Miami-Dade County, along with the rest of the country experienced a slow-down towards the end of the third quarter as a result of the political unrest and looming economic uncertainties in the near future. However, Miami-Dade County demonstrated steady improvement in market conditions based on new development in residential, retail, and industrial product which bodes well for national and international consumer confidence.
According to the Bureau of Labor Statistics, the county unemployment rate maintained its decline for the sixth consecutive month to 8.4%, a 130 basis point drop from third quarter 2012 when it was 9.7%. Improving employment figures coupled with increased consumer confidence closed the third quarter with optimism and a positive outlook going forward.
Source : Cushman & Wakefield