Real estate sector helps soar Fort Lauderdale economy to $35.7 billion annually

FORT LAUDERDALE, Fla. (FLV) – Fort Lauderdale’s real estate sector has helped soar the city’s economy to $35.7 billion, a 6% increase from 2019.

“Exciting news! Downtown #FTL‘s economic impact skyrockets to $35.7B yearly, up by $6B from 2019, and Real estate fuels with $5.33B, a 21% surge since 2019,” said Mayor Dean J. Trantalis.

“This is great news, and our city is committed to healthy growth by investing in our infrastructure,” he added.

Fort Lauderdale’s real estate sector is up 21%, or $5.3 billion, since 2019. Over 17,000 residential units and 40-plus developments are planned for the city’s downtown area.

The city’s rocketing housing market has also fueled in its population with 26,000 new residents this year. Furthermore, net migration is up two times from a decade ago.

As an economic hub, Fort Lauderdale has helped create 200,000 jobs in Broward County and the state of Florida, totaling $12 billion in employee compensation each year.

Its migration influx also generated $138 billion in tax revenue, tripling Fort Lauderdale’s surplus from a decade ago.

Areas mentioned in the report include Fort Lauderdale International Airport with a $37 billion annual impact and Port Everglades with a $33 billion annual impact.