M iami – F o r t L au d e r d ale – P ompano B each
PROFILES
OUTLOOK SUMMARIES
The Miami–Fort Lauderdale–Pompano Beach MSA is comprised of Miami-Dade County, Broward County, and Palm Beach County. Located on the southeast coast of Florida, Miami is home to the Port of Miami, the largest cruise ship port in the world and one of nation’s busiest cargo ports. Miami is also home to many sports teams including the Miami Dolphins, the Miami Heat, the Florida Marlins and the Florida Panthers, as well as many institutions of higher education including the University of Miami and Florida International University.
The Miami–Fort Lauderdale–Pompano Beach area is expected to show moderate growth in the economic indicators. Personal income is expected to grow an average of 5.6 percent annually. The average real per capita income level, at $41,500, is the second highest in the areas studied. Average annual wage growth will be 3.0 percent. The average annual wage level is expected to be $55,400, the highest of the studied areas. Miami is expected to average a population growth of 1.2 percent each year. The area has the highest Gross Metro Product at an average level of 263,739.16 million dollars, the highest of the studied MSAs.
QUICK FACTS: • Metro area population estimate of 5,670,125 as of July 1, 2011 (U.S. Census Bureau). • Miami-Dade County population estimate of 2,554,766 as of July 1, 2011 (U.S. Census Bureau). • Broward County population estimate of 1,780,172 as of July 1, 2011 (U.S. Census Bureau). • Palm Beach County population estimate of 1,335,187 as of July 1, 2011 (U.S. Census Bureau). • A civilian labor force of 2,966,462 in April of 2013 for the Metro area (Federal Reserve Economic Data). • An unemployment rate of 7.3% not seasonally adjusted for the entire Metro as of May 2013. This amounts to 216,335 unemployed people (Florida Department of Economic Opportunity). TOP AREA EMPLOYERS: • • • • • • • • • • •
Miami-Dade County Public School – 48,571 Miami-Dade County – 29,000 Federal Government – 19,500 Florida State Government – 17,100 University of Miami-16,000 Baptist Health South Florida-13,376 Jackson Health System – 12,571 Publix Super Markets – 10,800 American Airlines – 9,000 Florida International University – 8,000 Miami-Dade College – 6,200
Employment is expected to grow at an average rate of 2.0 percent each year, while unemployment is expected to be moderate at an average rate of 6.1 percent.
Miami’s fastest growing sector is expected to be the Construction and Mining sector at an average of 10.1 percent annually, followed by the Professional and Business Services sector at 3.7 percent each year. The Financial sector is expected to experience a decline with an average annual growth rate of -0.1 percent.
METRO NEWS SUMMARIES Port approved for $16.5 million to expand cruise, cargo berths
• The Florida Seaport Transportation and Economic Development Council approved a $16.5 million allocation of funds to Port Everglades. The allocations, approved under two state funding sources, will become part of the Florida Department of Transportation’s 20142015 Work Program that will come before the Florida Legislature during the next legislative session. • Bermallo Ajamil & Partners will conduct the planning and design, after winning the award October 1.
Source: South Florida Business Journal, October 4, 2013
Source: The Beacon Council Institute for Economic Competitiveness
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