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