Economic Analysis Competitive Assessment
Introduction Effective economic development strategy relies on a process of identifying opportunity and building on local strengths while addressing challenges and shoring up weaknesses. The search for new economic opportunity requires knowing where to look, and sometimes taking a different look at the local economic landscape to uncover opportunities that at first blush may not be obvious. The City of Doral Economic Analysis: Competitive Assessment provides a data-driven assessment of Doral’s economy and a platform for new economic development policy that addresses the City’s economic development goals and provide solutions for pressing problems. Overall, the City of Doral faces a transition point. The City has enjoyed rapid economic expansion, population growth and real estate development. This growth has not come without a price, however. With a shrinking inventory of vacant land for new development, the City’s growth will soon begin slowing down from its explosive pace of the last 15 years. At this point in its history, the City’s leaders have the opportunity to make sound economic choices by mainly focusing on the quality of future economic growth. In choosing to do so, they can enact new development policy that increases opportunity, redresses income inequality, stabilizes the City’s economy against recessionary swings and improves the quality of life for Doral’s residents and visitors. The FIU Metropolitan Center’s analysis of the City of Doral’s key economic characteristics follows. After review and approval, the Center’s research team will work with City staff and leaders to develop and recommend new development policy and strategies in the subsequent The City of Doral Economic Analysis: Strategic Policy Recommendations Report.
1
