One of my favorite South Florida storylines over the past decade is watching South Florida’s economy mature. We’ve gone from being an economy mostly tied to hospitality and service sector jobs to a finance, healthcare, and technological powerhouse. On Friday, I shared that according to Florida Trend, the Miami-Fort Lauderdale-West Palm Beach metro area is now producing more than $350 billion in GDP annually. It has become the second-largest international banking location in the US and is now home to 1,400+ international companies doing business in 75 countries.
How big of a deal is an economy producing greater than $350 billion annually? If Broward, Miami-Dade, and Palm Beach Counties were a country, we’d have the 39th largest economy of any country in the world with an economy bigger than that of Denmark. What’s more, is we’re seeing Florida’s economy grow at a rate that’s been close to double the national average in recent years. Should that hold, the next decade has the potential to make South Florida a top 30 economy in the world. What does this mean for you? Greater job opportunities and bigger improvements in quality of life.
Already South Florida ranks as a top destination for small businesses. It’s evident that not only are we in a great position to maintain that distinction, but it’s also likely that many of the large businesses of tomorrow are today’s small businesses in South Florida. South Florida’s economic story is a good one that’s positioned to continue to get better.
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