Fruitful, Strong, Favorable Describe This Miami Sector

Avison’s Wayne Schuchts says it appears as though it will remain brisk for the next 12 months.

MIAMI—Miami-Dade’s economy is strong, as demonstrated by the sustained decline in the unemployment rate, which stood at 4.8% as of February 2016—a 50-bps drop from the previous year. That’s one of the takeaways from Avison Young’s Spring 2016 North America and UK Industrial Market Report.

The Miami metropolitan area is the largest job creator within South Florida and, along with Fort Lauderdale, has accounted for roughly one-third of all new jobs created in the state of Florida since 2010, the report reveals. And South Florida ranks among the top US markets targeted for new industrial construction projects, due in large part to a thriving construction industry and its corresponding warehousing requirements, along with strong trade with Latin America.