// 2015
SOUTH FLORIDA PULSE
With an economy heavily dependent on tourism, residential
real estate, in-migration and construction, South Florida was
hit particularly hard during the recession and housing crisis;
however, five short years later the local economy is as healthy
as it’s been in years and looks to keep improving. As the
national economy continues strengthening, South Florida’s
economic staples have recovered in a big way.
The Region experienced record highs in visitors and visitor
expenditures in 2014, the residential real estate values
increased nearly 15.0 percent in the previous 12 months,
and in-migration has led to the state surpassing New York
as the third most populous state in the country, with many
of those migrants coming to South Florida. The construction
sector is also booming. With nearly 17,000 condos and
apartments currently under construction, and another 31,000
in the development pipeline region-wide, as well as an array
of single family home and commercial development projects,
construction employment grew nearly 8.0 percent in 2014 and
is projected to lead employment growth in the near future.
Given the rebound of South Florida’s economic cornerstones,
professionals are optimistic about the future of South
Florida (even with such a robust residential development
pipeline reminiscent of the early 2000s), but other factors
are influencing decision makers to take a closer look at the
Region. The economy is becoming more diversified and
globalized, with an emerging hi-tech/life science sector,
growing foreign investment and international banking
operations and the prospect of a surge in trade activity in
the post-Panamax era, the South Florida economy will only
strengthen in the short and long term.
Marc L. Miller
Research Manager, Florida
// 2