Tourism and real estate continue to dominate South Florida economy
Sep 15, 2011

Tourism and real estate continue to dominate South Florida economy


Scoring the economy can be tricky, but numbers show just how big a role real estate and finance play.



Does tourism really fuel South Florida’s economy?

Yes and no.

The chart above is a look at South Florida’s economy by each industry’s share of output. The proportions come from the 2010 Gross Domestic Product numbers released Tuesday by the Commerce Department. The numbers measure both wages and profits earned by businesses in the industry (money-losing businesses lower their sector’s output). This includes data from Broward, Miami-Dade and Palm Beach.



Real estate holds the biggest share. Then government. Then wholesale trade and finance. Way down in ninth place sits hospitality, with about a 5 percent share.

That’s a misleading figure, though, since a good chunk of the region’s retail industry thrives on visitors. Combined, hospitality and retail accounted for about 15 percent of the economy. That would easily put the sector in second place. Of course, you could argue that real estate and financial services feed off each, and should be treated as one industry, too.

Either way, the numbers show South Florida remains a town pretty heavily invested in both vacationers and vacation homes.

Read more: http://www.miamiherald.com/2011/09/13/2404968/tourism-and-real-estate-continue.html#ixzz1XzWJzp3m

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