Miami-Dade County Economic Indicators by wnh56963

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									                                                                 Department of Planning and Zoning
                                                                        Research Section


                                                                                                                     July 2010




                  Miami-Dade County Economic Indicators

Employment

In June 2010, the unemployment rate for Miami-Dade County increased to 12.8 percent from 12.3
percent a month earlier. This increase followed nine-tenths of a percentage point increase in the
previous month. For the 12 months ending in June 2010, the unemployment rate averaged 11.6 percent,
an increase of 3.4 percentage points from the same period a year earlier.

                                                                                            12 Mos. Avg.      12 Mos. Avg.
                                           Apr. 2010        May 2010          June 2010
                                                                                              Last Year         This Year
  Labor Force                                1,275,368        1,279,210       1,278,260          1,225,807      1,262,869
    Employment                               1,130,345        1,121,996       1,114,733          1,125,152      1,116,515
    Unemployment Rate                            11.4%            12.3%           12.8%               8.2%          11.6%
  Non agricultural Employment                    978,400        980,300         963,400          1,012,342          975,792



                                  Miami-Dade Unemployment Rate
 14.0

 13.0
                                                                                                                      12.8
 12.0                                                                                     12.0               12.3
                                                       12-Months Average = 11.6%
                                           11.8
 11.0                 11.6                                    11.5
           11.4                 11.4                                            11.3                11.3
                                                                       11.0
 10.0                                                10.5

  9.0

  8.0

  7.0

  6.0
          Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10


Source: Labor Market Statistics, LAUS Program.
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                              Miami-Dade County Economic Indicators

Consumer

The Miami-Fort Lauderdale Consumer Price Index for All Urban Consumers (CPI-U) declined slightly over
the two-month (May-June) pricing period to a level of 222.390 (1982-84 = 100). For the past 12 months
ending in June 2010, the urban consumer price index was virtually unchanged to an average index level
of 222.326 on the previously mentioned basis.

Miami-Dade taxable sales for April 2010 were below the previous month by 9.9 percent. For the 12
months ending in April 2010, taxable sales were off 4.1 percent over the same period a year ago.

                                                                                                                       12 Months           12 Months
                                                          Apr-2010           May-2010              Jun-2010
                                                                                                                        Last Year           This Year
  CPI-U (1982-84 = 100)                                     222.625           222.507               222.390             221.866*            222.326*
  Taxable Sales ($Million)                                   2,896.1              N/A                 N/A               35,909.3           34,446.8
  Index of Retail Activity                                     122.8              N/A                 N/A                  124.8*             118.9*



                                          One-Month Percent Change in Consumer Price Index
                                                    0.3      0.3
                       0.3




                       0.2
      Percent Change




                                                                       0.1          0.1
                       0.1




                                  0.0      0.0                                                                   0.0        0.0      0.0     0.0

                       0.0




                       -0.1
                                                                                            -0.1       -0.1
                              Jul-09    Aug-09   Sep-09   Oct-09   Nov-09     Dec-09      Jan-10     Feb-10   Mar-10     Apr-10   May-10   Jun-10

    Source: U.S. Bureau of Labor Statistics


* Reported on an annual average basis.




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                Miami-Dade County Economic Indicators




Construction

Residential building activity is measured by the number of building permits issued. For the month of
June 2010 there were 155 permits issued in Miami-Dade County. This is an increase of 46 permits from
the previous month. The total number of permits issued in the twelve-month period ending in June 2010
amounted to 1,427. This is in contrast to the 1,739 permits issued over the same time period a year ago.

Miami-Dade reported a building valuation of $24,578 million in June 2010, up from $17,989 million in
May 2010. For the 12 months ending in June 2010, building valuation increased by 2.5 percent from the
previous period.


                                                                                       12 Months            12 Months
                                   Apr-2010         May-2010          Jun-2010
                                                                                        Last Year            This Year
  Building Permits                    200              109               155              1,739               1,427
  Value ($ Million)                 $24,891          $17,989           $24,578          $207,029             $212,279




                                                  Building Permits

                                                                                           197      200
  200
  180                                                                          170
  160                                                                                                                  155
  140
                                   114                                  115
  120         101
  100                                       82
                         76
   80                                                                                                       109
   60
   40                                               68
   20                                                       40
    0
           Jul-09    Aug-09     Sep-09   Oct-09   Nov-09   Dec-09    Jan-10   Feb-10   Mar-10    Apr-10   May-10   Jun-10




  Source: U.S. Census Bureau.




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                 Miami-Dade County Economic Indicators



Real Estate

Single-Family: Miami-Dade’s existing single-family home sales decreased 5.6 percent in June 2010 with
a total of 686 homes sold. This compares with 727 homes sold in May 2010. In June, the median sales
price for single-family units was $203,300, up 3.4 percent from the sales price reported a month earlier.
On a year-to-year basis, homes sales increased 22.6 percent. However, the average sales price dropped
16.1 percent to $192,500.

Condominium: Existing condo sales decreased 12.0 percent in June 2010 over the units sold in May
2010. However, the median sales price for condos increased 2.1 percent during the same period. During
the last 12 months, condo sales increased 50.0 percent. Over the same period, the average sales price
was $136,858; a year ago, it was $171,742 for a 20.3 percent decline.

                                                                                              12 Months          12 Months
                                              Apr-2010       May-2010         Jun-2010
                                                                                               Last Year          This Year
  Single-Family
    Number of Sales                                594             727             686             5,725               7,018
    Median Sales Price                        $192,000        $196,700        $203,300          $229,383*           $192,500*
  Condominiums
    Number of Sales                                723             972             855             5,505               8,255
    Median Sales Price                        $130,000        $126,100        $128,800          $171,742*           $136,858*



                                                   Median Sales Prices
 $210,000

 $200,000
              Single Family Home Average Price = $192,500
 $190,000

 $180,000

 $170,000
                                                              Condominiums
 $160,000                                                     Single-Family
 $150,000

 $140,000                                                                           Condominium Average Price = $136,858

 $130,000

 $120,000
                Jul-09    Aug-09     Sep-09     Oct-09   Nov-09   Dec-09   Jan-10   Feb-10   Mar-10   Apr-10   May-10   Jun-10
 Source: Florida Association of Realtors.


* Reported on a cumulative year-to-date basis.




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                Miami-Dade County Economic Indicators


Home Mortgages

In the second quarter of 2010, according to survey data from the Federal Housing Finance Agency, the
average contract interest rate on mortgage loans for the Miami metropolitan area decreased 1 basis
point to 5.04 percent from 5.05 percent in the previous quarter. The quarterly average interest rate has
decreased 56 basis points over the last 12 months.

                                                                                                     12 Mos. Avg.             12 Mos. Avg.
                                 QIV - 2009              QI –2010               QII - 2010
                                                                                                       Last Year                This Year
 Interest Rate                        5.09%                5.05%                 5.04%                  5.69%                    5.13%

                                               Interest Rate for Home Mortgages
                            5.35%
  5.40%
  5.30%
  5.20%
                                                                  5.09%
  5.10%                                                                                              5.05%
                                                                                                                                5.04%
  5.00%
                      Third Qt. 09                    Fourth Qt. 09                   First Qt. 10                  Second Qt. 10


 Source: Federal Housing Finance Agency.



Foreclosures

The number of foreclosure filings reported in June 2010 went up 8.1 percent from the comparable
number in the previous month. In the 12 months from July 2009 to June 2010 the number of foreclosure
filings was 50,421, down by 23.9 percent from the previous period.

                                                                                                             12 Months              12 Months
                                       Apr-2010            May-2010                Jun-2010
                                                                                                              Last Year              This Year
 Filings                                      3,449               2,621                   2,834                  66,276                 50,421

                                                        Foreclosure Filings
  6,000
  5,500                                                                 5,502
              5,180                   5,032      5,076
  5,000
  4,500                                                                                           4,880
  4,000                  4,436
  3,500                                                    4,038                  4,128
                                                                                                                    3,447
  3,000
  2,500                                                                                                   3,245
                                                                                                                                          2,834
             Jul-09    Aug-09        Sep-09                                                                                  2,619
                                               Oct-09    Nov-09       Dec-09    Jan-10     Feb-10     Mar-10      Apr-10    May-10    Jun-10

 Source: Miami-Dade County Clerk of Courts.




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               Miami-Dade County Economic Indicators


International Trade

In May 2010, merchandise trade processed through the Miami Customs District totaled $8,033.00
million. This represents a 6.2 percent increase from the previous month. For the period June 2009 to
May 2010 merchandise trade levels remained virtually unchanged from the same period a year ago.

Imports: Import volume activity through the Miami Customs District increased 2.2 percent in May 2010
to $3,011.10 million as compared with $2,945.89 million in the previous month. During the twelve-
month period ending in May 2010, imports increased 1.5 percent over the same period last year to
$32,735.37 million.

Exports: Exports from the Miami Customs District increased 8.7 percent in May 2010 to $5,021.90
million as compared with $4,621.65 million in the previous month. During the twelve-month period
ending in May 2010, exports declined 1.4 percent over the same period last year to $52.652.04 million.

                                                                                              12 Months          12 Months
                                         Mar-2010          Apr-2010         May-2010
                                                                                               Last Year          This Year
  Merchandise Trade ($ Million)         $8,027.42         $7,567.54         $8,033.00         $85,650.45         $85,387.41
   Imports ($ Million)                  $3,114.46         $2,945.89         $3,011.10         $32,247.10         $32,735,37
   Exports ($ Million)                  $4,912.96         $4,621.65         $5,021.90         $53,403.35         $52,652.04



                                               Merchadise Trade
                                                Total Value (Millions)
   $5,000.00
   $4,700.00
   $4,400.00
   $4,100.00
   $3,800.00
   $3,500.00
                                                      Imports                Exports
   $3,200.00
   $2,900.00
   $2,600.00
   $2,300.00
   $2,000.00
                 Jun-09    Jul-09   Aug-09   Sep-09   Oct-09   Nov-09   Dec-09   Jan-10   Feb-10   Mar-10   Apr-10   May-10

  Source: U.S. Census Bureau.




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               Miami-Dade County Economic Indicators


Transportation

Passengers: Airport passenger activity for MIA increased slightly by less one percent in June 2010 from
the previous month. Airport passenger visiting and leaving the Airport total 2,980,664 in June as
compared to 2,957,415 in May 2010. For the past 12 months, passenger count was up 2.2 percent from
the previous period. Seaport passenger count decreased 30.2 percent in June 2010 from the number of
passengers in the previous month. Similarly, for the period July 2009 to June 2010 passengers decreased
3.5 percent from the same period a year ago.

Cargo: Freight tonnage for MIA decreased 1.7 percent in June 2010 to 164,397 tons as compared with
167,278 tons in the previous month. During the twelve-month period ending in June 2010, freight
tonnage went up 9.9 percent over the same period last year to 1,717,188 tons. Cargo activity at the
Seaport decreased 12.3 percent in June 2010 to 566,381 tons. However, the total tonnage of the last 12
months is higher by 9.8 percent from the tonnage of a year ago.

                                                                                            12 Months           12 Months
                                             Apr-2010      May-2010        Jun-2010
                                                                                             Last Year           This Year
 Passengers:    Air (MIA)                    2,949,100      2,957,415       2,980,664       33,819,247         34,574,785
                Sea (Seaport)                  374,732        358,566         250,139         4,215,323         4,068,518
 Cargo:         Air (Freight-Tons)             189,914        167,278         164,397         1,717,188         1,887,052
                Sea (Tons)                     547,194        645,473         566,381         6,713,687         7,371,154


                                                  Passengers (MIA)
   3,100,000
   2,900,000
   2,700,000
   2,500,000
   2,300,000
                  Jul-09   Aug-09   Sep-09    Oct-09    Nov-09   Dec-09   Jan-10   Feb-10   Mar-10   Apr-10   May-10   Jun-10
  Source: Miami-Dade Aviation Department.


                                               Cargo Tons (Seaport)
     725,000
     675,000
     625,000
     575,000
     525,000
     475,000
                  Jul-09   Aug-09   Sep-09    Oct-09    Nov-09   Dec-09   Jan-10   Feb-10   Mar-10   Apr-10   May-10   Jun-10
  Source: Miami-Dade Seaport.




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                Miami-Dade County Economic Indicators

Visitor Industry

The number of overnight visitors in Miami-Dade during May 2010 decreased 7.6 percent to 964,083
from 1,043,500 in the previous month. However, for the twelve-months ending in May 2010 the total
number of visitors went up 2.0 percent over the same period a year ago.


                                                                                  12-Months     12-Months
                                    Mar-2010              Apr-2010    May-2010
                                                                                    Last Year     This Year
 Total Visitors                     1,231,400             1,043,500    964,083    11,910,174    12,152,583
   Domestic                           672,300               539,500    500,723     6,195,074     6,355,723
   International                      559,100               504,000    463,360     5,715,100     5,796,860



                                                 Number of Visitors
         1,150,000

         1,100,000

         1,050,000

         1,000,000

           950,000

           900,000

           850,000

           800,000

           750,000




    Source: Greater Miami Convention & Visitors Bureau.




Source: Miami-Dade County, Department of Planning and Zoning, Research Section.




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