Checking all boxes: Broward County is right in the mix amid financial sector growth in the Southeast With a growing population, a Triple-A bond rating, 200plus corporate, regional and international headquarters, 10 airports and the top exports seaport in the Sunshine State, as well as 35 colleges and universities, South Florida is an obvious choice for inbound investment flows. The region checks all the boxes of a soaring Southeast financial center. A solid real estate market, a proportionately young population and a businessfriendly tax system are but a few of the characteristics that are attracting international banks and institutional investors. What is more, Fort Lauderdale is spearheading the nascent efforts to consolidate South Florida’s “internet coast,” a region hosting more than 6,000 hightechnology firms. If that was not reason enough to turn attention toward the region, the Greater Fort Lauderdale Alliance was able to recruit and retain close to 2,000 jobs in the middle of the pandemic, working together with some of the country’s largest companies — Spirit Airlines, Bankers Healthcare Group, Amazon, and KeySource Pharma — to attract a total $353 million in new capital during FY20 alone, underscoring the area’s strength and attraction. The alliance also reported that 102
| Invest: Greater Fort Lauderdale 2021 | BANKING & FINANCE
out of the region’s 844,500 total nonagricultural jobs, financial activities account for nearly 7% with 58,100 professionals. Landscape As of June 2020, South Florida deposits totaled $239 billion from the region’s Top 10 banks, which hold an 83% South Florida market share. That is a nearly 19% increase from June 2019’s $201 billion despite COVID-19. Moreover, although experiencing a 14.62% contraction between 2019 and 2020, Small Business Administration (SBA) loans in South Florida totaled $103 million for 460 loans, with an average loan value of $363,515 from the region’s Top 10 SBA lenders, according to SBA data. The figures are a testament to the region’s financial strength, which spills over into Fort Lauderdale. SmartAsset ranked the South Florida area fourth among 198 metro areas in terms of places residents are investing more, including taxable interest, ordinary dividends and capital gains. Investment flows, according to the reports, are poised to increase as low-fee trading apps gain increasing popularity with young investors going forward. A key area for investment is real estate and ( )
