Over the next seven years the job market in South Florida is projected to grow by 7.5%, according to the Florida Department of Economic Security.Non-farm employment is more than 2.7 million, with nearly 70,000 new jobs added year-over-year, based on the most recent information from the Business Development Board of Palm Beach County ( BDB).GDP of South Florida (across Miami-Fort Lauderdale-West Palm Beach MSA) is over $365 billion and has grown by about 46% over the last ten years.In fact, the 120 miles along Miami-Dade, Broward, and Palm Beach counties in South Florida are often thought of as Florida’s Gold Coast because of the thriving amount of international trade and domestic commerce. average of 7.4%.Īs the 12th-largest economy in the U.S., the economic output of South Florida is about the same as Hong Kong, Israel, Colombia, and Chile. Over the last 10 years, the population of South Florida has increased by 10.3% vs the U.S.South Florida’s population is projected to reach 6.9 million in the next ten years, and 7.6 million by 2045, based on research by the University of Florida.The South Florida region is projected to increase by more than 12% for each of the next three decades.Population of South Florida is 6.1 million.The influx of people and businesses migrating from high-tax urban areas are playing a key role in the population growth of South Florida.
>Explore Roofstock's South Florida investment properties here.įlorida’s population is expected to increase by almost 26 million people by 2030, with South Florida leading the way, according to the Florida Chamber of Commerce. The job market, growing population, and quality of life help make the region golden for national and international business, locals and immigrants, and real estate investors seeking predictable cash flows and long-term appreciation. The region spans across more than 6,000 square miles and three counties – Miami-Dade, Broward, and Palm Beach - and is home to more than 6.7 million residents. and the 2nd-largest in the southeastern U.S., right behind the Washington-Arlington-Alexandria MSA. South Florida is the southernmost part of the state and is home to about 100 cities and towns including Miami, Fort Lauderdale, West Palm Beach, Boca Raton, Boynton Beach, and North Miami.Īlso known as the Greater Miami Area, South Florida is the 7th-largest metropolitan area in the U.S. While rising home prices may be bad news for many homebuyers, it’s music to the ears of rental property investors, helping to explain why rental growth and the demand for rental property is so strong in South Florida. New residents and business relocations from high-tax urban areas like New York are driving the demand for real estate in South Florida. After a year and a half of record growth, home prices in South Florida are projected to rise by nearly another 6% this year.
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