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Solid first quarter

Residential real estate and tourism are fueling our local economic recovery through the first quarter and February saw strong employment gains.

For the first time in over seven months Broward County’s unemployment rate dipped to single-digits at 9.7 percent with 94,601 unemployed.  The last time we saw this rate was October 2009.

I’ve been talking to many executives over the past several weeks as part of our BusinessF1rst initiative with most planning to add a considerable number of employees—one as many as 50 over the next five months.

After eight months of sluggish residential real estate sales, existing single-family home sales were up 18 percent and 16 percent in January and February respectively.  There were 813 units sold in January and 909 in February.  Existing condo sales saw their third monthly increase with a 19 percent jump in February.

Passenger traffic at the Fort Lauderdale-Hollywood International Airport is phenomenal.  We have had 18 consecutive months of positive year over year performance.  There were 1.9 million passengers in and out of the airport which was an 8.9 percent increase over the same month one year earlier.  What is most interesting is January was the busiest month on record for international passengers.

I know two months does not establish a trend, however, I like the fact that all sectors are moving in the same direction for the first time in over a two years.  Let’s keep making hay!

Posted by: Dan Lindblade, CaE @ 12:00:00 am  Comments (0)
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