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The Economy is Not as Bright as the Florida Sun, But it is Pretty Good

In July, unemployment continued to fall in Miami-Dade, but rose slightly in Broward and Palm Beach counties.

Broward’s unemployment rate increased by 0.4 percentage points, month-over-month, to 5.7 percent from 5.3 percent in June. In July 2013, Broward’s unemployment rate was 6.4 percent.

Palm Beach county’s unemployment rate increased by 0.5 percentage points, month-over-month, to 6.6 percent from 6.1 percent in June. In July 2013, Palm Beach’s unemployment rate was 8 percent.

Miami-Dade county decreased its unemployment rate by 0.6 percentage points, month-over-month, to 6.8 percent from 7.4 percent in June. In July 2013, unemployment was 8.6 percent in Miami-Dade County.

Anecdotally and by our own personal activity in commercial real estate services, we sense that the slow economic recovery is real and sustainable. For example, our latest press release reports five completed transactions that we managed for clients – one sale and four leases. One company bought a 6,000-square-foot office building through an LLC for its own occupancy, while four professional service firms (in law, insurance and health care) combined leased almost 15,000 square feet of offices.

Each of these companies have two things in common – they have business confidence in growth and are adding a few jobs to sustain their growth. Let’s hope it keeps going.

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