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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 |
3 | Page |
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 |
4 | Page |
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. |
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