Joblessness Decreases while Population Increases in Miami

I’m persuaded we could number dozens of reasons why Miami’s real estate market is booming like never before. But two of the top reasons are the unprecedented population growth and our emergent local economy.

Miami’s population grew 2.1 percent in 2011, the biggest increase in at least 10 years, to 2.55 million, according to the U.S. Census Bureau. Growth was helped by the continued influx from abroad, including ethnic groups such as Hispanics, according to Robert Cruz, chief economist at the Economic Development & International Trade department of the Miami Dade County government. People move for Miami because they can find affordable homes, beautiful beaches, warm temperatures in winter season, water sports, international business centers in different fields, great real estate investment opportunities, no state personal taxes, business incentives, renowned national parks, and so on and so forth.

With this ongoing massive influx of Americans and Foreigners the demand for housing is increasing at the same fast pace.

The region’s diversified economy, including international trade, health care and tourism, has helped attract workers, with joblessness in October falling to 8.9 percent from 10.7 percent a year ago, according to the U.S. Department of Labor.

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“There’s a boom in Miami that we’ve never seen before,” said Stephen Ross, chairman and founder of New York-based Related Cos. and owner of the Miami Dolphins football team, at the Bloomberg Commercial Real Estate Conference in New York on Nov. 13. “Miami is probably the hottest real estate market in the U.S. from a residential perspective.”

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