BY THE NUMBERS South Florida Market Report
SoFla’s growth spurt S
outh Florida’s growth is about much more than condos. An unprecedented construction wave and consistent population growth means that the region has major infrastructure, commercial real estate and cultural needs. Below are numbers that show how that demand will be met. Perhaps it’s not surprising that Florida is expected to pass New York as the third most populous state in the nation by the end of this year.
50,000
New Yorkers who relocate to Florida each year
$22 BILLION
1.52 MILLION
Approximate combined value of new development (residential, commercial and infrastructure) in Brickell, Downtown Miami, Edgewater, Doral and Fort Lauderdale
Combined retail square footage of major developments Brickell City Centre and Miami Worldcenter and the Bal Harbour Shops expansion
Miami’s Museum of Science construction
Rendering of Miami Worldcenter
3
Florida’s projected position in state population rankings at year’s end, when it is expected to surpass New York for the first time
25,000
$1.01 BILLION
Combined cost of Miami’s Museum of Science, Perez Art Museum Miami, Adrienne Arsht Center for the Peforming Arts and New World Symphony projects
100
New retail stores included in Dacra and L Real Estate’s mixed-use development in Miami’s Design District
Floridians who annually move to New York
10,329
Inventory (in units) of new condo construction in Miami-Dade and Broward coastal markets between January 2012 and February 2014
235
Miles in South Florida covered by All Aboard Florida’s high-speed rail system slated to launch in 2015
3 MILLION
Number of cars All Aboard Florida projects it will take off the road to help reduce congestion
Rendering of Dacra and L Real Estate’s project
10,302
South Florida foreclosure filings at the start of 2014
All Aboard Florida train
4,615
Average annual absorption of condo units over the last decade
6,065
Developer units sold in those markets since January 2012
45,000 $1.2 BILLION
Vehicles that use Biscayne Boulevard in downtown Miami each day
Cost of the ongoing I-595 Fort Lauderdale-area expansion, Florida’s largestever road project
5%
Decrease in foreclosure filings compared to early 2013
Sources: Census Bureau; All Aboard Florida; I-595.com; Port Everglades; PortMiami; Florida Department of Transportation; ISG Miami Report – The New Miami 2020; Condo Vultures
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