South Florida Job Growth Flattens as Salaries Rise 7.5% After Pandemic Hiring Boom Fades
Updated
Updated · Florida Atlantic University · Aug 25
South Florida Job Growth Flattens as Salaries Rise 7.5% After Pandemic Hiring Boom Fades
2 articles · Updated · Florida Atlantic University · Aug 25
Summary
FAU said South Florida is shifting into a “low-hire, no-fire” labor market, with employment growth flattening across Palm Beach, Broward and Miami-Dade even as wages keep rising.
7.5% salary growth in Palm Beach led the region, while Broward and Miami-Dade each posted 5.1% annual gains as employers slowed new hiring rather than cutting existing staff.
Palm Beach showed the sharpest adjustment: real estate employment fell 9.7% despite 9.4% wage growth, and finance and insurance posted declines in both wages and employment.
Miami-Dade diverged from that pattern, adding 4% finance and insurance jobs while wages in the sector rose 9.8%, suggesting the pullback is concentrated in counties that expanded fastest from a smaller base.
New business formation remained strong, which FAU cited as a sign that entrepreneurs still see favorable long-term prospects for the tri-county economy.