This year has not been strong for job creation in South Florida.
Miami-Dade, home to about 60 percent of the region’s jobs, saw a slowdown in payroll gains compared to the pace set after jobs started growing again in 2009. In 2010, the average monthly job growth in Miami-Dade hit 1,142. In 2011, the average shot up to 1,739, and in 2012, the pace settled back down to 1,342. Through August, the average monthly job growth is only 858.
Broward, on the other hand, is having a great year, hitting a new four-year record with its 2013 average of 1,479 new jobs per month.
This chart compares yearly job growth each month to the average increase for both Broward and Miami-Dade during those periods in the last 10 years when payrolls were expanding. During growth times, the average increase was 2 percent over the prior year. Currently, the pace is just 1.3 percent.
The Miami Herald’s Economic Time Machine seeks to give the long view on the latest financial numbers for South Florida. Visit miamiherald.com/economic-time-machine for analysis of the numbers that drive the local economy. Our ETM index tracks more than 40 local indicators to measure where the economy has “landed” post-bust when compared to earlier economic conditions. The latest reading: July 2004.