Florida's Economy Better Than Last Year But Still Weak

As we move into the second half of 2011, it is time to look back at the economy in South Florida over the last six months. Data from 15 key economic indicators suggest a slight improvement in South Florida's economy since last year, but we still have a long way to go.

Unemployment is on the rise yet again, despite the fact that many companies have been hiring recently. The figures are 13.4% in Miami-Dade and 9% in Broward County. Although this is nothing compared to the 23,600 jobs South Florida was losing each month in spring 2010, it shows a slow recovery to the job market.

The real estate market has also proved slow to recover. Although single-family home sales are up 18% over last year, the prices these homes are selling for are down almost 5% over 2010.

Some good news is found in consumer spending, tourism and trade. Taxable sales have increased almost 8% since last year and Miami continues to be one of the top 3 destinations in the U.S. for Latin Americans and Europeans.