MIAMI-A revived real estate market helped the South Florida economy grow by 3.5% last year.
The data was released on Tuesday as part of an annual economic report card issued by the US Bureau of Economic Analysis. The report stated that the real estate industry in the three county area of Broward, Miami-Dade and Palm Beach accounted for 31 cents of every new dollar added to the area's $274-billion economy, according to the Miami Herald. In all, the real estate sector contributed $52 billion to the tri-county region.
“Real estate is really the foundation for this area. It's crucial for the recovery,'' said Tony Villamil, a private economist and dean of the business school at St. Thomas University.
In South Florida, the education sector was the No. 1 drag on economic output, based on preliminary figures. See story in the Miami Herald.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
