Miami-Dade County, Florida, Unemployment Rate 1990 to 2017
The unemployment rate in the Florida county of Miami-Dade County continued its steady decline that began in late 2009. Since its peak in August of that year, the unemployment rate has more than halved from 12.4% to 5.1% at the end of 2016 (January 1, 2017). The extent of this improvement can be appreciated in the accompanying chart (Unemployment Rate in Miami-Dade County, Florida for the period January 1, 1990 to January 1, 2017, i.e. for the period from 1990 through 2016.
A low unemployment level bodes well for commercial real estate as it generally indicates increased economic activity. For multifamily investors, lower unemployment can be good for occupancy rates and rent levels. Likewise, less unemployment generally means more people working, thus more demand for work space in the form of office and industrial space. Further, more people working typically means more disposable income and more personal expenditures, increasing revenue for retail and hospitality space.
Comparing Miami-Dade County;s Unemployment Rate to Other South Florida Counties
Unemployment Rate Miami-Dade versus Surrounding South Florida Counties as of January 1, 2017 (End of Year 2016)
The unemployment within Miami-Dade County sits somewhat in the middle of the pack among South Florida counties, not the highest, not the lowest. Hendry County registered the highest unemployment rate at 8.1%, while Monroe County registered a notably low 3.5% unemployment rate. These were outliers among the group, however, which otherwise registered unemployment rates around 5%.