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Florida’s role as a national and international banking, commerce, and
tourism gateway is supported by three major international airports,
executive airports, three major seaports, industrial parks, foreign trade
zones and other critical infrastructure. Apart from the SFRPC’s threecounty region, Miami-Dade, Broward, and Palm Beach counties form a
separate census area known as the Metropolitan Statistical Area of
Miami-Fort Lauderdale-Pompano Beach.
For most of South Florida’s
history, tourism has been the
key driver of the economy
leaving the Region’s economy
vulnerable to economic
downturns when tourism
decreases. With varying
landscapes and culture, each
county offers tourists and
snowbirds different natural
and man-made amenities and
experiences. Broward County
and the majority of MiamiDade County are uniformly developed, large, dense, urbanized area.
Its cosmopolitan international vibe, beaches, cultural arts, and special
events such as Art Basel, Formula 1 Miami Grand Prix, and the Tortuga
Music Festival make South Florida an attractive location for domestic
and multinational firms, and native-born and international residents.
South Miami-Dade, home to NASCAR, rodeos, and Everglades
National Park and Biscayne National Park, is historically known for its
rich farmlands, tropical agriculture, and exotic fruit stands although,
increasingly, South Dade’s farmland is being converted to housing and
non-agricultural uses.
Monroe County - home to the world-famous Florida Keys - enjoys a
slower pace of life with villages and smaller cities. The Keys are known
for sportfishing, boating, scuba diving and seafood as well as a laidback island lifestyle. The City of Key West with more than 26,000
residents is the most populated city in Monroe County and the county
seat. Seventy miles west of Key West is the Dry Tortugas National
Park, a unique treasure of the National Park System featuring Fort
South Florida Region
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Jefferson which was constructed in 1846 to defend the United States.
The three counties support important military installations and
personnel that perform critical national security functions: Naval Air
Station Key West; Homestead Air Reserve Base, U.S. SouthCOM; and
the South Florida Ocean Measurement Facility (U.S. Navy).
The regional overview which follows provides an illustrative snapshot
of each county individually as well as the region in its entirety. The
CEDS is intended to inform discussion regarding the region’s goals to
encourage robust growth and diversification of the economy. Please
note that economic conditions are presently fluctuating at a rapid pace
with inflation, supply chain difficulties, rising prices for food, housing,
insurance, etc. so this data may under or over represent certain
economic indicators.
Geography & Geology
The South Florida Region is a coastal region of approximately 7,500
square miles, of which approximately 45% (3,338 square miles) is
water.2 The Atlantic Ocean is the eastern boundary of the region. The
Everglades and wetlands are the western boundary of Miami-Dade
and Broward counties. Monroe County’s western boundary is the Gulf
of Mexico. This geographic constraint limits development and greatly
contributes to rising housing costs and the lack of sufficient affordable
housing. Built upon a limestone geology, resilience concerns include
sea-level rise, flooding, storm surge and other related effects that
impact both inland and coastal communities.
South Florida is characterized by a relatively flat topography with
elevations trending downwards from the east and along the Atlantic
Coastal Ridge to the west. Elevation is generally under 10 feet above
sea level, excluding the Coastal ridge where it reaches 20 feet above sea
level in certain areas. Most of South Florida’s landscape is composed
of karst landforms, created through the dissolution of the limestone
bedrock by groundwater. This creates honeycombed underground
formations, subterranean tunnels, and cavities filled with freshwater,
collectively termed the Floridian Aquifer which is overlaid by the
Biscayne Aquifer. The water table is close to the surface which makes
South Florida’s water supply susceptible to pollution from the urban
and agricultural environment. In addition, the high-water table makes
South Florida more susceptible to flooding due to sea level rise. The
combination of low topography, karst substrate, and coastal proximity
creates unique environmental and climate resilience vulnerabilities for
South Florida, exacerbated by the possibility, and sometimes actual
landfall, of hurricanes between June and November every year.
Employment & Job Creation
Unemployment throughout the region had been trending downwards
2017 to 2019. In 2020, unemployment more than tripled and peaked
due to the COVID pandemic. As of August 2022, unemployment rates
were lower than in 2017 with 2.3% in Miami-Dade County, 2.8% in
Broward County, and 1.7% in Monroe County. This compares to an
August 2022 unemployment rate of 2.7% in Florida and 3.8%
nationally.
The trend of SFRPC counties having lower than national
unemployment rates continued until the onset of the COVID-19
Broward, Miami-Dade, Monroe Counties
Historical Unemployment Rates 2017-2022
(NOT SEASONALLY ADJUSTED)
County 2017 2018 2019 2020 2021 August
2022
Broward 4% 3.5% 3.1% 9.6% 4.9% 2.8%
Miami-Dade 4.8% 3.9% 2.7% 7.4% 5.2% 2.3%
Monroe 3.3% 2.6% 2.1% 8.4% 3.0% 1.7%
Source: Local Area Unemployment Statistics – FloridaJobs.org
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pandemic. Monroe County especially felt the acute pain of the shutdown with unemployment soaring as tourism collapsed. However,
since 2021 the unemployment rates in all counties have remained
below the national average. Most indicators point to a strong economy.