Rating the trends of the economy can be tough, but without fail, the numbers show that real estate and tourism both play hefty roles in South Florida’s steady economy.
The chart above is a look at South Florida’s economy by each industry’s share of output. The proportions come from the 2010 Gross Domestic Product numbers released Tuesday by the Commerce Department. The numbers measure both wages and profits earned by businesses in the industry (money-losing businesses lower their sector’s output). This includes data from Broward, Miami-Dade and Palm Beach.
Real estate holds the biggest share. Then government. Then wholesale trade and finance. Way down in ninth place sits hospitality, with about a 5 percent share.
That’s a misleading figure, though, since a good chunk of the region’s retail industry thrives on visitors. Combined, hospitality and retail accounted for about 15 percent of the economy. That would easily put the sector in second place. Of course, you could argue that real estate and financial services feed off each, and should be treated as one industry, too.
Regardless, the numbers show that South Florida remains a town with a pretty heavily vested interest in both vacationers and vacation homes.
Source: The Miami Herald