Miami Economic growth
Real estate, once again, can be found at the head of South Florida’s economic pack.
New output numbers released Tuesday show real estate as the No. 1 contributor to economic growth last year, accounting for 31 cents of every new dollar added to the tri-county area’s $274 billion economy. Overall, the economy grew by 3.5 percent, the sharpest increase since 2006 and well ahead of the national metropolitan average of 2.5 percent.
“Overall, I think it’s a pretty good number,” said Robert Cruz, official economist for Miami-Dade County. He noted that of Florida’s largest economies, South Florida had the sharpest growth in 2012.
Real estate’s return as a major economic engine comes amid rising property values and a return of cranes in downtown Miami as developers again see profits in one of the most ravaged housing markets in the country.
In 2012, the real estate sector — which is driven by rents, property values and commercial transactions — contributed about $52 billion. That was 8.4 percent better than in 2011.
In 2014 housing market doubts that home prices in Miami will jump as much as they did in the past year but market watchers expect single-digit price increases in the new year.Video about MiamiAbout Miami
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