Miami has the most powerful economy in Florida
Miami’s gross metropolitan product (GMP) figures totaled over $318 billion of goods and services produced in the tri-county area last year, according to the U.S. Bureau of Economic Analysis’ on gross domestic product measured by metro area. This figure would have placed South Florida, which includes Miami-Dade, Palm Beach and Broward counties, in the 11th position when compared among the world’s nation. Within the major metropolitan regions of Florida; Miami, Tampa and Orlando had the highest grossing economies in the state. The state’s economy is projected to accelerate within the next four years, according to economist forecasts, and could push to the market to $1 trillion by 2018, making the state the 16th largest in the world, according to World Bank rankings. The bureau reported Florida’s GDP as $902 billion for the last quarter of 2015.
The nation with the closest GDP to South Florida would be the Philippines, as reported by analysis by news publication, Business First, who tallied the statistics to the corresponding GDP numbers for 189 nations as arrived by the International Monetary Fund (IMF). Within the continental United States, New York was indisputably the nation’s largest economy at $1.6 trillion, (nation with the closest GDP to New York would be Brazil). Chicago, Los Angeles, Houston and Washington, D.C. round out the top five largest economies in the U.S. Miami ranked among the top 20 fastest growing large regional economies, measured by the gross metropolitan product (GDP) growth according to reports last year. Miami’s expansion in the last few years was led by its thriving real estate/housing markets and industry groups including but not limited to trade, tourism, professional and business services, healthcare, construction and major infrastructure investments.
The tri-county area GDP totaled $260 billion in 2013; just four years prior and current anticipated growth could bring more new investments, businesses, jobs housing, increased consumer spending and other economic benefits to the state. Sean Snaith who Bloomberg news called “one of the country’s most accurate forecasters” detailed the possible economic outcome for Florida based on the Real Gross State Product (RGSP) expanding at an average annual rate of 2.9% from 2016 to 2019 which could propel the economy to $1.074 trillion. Snaith, an economist at the University of Central Florida, is an expert in economic projections, analysis and market sizing. According to reports, the momentum built over the last five years placed Miami on an upward trajectory which is expected to continue until the year 2045.