April 18, 2014

2012 Economic Yearbook

Southeast Florida Economic Indicators

Construction remains stagnant, but the region is getting a boost from manufacturing, bioscience and higher ed.

Palm Beach and Broward County

Broward County

Fort Lauderdale-Hollywood International Airport
Several big transportation projects are under way in Broward, including a $791-million runway expansion at Fort Lauderdale-Hollywood International Airport. [Photo: Bill Cobb/SuperStock]

What's Hot

» Infrastructure projects: There are numerous transportation-related projects in the works: Toll and bus express lanes on I-595 and I-95, a $73-million Florida East Coast Railway line and Intermodal Container Transfer Facility at Port Everglades and Fort Lauderdale-Hollywood International Airport's $791-million south runway expansion.

» Higher ed: Broward College will award its third group of bachelor's degrees this year, after awarding its first in late 2010. Florida Atlantic University continues to expand in Fort Lauderdale. And Nova Southeastern University, already the seventh-largest non-profit private university in the U.S., is working to expand its undergraduate population and build more campus housing and related student centers. It recently opened a high-tech nursing simulation lab and this year will open America's largest coral reef research center, a $30-million project.

» Medical device manufacturing: The sector is showing signs of approaching small-scale critical mass in the county. For instance, last year, Fort Lauderdale-based diabetes testing kit maker Nipro Diagnostics (a division of Japan's Nipro Corp.) purchased two buildings, gearing up to further expand its high-tech manufacturing operations. Miramar Park of Commerce brought in several new biotech and healthcare tenants, including 17,000 square feet of office and lab space for Miami-based Opko Health.

What's Not

» Real estate: Construction of office buildings, condos and homes is at a virtual standstill.

Businesses to Watch

» Saveology: The direct-to-consumer internet marketing company plans to add 700 local employees in the next three years as it expands its headquarters and customer service operations.

» BankAtlantic: Its deal to sell assets to BB&T was killed by a Delaware
judge at the behest of debt holders.

» Sawgrass Mills Mall: By the end of this year, the nation's largest outlet mall and one of the state's top tourist destinations will add 40,000 square feet and convert the former Wannado City amusement center space into 140,000 square feet of additional retail space.

People to Watch

» James Billie: The Seminole tribe chief, recovering from a stroke, was re-elected to the post eight years after he was forced out. He will have plenty to say on expanded gambling as he works to protect the tribe's five Florida casinos ?— including the newly expanded Seminole Casino Coconut Creek — from competition.

» Steven Cernak: The new Port Everglades CEO steps in to oversee a
port in expansion mode, hoping to top 2011's record cruise traffic and record high cruise and cargo revenue of $139.2 million.

» Scott Rothstein: The convicted Ponzi schemer is likely to keep talking in court about who knew and participated in racketeering, conspiracy and fraud with him, as civil and criminal lawsuits continue.

» Ellyn Bogdanoff: The state senator, sponsor of the original Senate bill to authorize destination casinos, will continue to be a voice for both expanding and regulating the industry.

Issues to Watch

» Hospital districts: Proposals by a state commission could mean major changes for the county's two taxpayer-funded hospital districts, Memorial Healthcare System and Broward Health, the county's largest healthcare systems. If adopted, the changes could require that the districts be re-approved every eight or 12 years and that they be separated from the taxing authorities that fund them.

Broward Population: 1,806,110
Population Growth Rate (2008-12): 1.18%
Population by Age:
0-14 15-19 20-39 40-64 65+
18.07% 6.52% 25.75% 35.17% 14.48%
Per Capita Income: $45,540

Jobs
MSA Dec. 2011 Dec. 2010 % Change Jobless Rate
Fort Lauderdale/Pompano/
Deerfield Beach
894,687 885,009 +1.1% 8.6%
West Palm/Boca Raton/Boynton Beach 558,880 550,913 +1.4% 9.7%
Source: Agency for Workforce Innovation

Homes - Single-family, existing-home sales
MSA 2011 Sales 1-Year Change 2011 Price 1-Year Change
Fort Lauderdale 12,817 +11% $186,000 +4%
West Palm Beach/Boca Raton 11,900 +24% $193,700 -15%
Source: Florida Realtors; year-end sales, median price

Broward County Consumer Bankruptcies
2010 2011 Change
11,511 10,115 -12.1%
Source: National Bankruptcy Research Center

Tags: Southeast

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