Kareen Boutros Executive Director Broward Workshop
14
What factors will help Broward rebound from the downturn faster than other regions in Florida? In previous recessions, the tourism, hospitality and live entertainment industries really helped the Greater Fort Lauderdale region recover faster than other regions of the country, but this time, gatherings were not allowed due to COVID-19. This time around, these are the industries that have been hit the hardest. Conversely the real estate, home improvement, automotive, technology and financial service industries have performed amazingly well. Our year-round great weather, outdoor activities and quality of life along with no state income tax and low corporate taxes attract people and businesses from the Northeast and California as well as other countries. I can tell you that the business atmosphere in Broward County is very collaborative in nature. Business leaders, government, civic and nonprofits work together to achieve common goals. Everybody enjoys working together and it has been like this for over a decade. Broward is located in the sweet spot between Miami and Palm Beach, so we offer the best of all worlds.
Broward’s economy is recovering quickly due to a collective effort by businesses, organizations and individuals alike.
What is your outlook for the major initiatives playing out over the next year? I believe things are gradually improving. However, we need to remain careful. Of course, there is a segment of the population that will continue to struggle, and we must pay attention to those people who were really set back financially this past year. As we move toward the new normal, we have many issues and initiatives to deal with. Hopefully, Congress will approve a long-awaited infrastructure bill that is desperately needed by all states. The business community along with all our community stakeholders are working very hard in every sector and I’m impressed with their commitment, resilience and dedication, not only in their jobs but to the community in general. I’ve seen the best of people during this tough year working to make our community the best possible place to live, work, raise a family in, and I am proud to be a part of that.
( ) County School Board, Broward Health Medical Center, CHG Healthcare Services and Citrix. Like everywhere else in the world, COVID-19 disrupted the economy and employment market in the region. When the pandemic forced the complete shutdown of non-essential international travel, unemployment in Broward County skyrocketed. In May, the county’s unemployment rate peaked at 15.2% compared with just 2.9% in February. However, as the country slowly began to return to some semblance of normality, the unemployment rate in Broward County was back down to 5.3% by March 2021. Although still a long way from pre-COVID levels, the county was able to remain remarkably strong considering the proportion of its GDP that comes from leisure-related activities as a tourism hub. By June 2020, more than three quarters of Broward County’s businesses were operating again, and the majority had not laid off or furloughed workers despite
| Invest: Greater Fort Lauderdale 2021 | ECONOMY
