Outlook Summary: At the beginning of April 2013, The Miami-Fort Lauderdale-Palm Beach area economy was forecast to grow 4.7 percent annually. Average annual wage levels reached $54,900, the highest in all of the MSAs studied in Florida by the University of Central Florida. Employment is forecast to grow 2.2 percent per year through 2016, while unemployment is expected to moderate at 6.9 percent.
Miami’s fastest growing sector is expected to be in Construction and Mining at 10.3 percent annually, followed by Professional and Business Services sector at 5.1 percent each year. The Federal Government sector is expected to experience a decline with annual growth of negative 1.9 percent.
Two of the biggest economic drivers in the region – the Port of Miami and Port Everglades, continue to improve and support South Florida’s infrastructure for growth. In early August 2014, and after months of delay, the new PortMiami tunnel project opened and is expected to eliminate 1 million truck trips per year from downtown streets. The new tunnel connects PortMiami to Miami International Airport and the interstate highway system. Further, PortMiami is on track to complete its massive dredging project in late 2014 that would allow the “New Panamex” vessels that will soon begin passing through the Panama Canal to enter Florida’s biggest port. Currently at 42-feet deep, the bay is being dredged to 50 feet and will give PortMiami the capability of berthing even the next largest container vessels in the world, the Maersk Triple E Class, which will have a draught of 48 feet and will be nearly 200 feet wide.
South Florida’s main commerce port – Port Everglades, ranked as the #1 foreign-trade zone in the U.S. for 2011 (most current data) for warehousing and distribution activity. The trade zone saw a 68 percent increase in merchandising received during 2011, and exports increased 66 percent. Total merchandise received and exported reached $3.7 billion.
Outlook Summary: At the beginning of April 2013, The Miami-Fort Lauderdale-Palm Beach area economy was forecast to grow 4.7 percent annually. Average annual wage levels reached $54,900, the highest in all of the MSAs studied in Florida by the University of Central Florida. Employment is forecast to grow 2.2 percent per year through 2016, while unemployment is expected to moderate at 6.9 percent.
Miami’s fastest growing sector is expected to be in Construction and Mining at 10.3 percent annually, followed by Professional and Business Services sector at 5.1 percent each year. The Federal Government sector is expected to experience a decline with annual growth of negative 1.9 percent.
Two of the biggest economic drivers in the region – the Port of Miami and Port Everglades, continue to improve and support South Florida’s infrastructure for growth. In early August 2014, and after months of delay, the new PortMiami tunnel project opened and is expected to eliminate 1 million truck trips per year from downtown streets. The new tunnel connects PortMiami to Miami International Airport and the interstate highway system. Further, PortMiami is on track to complete its massive dredging project in late 2014 that would allow the “New Panamex” vessels that will soon begin passing through the Panama Canal to enter Florida’s biggest port. Currently at 42-feet deep, the bay is being dredged to 50 feet and will give PortMiami the capability of berthing even the next largest container vessels in the world, the Maersk Triple E Class, which will have a draught of 48 feet and will be nearly 200 feet wide.
South Florida’s main commerce port – Port Everglades, ranked as the #1 foreign-trade zone in the U.S. for 2011 (most current data) for warehousing and distribution activity. The trade zone saw a 68 percent increase in merchandising received during 2011, and exports increased 66 percent. Total merchandise received and exported reached $3.7 billion.
Outlook Summary: At the beginning of April 2013, The Miami-Fort Lauderdale-Palm Beach area economy was forecast to grow 4.7 percent annually. Average annual wage levels reached $54,900, the highest in all of the MSAs studied in Florida by the University of Central Florida. Employment is forecast to grow 2.2 percent per year through 2016, while unemployment is expected to moderate at 6.9 percent.
Miami’s fastest growing sector is expected to be in Construction and Mining at 10.3 percent annually, followed by Professional and Business Services sector at 5.1 percent each year. The Federal Government sector is expected to experience a decline with annual growth of negative 1.9 percent.
Two of the biggest economic drivers in the region – the Port of Miami and Port Everglades, continue to improve and support South Florida’s infrastructure for growth. In early August 2014, and after months of delay, the new PortMiami tunnel project opened and is expected to eliminate 1 million truck trips per year from downtown streets. The new tunnel connects PortMiami to Miami International Airport and the interstate highway system. Further, PortMiami is on track to complete its massive dredging project in late 2014 that would allow the “New Panamex” vessels that will soon begin passing through the Panama Canal to enter Florida’s biggest port. Currently at 42-feet deep, the bay is being dredged to 50 feet and will give PortMiami the capability of berthing even the next largest container vessels in the world, the Maersk Triple E Class, which will have a draught of 48 feet and will be nearly 200 feet wide.
South Florida’s main commerce port – Port Everglades, ranked as the #1 foreign-trade zone in the U.S. for 2011 (most current data) for warehousing and distribution activity. The trade zone saw a 68 percent increase in merchandising received during 2011, and exports increased 66 percent. Total merchandise received and exported reached $3.7 billion.