According to data from the Florida Department of Economic Opportunity, the Miami area added private sector jobs at a rate of 4.1 percent, an increase of 45,400 jobs in May 2023. The Miami metro area’s May 2023 unemployment rate was 2.2 percent, down 0.3 percentage point from 2.5 percent one year ago.
The Miami metro area’s May 2023 labor force was 1,364,211, up 1,583 (+0.1 percent) over the year. The Miami metro area gained the third-highest number of private sector jobs over the year in May 2023 among all metro areas. In May 2023, the Miami metro area led the metro areas in job gains over the year in manufacturing (+2,900 jobs); and other services (+2,600 jobs). The industries gaining the most jobs over the year were education and health services, adding 15,300 jobs, and professional and business services, adding 12,700 jobs.
In May 2023, Florida’s unemployment rate remains at a low 2.6 percent for the fifth consecutive month as long-term growth continues. In May 2023, Florida’s labor force grew by 246,000 (+2.3 percent) over the year since May 2022, faster than the national labor force growth rate of 1.5 percent during the same time period. Over the month in May 2023, Florida’s labor force grew by 38,000 (+0.3 percent), which is faster than the nation’s labor force growth rate of 0.1 percent during the same time period. As of May 2023, with the exception of October 2022, Florida employers have added jobs for 36 months since May 2020. Florida’s over-the-year private sector job growth rate has exceeded the nation’s for 26 consecutive months. In May 2023, total private sector employment increased by 17,200 over the month, an increase of 0.2 percent from the previous month.
In May 2023, the education and health services sector gained the most jobs among all major industries, adding 8,800 jobs (+0.6 percent) from the previous month, followed by professional and business services with 6,200 jobs (+0.4 percent) and leisure and hospitality, adding 3,700 jobs (+0.3 percent).