New study reveals economic impact of Biscayne Bay as a $64 Billion Economic Powerhouse

In collaboration with the South Florida Water Management District, Miami-Dade County announced groundbreaking findings from the 2023 Biscayne Bay Economic Study revealing the combined economic impact of Biscayne Bay-related activities at an astonishing $64 billion in economic output. The 2023 study is an update from the original 2005 study, which had estimated Biscayne Bay’s economic output at $12.8 billion dollars. The impressive, updated figure represents $24 billion in income, supporting 448,000 jobs and contributing $4 billion in tax revenue, proving that the watershed directly influences the county's economy, making it an essential driver of prosperity, reaffirming that Biscayne Bay is intrinsically linked to Miami-Dade County's prosperity accounting for 19% of Miami-Dade County's economy, 9% in the Southeast Florida region, and 3% of the State of Florida's economy.   

The updated study was unveiled at a press event at PortMiami with the participation of Miami-Dade County Mayor Daniella Levine Cava, Miami-Dade County Commissioners Kevin Cabrera and Micky Steinberg who serve on the Biscayne Bay Watershed Management Advisory Board, South Florida Water Management District Vicechair and Biscayne Bay Commissioner Scott Wagner, and Miami-Dade County’s Chief Bay Officer Irela Bague.

"The new study confirms that our beloved Biscayne Bay is one of the most valuable in Florida, supporting many industries, employing hundreds of thousands, and collectively generating billions of dollars in annual revenue,” said Miami-Dade County Mayor Daniella Levine Cava. “Biscayne Bay is the blue heart of our county. Protecting this treasure will not only nurture economic growth but also enhance the well-being of our entire community. It is vital we continue working together to restore it for generations to come." 

“Biscayne Bay is an environmental jewel, an economic powerhouse and a waterbody of enormous significance for millions of Floridians,” said South Florida Water Management District Governing Board Vice-Chairman and Member of the Biscayne Bay Commission Scott Wagner. “Today’s announcement is a testament to the importance of Biscayne Bay, and this study confirms what we have always known…Biscayne Bay creates a stronger and more vibrant Miami-Dade County. I grew up enjoying this unique waterbody and I’m so proud to see our continued progress to further revitalize Biscayne Bay. Under the leadership of Governor Ron DeSantis, our momentum to restore South Florida’s ecosystem is unprecedented, and we are going to continue to expedite projects such as the Biscayne Bay Coastal Wetlands suite of projects, which will build coastal resiliency and improve water quality. Thank you to Miami-Dade County for partnering with us on this important study.”

Conducted by Hazen and Sawyer, this year’s study delved into the real estate market, showing that Biscayne Bay and the Miami River waterfronts have substantially influenced residential property values, and uncovering that the bay contributed $7.9 billion to residential market values, while the river added $98 million to the total, bringing in annually $240 million to Miami-Dade County. 

The research also shows Biscayne Bay's draw as a popular recreational retreat. In 2022, an impressive number totaling 119.8 million residents and visitors spent time on the bay for various activities, including time spent along the bayfront, dining, shopping, jogging, sightseeing, birdwatching, and engaging in an array of water-based activities like boating, swimming, picnicking, and fishing. 

Biscayne Bay continues to face ecological challenges caused by runoff, septic systems, aging infrastructure, and litter. The study underscores the link between the environment and the economy in Miami-Dade County and provides the foundation to advance policies and investments essential to its preservation.  
To view the full report visit www.miamidade.gov/biscaynebay