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Miami-Dade County Analysis of Current Economic Trends
The Miami-Dade Analysis of Current Economic Trends report is a quarterly publication that identifies local short-term economic trends and current economic conditions. The reports cover key Miami-Dade economic indicators such as employment and unemployment, existing home sales and prices, foreclosure activity, commercial real estate vacancies and leasing rates, taxable sales, and international trade & tourism activity.
The reports provide the latest data releases and at least 12 months of historical information, along with an analysis of the forces driving short-term economic trends.
The 2015 First Quarter report (January through March 2015), shows that by nearly all broad measures, the Miami-Dade economy remains strong. Some key trends, based on industry reports, include:
- In 2015:Q1 businesses located in Miami-Dade County now employ 32,900 more workers than they did in the first quarter a year ago according to Bureau of Labor Statistics (BLS) payroll data.
- The first quarter of this year saw the number of employed residents grow by 34,600 workers as the unemployment rate dropped to 6% according to the BLS household survey data.
- 2015:Q1 median single-family home prices were 8% higher than one year ago to reach $247,500.
- Median prices of condo and townhomes were 5% higher in 2015:Q1 than a year ago, reaching $197,500.
- Office vacancy rates continued to show steady improvement, falling to 11.6% in the first quarter after hovering near 15% throughout 2010-2011 according to data from CoStar Group.
- Consumer spending is up in the first quarter of 2015, and after adjusting for both seasonality and price inflation, taxable sales were up more than $900 million (+7.9%) over 2014:Q1, reaching $12.3 billion according to the Florida Department of Revenue.
- However, the biggest challenge to the Miami-Dade County economy remains trade. The total value of goods traded through MIA and PortMiami in 2015:Q1 fell 5.8% to $20.3 billion compared to $21.5 billion in 2014:Q1. Imports declined $447.5 million (-4.7%) and export activity fell $737.2 million (-6.1%). These trends reflect the deceleration in global economic growth in 2014, particularly, in Central America & the Caribbean (-$370 million) and South America (-$911 million), and Asia-Other (-$505 million).
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