Our Florida Research Team has released our 2018 Florida Population Reports, which predict growth patterns in major markets throughout the state. The Palm Beach, Broward and Miami-Dade markets are all expected to see significant population growth, supported by a growing business community, low unemployment rates and a broad scope of opportunities.
Of the three South Florida markets analyzed, the Palm Beach market is projected to see the highest growth rate in 2018.
Palm Beach’s population is expected to expand by 2.8 percent this year, from 1.4 million to 1.52 million year over year. Throughout the state, only the Fort Myers and Orlando markets are expected to see higher rates of growth in 2018.
Over the next five years, Palm Beach is expected to welcome nearly 200,000 new residents, likely pushing the total population above 1.6 million.
The Broward County population is expected to increase by 1.8 percent in 2018, from 1.89 million to 1.98 million year over year. Over the next five years, this market is expected to see 167,320 new residents, bringing the total population over 2.1 million in 2022.
At 3.4 percent, Broward County has the lowest unemployment rate in the South Florida region.
The Miami-Dade County market is projected to see a 1.4 percent increase in population, from 2.7 million to approximately 2.8 million year over year. In the next five years, the Miami area will see 184,990 new residents, bringing the population up to nearly 3 million.
While Miami’s population is not growing as fast as in other Florida markets, its business community is growing rapidly. The Miami region is ranked No. 1 in terms of start-up activity in the state, with the number of businesses up 10.5 percent in the last five years.
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