January 23, 2024
The economic growth experienced by both Downtown Fort Lauderdale and the South Florida region is supporting the State of Florida’s momentum in becoming the 14th largest economy in the world. Did you know that, according to the Florida Chamber of Commerce, our state's economy is bigger than the economies of Mexico and Spain?
Downtown Fort Lauderdale’s economy is on the rise with its annual output increasing by 20% since 2019. By comparison, a recent report from the U.S. Bureau of Economic Analysis found that South Florida’s GDP has increased by 12% since 2019.
One major driver of Downtown Fort Lauderdale’s economic growth is the urban core’s strong concentration of high-wage jobs in sectors such as finance, banking, law, tech, and healthcare.
45% of all Downtown Fort Lauderdale’s employment is in these sectors, outperforming downtowns like Nashville, West Palm Beach, Austin.
Fort Lauderdale has a more balanced economy than these peer Sun Belt cities with a healthy mix of all kinds of industries.