Miami, Florida, December 4, 2025
Jacksonville, Florida reports that despite national job market challenges, Miami has experienced significant wage growth, with a 20.2% increase in median hourly wages from 2020 to 2023. Florida’s overall workforce also benefits, reaching 91.8% of the national average wage. While national job openings decline, Florida maintains a robust labor market with lower unemployment rates, reflecting economic resilience and offering opportunities for entrepreneurs in the state.
Jacksonville, Florida – Despite national challenges within the job market, Florida has witnessed remarkable wage growth, a trend led by the bustling city of Miami. This outcome highlights a resilient local economy that underscores the potential for further entrepreneurial innovation and business success across the state.
Miami’s Wage Growth Outpaces National Average
From 2020 to 2023, Miami saw its median hourly wage leap by an impressive 20.2%, effectively outpacing the national inflation rate of 19.1%. This increase positions Miami among only three major metropolitan areas that surpassed inflation rates during this period. The median hourly wage climbed from $18.60 in 2020 to $22.36 by 2023, marking an increase of $3.76 per hour, significantly greater than the national average wage increase of $2.94 within the same timeframe.
Statewide Wage Growth and Economic Performance
Florida’s overall workforce is also benefiting from a positive trend in wage growth. As of 2023, the state’s average annual wage reached 91.8% of the national average, the highest ratio witnessed in the past two decades. This upward trajectory is bolstered by projections estimating average annual wage growth of 3.8% or more each year, indicating a promising outlook for continued growth in wages across the state.
National Job Market Trends
While the national job market has faced a slowdown, evidenced by a drop in job openings from 12.0 million in March 2022 to 9.0 million in December 2023, Florida’s labor market remains robust. With an unemployment rate of 3.7% as of May 2025, the state continues to outperform the national average of 4.2%.
Conclusion
In summary, despite the nationwide job market’s headwinds, Florida, especially Miami, is demonstrating substantial economic resilience through notable wage growth and a strong labor market. This trend offers an encouraging outlook, presenting opportunities for entrepreneurs and small business owners across the state to thrive and contribute to the local economy.
- What is Miami’s wage growth compared to the national average?
- Between 2020 and 2023, Miami’s median hourly wage increased by 20.2%, surpassing the national inflation rate of 19.1%.
- How does Florida’s average annual wage compare to the national average?
- In 2023, Florida’s average annual wage reached 91.8% of the national average, the highest ratio in two decades.
- What is Florida’s unemployment rate compared to the national average?
- As of May 2025, Florida’s unemployment rate was 3.7%, below the national average of 4.2%.
- How has the national job market been performing recently?
- The national job market has experienced a slowdown, with job openings decreasing from 12.0 million in March 2022 to 9.0 million in December 2023.
- What are the projections for Florida’s wage growth?
- Projections indicate average annual wage growth of 3.8% or above each year, suggesting that higher wages are likely to persist in Florida.
| Key Feature | Details |
|---|---|
| Location | Miami, Florida |
| Wage Growth | Miami’s median hourly wage increased by 20.2% from 2020 to 2023, surpassing the national inflation rate of 19.1%. |
| Statewide Wage Growth | Florida’s average annual wage reached 91.8% of the national average in 2023, the highest ratio in two decades. |
| Unemployment Rate | Florida’s unemployment rate was 3.7% in May 2025, below the national average of 4.2%. |
| National Job Market | The national job market experienced a slowdown, with job openings decreasing from 12.0 million in March 2022 to 9.0 million in December 2023. |
| Wage Growth Projections | Projections indicate average annual wage growth of 3.8% or above each year, suggesting that higher wages are likely to persist in Florida. |
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Author: STAFF HERE JACKSONVILLE WRITER
The JACKSONVILLE STAFF WRITER represents the experienced team at HEREJacksonville.com, your go-to source for actionable local news and information in Jacksonville, Duval County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Jacksonville Jazz Festival, Riverside Arts Market, and World of Nations Celebration. Our coverage extends to key organizations like the Jacksonville Chamber of Commerce and JAXUSA Partnership, plus leading businesses in logistics, healthcare, and entertainment that power the local economy such as CSX Corporation, Baptist Health, and VyStar Credit Union. As part of the broader HERE network, including HEREOrlando.com, HEREStPetersburg.com, HERETallahassee.com, and HERETampa.com, we provide comprehensive, credible insights into Florida's dynamic landscape.
