Miami is a big city. According to the U.S. Census Bureau, our metropolitan area is the fourth -largest urban development and the eighth-most populated, with a population that is close to 5.5 million. Compared to other parts of the United States, we’re more than just big, we’re humongous. Rather on vacation or here to stay, our city attracts folks from all parts of the world. The Cuban population is obvious one of our biggest demographic, combined with those from other parts of the Caribbean and Latin America, the abundance of people migrating to Miami or here on vacation is pushing city commissioners and local developers to think big.
How do we accommodate the continuous influx of visitors and residents?
The concern in Miami being overpopulated and lacking sufficient housing has brought local leaders to develop Miami 2020; with the understanding that the city and the surrounding metropolitan areas are expected to see a catapult in population by 2020. Businesses, residents, local leaders and others who have invested interests in South Florida are developing plans to help support the city’s growth. And if the plan goes on as schedule, Miami’s skyline will see a dramatic evolution.
According to a Related report, Brickell will see an annual increase of 1,900 condo units this year, in common with its rate increase for the past ten years. The Biscayne Corridor, which includes Downtown Miami, Edgewater, Midtown and Design District, will see 1,300 new condo units this year and the area has also seen this same rate increase for the past ten years. If you include the City of North Miami, Aventura, Fort Lauderdale Coconut Grove, Miami Beach, South Florida has an annual growth of 4,615 condo units.
“Downtown Miami is growing at an incredible rate. By the year 2020, the waterfront along Biscayne Bay will be home to a staggering $10 billion in new development,” realtor Juan G. Ramirez. P.A. reported on his blog.
As of now, the amount of new construction condo units to be built, already sold and currently available is at 10, 329, according to the Related report. So by 2020, we are expected to see Miami’s development and population outnumbering a large portion of the other major cities in the U.S.
“The growing popularity of downtown is creating a cycle of new residents, new businesses and new life downtown,” City of Miami District 2 Commissioner and Miami DDA Chairman Ken Russell stated in a press release. “Young professionals, students and families are creating a diverse population. New rental properties should help further fuel the growth of that dynamic downtown community.”
So how will this impact the staffing industry and South Florida’s employment rate?
We expect to see a large amount of available employment in the food industry. South Florida residents love to wine and dine. A tremendous amount of the new condos will have retail and restaurant space and if you are working in the restaurant and retail industry, you can expect great career opportunities. In addition to the restaurant and retail industry, another sector that will be affected by the projections of 2020 Miami is in entertainment and events. The large amount of people who are moving and vacationing here is expected to stay in great hotels, residences, dine at the finest restaurants and certainly be entertained by the best gathering and events. Ultra Music Festival is Miami’s premier EMD event. Other great gatherings in South Florida include the Miami Film Festival, the Miami Book Fair, the South Beach Food & Wine Festival, the list goes on. These events will continue to show growth and with their growth comes visitors who fill up the hotels and the restaurants. Miami is lining up to explode in economic activity by the year 2020.
“Florida is expected to break the $1 trillion mark in 2018 and climb to $1.074 trillion in 2019. That would make Florida’s economy the 16th largest in the world, according to rankings by the World Bank,” the Sun Sentinel reported.
With that said, get ready Miami. Just when you thought the city couldn’t get any better, the best is right around the corner.