To say Florida’s tourism industry is booming is an understatement. In fact, the sunshine state is on track to meet its 100 million visitor milestone in 2015. Miami is one of the instrumental cities in attaining this goal. Known as the “cruise capital of the world,” Miami welcomes 14.2 visitors annually, with many traveling on the 14 cruise lines at Port of Miami.
So, what do all of these visitors mean to Florida’s economy? And how can we get even more tourism revenue?
Miami Tourism: Breaking Down the Numbers
The hospitality sector has enjoyed serious gains thanks to the increase in Florida tourism. Amusement parks and resorts across the state have also experienced increases, and they are expanding in response to the surge in visitors.
More visitors to the Miami area leads to more spending dollars. The proof is in the taxable sales numbers, which track spending in the region. In 2015, southwest Florida saw an eight-percent increase in taxable sales compared to 2014. That’s $149.8 more million dollars streaming into the Miami area.
The thriving tourism industry has had a direct effect on the strength of the Miami economy. While spending is high, unemployment is low. Compared to 2014, the unemployment rate in the area is down 6.2 percent, coming in at 5.5 percent. The University of Florida (UCF) is projecting continued growth in employment — at a 2.3 percent rate in 2015, almost double the speed of U.S. nonfarm employment. The sectors expected to enjoy the greatest gains are construction and professional & business services.
Even Florida’s housing market is making a comeback. UCF is predicting 28,100 more homes will be built in 2015 than 2014. And the average price of a single-family home is up by 4.6 percent as well.
All Aboard Florida Miami Will Attract More Visitors and Growth
When All Aboard Florida service begins in Miami in 2017, the region is expected to see additional revenue streams thanks to an increase in visitors. Connecting Orlando to Miami, the train gives visitors and residents a 25% faster alternative to riding in a car on congested highways.
Not only will All Aboard Florida provide easy access to our world-class beaches, sporting events, shopping destinations, water recreation and all the other highlights of the area, it will also spur growth in the area. As more visitors enter our area faster and easier, we’ll see new retail, commercial and residential development supporting the influx.
Thanks to All Aboard Florida, tourism in Miami will continue to grow in the coming years. Learn more about how All Aboard Florida is bringing growth to the sunshine state.