Miami Metro Economy Ranks 6th for Growth Among Top 20 Metros

The Miami metropolitan economy saw the sixth-highest rate of growth among the 20 largest US metros in 2016, according to an analysis of recently released economic data conducted by SpareFoot.

The Miami-Fort Lauderdale-West Palm Beach, FL Metropolitan Statistical Area is the 8th largest by population in the United States. In 2015, the Miami MSA generated a gross GDP dollar value of $280 billion, making it the 12th largest metro economy.

In 2016, the metro’s total economic output rose to $287 billion, an increase of 2.6 percent. Among the other 20 largest metro areas, only the San Francisco, Seattle, Tampa, Atlanta, and Dallas metro areas saw greater growth.

The analysis was based on data released last month by the Bureau of Economic Analysis.

Though its 2.6 percent growth rate is one of the highest among large metros, it’s still something of a slowdown for Miami relative to the past two years. In 2014, the Miami metro saw an astounding 6.6 percent growth rate, and in 2015 it grew by another 4.8 percent

Among the top 100 metro economies, Miami ranked 31st for growth in 2016.

According to the BEA data, the professional and business services sector contributed most to the Miami MSA’s growth, accounting for .66% of all GDP growth. The information technology, transportation, trade, and construction sectors also saw strong growth. Only the finance, insurance, and real estate sector saw a year-over-year decline.

Here are the complete 2016 GDP rankings for the top 100 US Metro Areas:

Al Harris