South Florida’s economy is growing, and the stability which eluded the area over the previous decade looks to have returned in full form. In 2014, the Sunshine State’s southeast economy outpaced the national metropolitan average for the third consecutive year, and has expanded steadily since the end of the national recession in 2009.
According to the U.S. Bureau of Economic Analysis, goods and services produced in the counties of Broward, Miami-Dade, and Palm Beach grew by 3 percent in 2014, greater than that of the national average, which came in at 2.3 percent. The survey was comprised of 381 U.S. metro areas, and saw South Florida ranked as the 12th largest economy in the nation. In terms of numbers, the area’s economy grew to $299 billion in 2014, edging out the previous year total of $283 billion. Compared to 2009, when only $248 billion was generated, the total growth amounts to a staggering 21 percent. This monumental increase over just a six year period represents the sustainable growth that many Floridians were hoping to witness after emerging from the tough nationwide recession.
Real estate helps pave the way
This prosperity has been credited primarily to the finance, insurance, real estate, rental, and leasing sectors of South Florida’s economy. These in particular have accounted for over one-third of the entire surge experienced during 2014, and rental properties have been said to have the greatest influence on this growth. Needless to say, these statistics should instill confidence in those looking to move to South Florida in the future.
If you are looking to immerse yourself in an economy on the rise, South Florida is a very promising area that boasts great perks to its residents. Jack Elkins would love to help you discover everything that a piece of prestigious Palm Beach luxury real estate can offer, and invites you to set up an appointment to learn more about the area today.