Miami-Dade Market Report
Pandemic and Lower Taxes to Accelerate Movement to Miami, Though Strong Impact to Tourism Weighing on Economic Growth
Long road ahead to full recovery of Miami’s employment base. The prominent travel and tourism sector in Miami felt the brunt of the pandemic impact as leisure and hospitality employment fell by almost 70,000 positions in March and April. This singular sector comprised 42 percent of the 162,000 jobs lost across the metro during that time frame. The unemployment rate rapidly climbed from a record low of 1.8 percent in February to a new high of 14.2 percent in July, though it has since fallen to 12.8 percent as of September with companies bringing back workers. Nearly 80,000 staffers have been added back to payrolls since May, though the metro faces a long and uneven recovery as this accounts for roughly 49 percent of jobs lost during the lockdowns.