For neighboring Broward County, the unemployment rate in February 2009 was 8.3 percent; this is an increase of 0.5 percent compared to January 2009 and an increase of 4.2 percent compared to February 2008. For Palm Beach County, it was 9.7 percent; this is an increase of 0.5 percent compared to January 2009 and an increase of 4.7 percent compared to February 2008. The overall unemployment rate for the tri-county area in February 2009 was 8.2 percent. The South Florida region (Miami-Ft. Lauderdale-Pompano Beach MSA) experienced a decrease in employment of non-agricultural jobs between February 2008 and February 2009 of 97,900 jobs, a decrease of 4.1 percent.

Non-agricultural companies in Miami-Dade County lost 39,400 jobs between February 2008 and February 2009, a decrease of 3.7 percent. The construction sector continues to be a concern, decreasing by 19.0 percent between February 2008 and February 2009. Other sectors that have been greatly impacted by the recession include Retail Trade (-5.1 percent or 6,600 jobs lost), Professional and Business Services (-6.0 percent or 8,700 jobs lost), and Finance and Insurance (-5.5 percent or 2,700 jobs lost). In addition, Wholesale Trade, which includes international trade, saw a decline of 1.5 percent or 1,100 jobs lost. Within these broad categories, there are some sub sectors that continue to see positive growth. Sub sectors with the increases include: Hospitals, Ambulatory Health Care Services, Education, and State and Federal Government.

Sector /  February 2008 - 2009 Percentage Growth
Hospitals / 6.5%
State Government / 2.3%
Education / 1.8%
Federal Government / 1.0%
Ambulatory Health Care Services / 0.8%

Miami-Dade County is an important economic engine for the State of Florida and we must protect our ability to compete as a global business center now that business has considerably slowed down. The time to invest in our future is now. The place to invest in is Miami-Dade County. The Beacon Council is aggressively working on attracting new companies to our community and working on the retention of existing business through our Local Business Local Jobs program.

Now more than ever, we need to be marketing the County’s diverse business assets, nationally and internationally. The Beacon Council has launched its new marketing campaign, “Miami: Where Worlds Meet”, together with American Airlines, Greater Miami Convention and Visitors Bureau and Miami-Dade County. Please visit (www.MiamiWhereWorldsMeet.com) to learn more about this marketing campaign.