July 31, 2014

2012 Economic Yearbook

Economic Indicators for Miami-Dade and Monroe County

The tourism market is hot, home sales are setting records and international trade is flourishing. But community leaders are uneasy about a possible new wave of foreclosures, and they’re divided on the issue of resort gambling.

Miami-Dade Monroe County

Miami-Dade County

Miami
[Photo: iStockphoto]

What's Hot

» Tourism: Boosted in particular by free-spending Brazilian tourists, Miami-Dade tourism was up in every respect. Average revenue per available hotel room rose 14.1% from 2010, and the average daily rate of $152.95 — up 6.2% from last year — was the fourth-highest in the nation. Average occupancy of 75.6%, also No. 4 in the nation, was up 7.4% from 2010. As this year began, occupancy and room rates continued to rise, as did interest from companies worldwide in acquiring existing hotels, especially in Miami Beach. The Greater Miami Convention and Visitors Bureau has its eye on even more Brazilian visitors if President Obama's push to loosen visa regulations is successful. Brazilians now wait for months and often travel hundreds of miles for visas.

» Home sales: Real estate brokers sold a record 24,929 homes last year, according to the Miami Association of Realtors. Sales were driven by falling prices as foreign buyers bought second homes and investment properties in all-cash deals.

Port of Miami
[Photo: Don Carlos/Port of Miami]
» International trade: International trade and nearly every industry that serves it will continue to drive the economy (along with tourism). Law firms that do merger and acquisition or investment work for foreign companies are hiring. More trade with Colombia, one of the county's top trade partners, is expected now that the U.S. has approved a free trade agreement. Florida East Coast Industries rail service between Port Miami and Miami International Airport will begin near the end of the year. Anticipating this increase in international trade, industrial real estate with good access to the airport is hot: Liberty Property Trust is planning construction this year on the 1.6-million-sq.-ft. Miami International Tradeport in the western part of the county; ProLogis broke ground in December on a 190,000-sq.-ft. warehouse at Beacon Lakes Business Park in Doral; DCT Industrial Trust plans 334,000 square feet in Pan American Business Park; and Flagler Development plans 172,000 square feet at Flagler Station in Medley. Cargo, storage and logistics companies all stand to benefit.


Miami-Dade Population: 2,547,708
Population Growth Rate (2008-12): 1.13%
Population by Age:
0-14 15-19 20-39 40-64 65+
17.81% 6.37% 27.72% 33.57% 14.53%
Per Capita Income: $41,106

Jobs
MSA Dec. 2011 Dec. 2010 % Change Jobless Rate
Miami/Miami Beach Kendall 1,176,023 1,132,600 3.8% 10.3%
Source: Agency for Workforce Innovation
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Homes - Single-family, existing-home sales
MSA 2011 Sales 1-Year Change 2011 Price 1-Year Change
Miami 9,920 +36% $172,700 -9%
Source: Florida Realtors; year-end sales, median price

Miami-Dade County Consumer Bankruptcies
2010 2011 Change
17,965 16,644 -7.4%
Source: National Bankruptcy Research Center

Tags: Miami-Dade

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