales were up just 0.4%.
- For the first time since 2008 the Miami-Dade Housing Affordability index dropped below 100, to 99.1, indicating a housing market that is becoming less affordable to the typical Miami-Dade household.
- Office vacancy rates continued to show steady improvement, falling to 10.6% in the third quarter after hovering near 15% throughout 2010-2011 according to data from CoStar Group.
- The biggest challenge to the Miami-Dade economy remains trade. The total value of goods traded through MIA and PortMiami in 2015:Q3 fell 10.8% over a year earlier to $19.9 billion. Imports declined 3% and export activity fell 16.5%.
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