Wednesday, August 10, 2011

Most industries saw payroll growth last year, but construction and real estate lag

Big surprise: real estate and construction saw the biggest income hits last year in South Florida.

Source: The Miami Herald

The latest look at income in South Florida shows most industries healed from the sharp downturn that hit the region in 2009.

The main news from the Bureau of Economic Analysis’s breakdown of 2010 incomes was that government aid surged 9 percent as income from work grew less than 2 percent. Within that 2 percent, though, one can see which industries rebounded and which remain in freefall. The chart below includes that ranking, along with major categories of South Florida’s income sources (such as government aid and earnings from work).

You can sort alphabetically, by overall income generated or the change from 2009.

Industry/categoryTotal income produced in 2010Change from 09
Government aid$44,302,392,0008.78%
Office workers$7,826,182,0007.06%
Federal govt. workers$3,864,344,0005.72%
Management of companies$3,120,372,0005.65%
Lodging and food services$6,237,701,0004.07%
Finance and insurance$10,486,878,0004.00%
Educational services$3,152,650,0003.79%
Wholesale trade$11,475,794,0003.63%
Business owners$15,672,211,0003.06%
Professional, scientific, and technical services$15,249,239,0002.72%
Retail trade$11,118,100,0002.65%
Health care and social assistance$17,209,975,0002.38%
Personal income$242,278,213,0002.13%
Transportation and warehousing$5,961,512,0002.13%
Earnings from work$130,798,836,0001.21%
Farm workers$358,519,000-0.06%
Investment income$67,176,985,000-0.11%
Government and government enterprises$23,317,699,000-0.39%
Arts, entertainment, and recreation$2,369,845,000-1.20%
State and local govt workers$18,559,398,000-1.73%
Forestry, fishing, etc$173,975,000-3.84%
Real estate and rental industry (salaries, not sales)$3,716,344,000-4.35%
Farm owners$105,809,000-48.57%
Industry/categoryTotal income produced in 2010Change from 09

The real estate industry and construction lagged the recovery trend in 2010, since both contributed less income to the economy than they did in 2009. On the positive end, office workers — the category that includes temporary staffers — saw the biggest gain (well, except for mining, which is a tiny industry in South Florida).

These numbers don’t reflect wages; we don’t know if individual workers in the growing industries are actually making more money. They probably aren’t. And remember: most of these gains are coming off big drops in 2009. But the charts offer a scorecard on strength and weaknesses in South Florida’s economy as it tries to climb out of an historic hole.

The Miami Herald’s Economic Time Machine project tracks South Florida’s recovery from the Great Recession. By tracking more than 60 local economic indicators and comparing them to past conditions, the ETM seeks to answer the question: where did the downturn land us? The answer so far: February 2002.

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