broward economic outlook 2020€¦ · employment growth 2015 - 2019. tourism overnight stays...

BROWARD ECONOMIC OUTLOOK

2020

Presented by: Walter B. Duke, III, MAI, CCIM

KEY METRICS

EMPLOYMENT CONSUMER

OPTIMISM

OPTIMISM

CORPORATE

EARNINGS

POPULATION SCORECARD

COMPARISON

GDPPOPULATION

SMALL BUSINESS

ACTIVITY

CORPORATE

EARNINGS

SCORECARD

COMPARISON

GDP

ANNUAL INCREASE

Florida

Miami-Dade

Broward

Orange

Palm Beach

Hillsborough

Duval

Pinellas

$925B

$146B

$97B

$88B

$72B

$80B

$59B

$47B

US 2.9%

FLORIDA 3.2%

BROWARD 2.8%

EMPLOYMENT 2.5%

Unemployment Rate

(Last Year 3.1%)

13,021

ADDED

CONSUMER OPTIMISIM

Retail Sales

Year Over

Year IncreaseIncrease Walmart

On-Line Sales

Increase in

Physical

Retail Stores

Black Friday

Sales

SMALL BUSINESS ACTIVITY & OPTIMISM

Employees Expect No

Change In Employment

2020

Businesses Expect to

Add Employees

1Q2020

Small Business

Confidence Rate

Employees Unsure

Whether No Change

in Employment

POPULATION #2 Florida

9.1% of Florida’s Population

1.9M Broward Population

2.4M Projected 2030 Population

4.2% Increase in of Share of Residents Under 20

KEY DRIVERS -WHAT FUELS OUR ECONOMY?

CONSTRUCTION / REAL ESTATE

SERVICES

TOURISIM

MARINE INDUSTRY

PORT EVERGLADES

FORT LAUDERDALE

INTERNATIONAL AIRPORT

TECH / LIFE SECTOR

CONSTRUCTION AND REAL ESTATE SERVICES

Employment Growth 2015 - 2019

TOURISM

Overnight Stays

Overnight Visitors

7,958 Hotel Rooms in Pipeline

8.9M

13M

$1.3B Hotel Revenue Generated

$86.9M Tourist Developer Tax

MARINE INDUSTRY $8.8B Broward Economic County Impact

$11.5B Region Economic Impact

110K Broward Jobs

28% Higher Wages than State AverageFLIBS Annual Economic Impact

$857B

PORT EVERGLADES

2nd

Biggest

Import

PORT EVERGLADES37M

Passenger

Volume

17,148

Local Jobs

38%

of Florida’s

Petroleum

FORT LAUDERDALE-HOLLYWOOD INTERNATIONAL AIRPORT (FLL)

37M Passengers

255K Jobs

18th Busiest in USA

TECH / LIFE

SECTOR

$1.38B Invested

Tech Start-Ups

#11 SoFlo VC Ranking

200+ Research

Projects Underway

148K SoFlo

Tech Workers

WHERE ARE WE IN THE CYCLE?

Late Expansion At Risk In Recession Recovery Mid-Expansion

Late

Expansion At Risk

Mid-

Expansion

In

Recession

Recovery

“Cautiously optimistic as lengthy expansion continues into 2020 with minimal signs on slowing down”

LOCAL DRIVERS ✓ Population growth and in-migration from NE states✓ Tourism in SoFlo continues to grow at record pace✓ Growing workforce and business relocations ✓ Continued rapid expansion of e-commerce ✓ New development delivering in 2020✓ Stronger connectivity between counties with infrastructure and transportation improvements✓ Industrial market primed for most growth 2020

GDP

EMPLOYMENT

CONSUMER OPTIMISM AND RETAIL SALES

SMALL BUSINESS ACTIVITY AND OPTIMISIM

CORRPOATE EARNINGS

POPULATION

CLOUDS: National political climate, infrastructure, global black swan event

✓ GDP

✓ EMPLOYMENT

✓ CONSUMER OPTIMISM AND RETAIL SALES

✓ SMALL BUSINESS OPTIMISM

✓ REAL ESTATE

2020 FORECAST

Sunny with a Few Clouds

THE CLOUDS National political climateGlobal black swan event

InfrastructureFinding and keeping skilled labor TOURISM

OUR PROFESSIONAL SERVICES INCLUDE:

Appraisals and market studies;

Estate planning and estate settlements;

Tax assessment review and advice;

Advice in eminent domain and condemnation property transactions;

Dispute resolution – including divorce, property partition suits, foreclosures and zoning issues;

Feasibility studies;

Expert witness testimony;

Investment analysis;

Land utilization studies and

Supply and demand studies.

walterduke.com

walter@walterduke.com

2860 W. State Road 84, Suite 109

Fort Lauderdale, FL 33312

954-587-2701 Office

Since 1975