Miami Beach, FL – December 2023 Jobs Report – Sunshine After Dark

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Miami Beach’s job market ended 2023 on a high note, outperforming expectations with robust growth despite national hiring slowdowns. The leisure and hospitality industry, a cornerstone of the local economy, showed resilience, while professional and business services continued their upward trajectory. However, challenges remain, as some sectors grapple with labor shortages and inflation pressures.

Highlights:

  • Private sector job growth: 4.7% (+5,300 jobs), the highest among Florida’s metropolitan areas.
  • Unemployment rate: 4.2%, down from 4.5% in December 2022.
  • Average hourly earnings: $28.15, a 4.5% increase year-over-year.

Growing Industries and Occupations:

  • Professional and business services: +1,800 jobs, led by gains in management, consulting, and legal services.
  • Leisure and hospitality: +1,500 jobs, primarily in food and beverage establishments, reflecting the return of tourism and robust holiday season activity.
  • Healthcare: +700 jobs, fueled by an aging population and increased demand for medical services.
  • Construction: +400 jobs, benefiting from ongoing development projects and infrastructure upgrades.

Shrinking Industries and Occupations:

  • Retail trade: -200 jobs, a continuation of a national trend driven by e-commerce competition and changing consumer habits.
  • Information technology: -100 jobs, likely due to post-pandemic hiring adjustments and project completion.

Comparison:

  • Compared to December 2022: Miami Beach added significantly more jobs (5,300 vs. 3,100), showcasing accelerated growth.
  • Compared to November 2023: Job growth remained steady, indicating continued momentum despite wider economic uncertainties.

Future Outlook:

The Miami Beach job market is expected to remain vibrant in 2024, spurred by ongoing tourism recovery, investments in infrastructure and technology, and a growing professional services sector. However, factors like inflationary pressures and potential interest rate hikes could pose challenges.

Top 10 Growing Occupations:

  1. Healthcare practitioners and technical workers
  2. Personal chefs and cooking instructors
  3. Hotel managers and assistant managers
  4. Restaurant cooks
  5. Customer service representatives
  6. Software developers and programmers
  7. Accountants and auditors
  8. Marketing specialists
  9. Construction laborers and helpers
  10. Building and grounds cleaning and maintenance workers

10 Companies Hiring Now:

  1. Hilton Hotels & Resorts
  2. Baptist Health South Florida
  3. City of Miami Beach
  4. Carnival Cruise Line
  5. Norwegian Cruise Line Holdings
  6. Brightline Trains
  7. Related Group
  8. Greenberg Traurig, LLP
  9. Miami International Airport
  10. University of Miami

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