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MIAMI-DADE COUNTY AREA & ECONOMIC OVERVIEW <br />Miami -Dade is Florida's most populous county and also has the state's biggest economy. It has <br />experienced favorable demographic and economic conditions over the past five years. Local <br />economic, job, and demographic growth outpaced those of the U.S. across the board. <br />Miami's population growth over the past decade had been entirely driven by international <br />immigration. Domestic migration had been negative, with one domestic migrant leaving Miami for <br />every two international immigrants arriving in the metro. The trend shifted after the pandemic with <br />a heavy migration from the Northeastern United States. The current population for the state of <br />Florida is 23,372,215 (2024). Miami -Dade County has a current population of 2,686,867 (2024) <br />Population growth had returned to Miami -Dade County after two years of losses from 2020 through <br />2021. That said, the county had 24,000 fewer residents than in 2019. Lower inflation is now resulting <br />in positive real wage gains, a welcomed sight after wages lagged inflation in the area from 2022 <br />through 2023. Still, an elevated cost of living is impacting lower -income residents, with around 50% <br />of households in South Florida falling below the ALICE: Asset Limited, Income Constrained, <br />Employed threshold, according to United Way. This has resulted in net domestic out -migration from <br />Miami -Dade over the last few years, as many lower -income residents have left in search of a lower <br />cost of living in central and northern Florida, Georgia, Texas, and the Carolinas. The following table <br />illustrates the most recent demographic trends. <br />11EM(lGftAPHIC, TRENDS <br />Cu rrertt Level I 12 MOMh Chmge . 1WftV ChN <br />��Caeegary Metra us;; � Mean Ir5 uelyd <br />Pnpufatioh I 2855,7Z541+7(ii875I 139b. 48�6. , 0846 <br />6YeoeFWee 4 <br />Labor Force 1 4Z0 713 j 170,597,953 1.7 1696 0. I 0:896 D 6 n (IJ% <br />unemployment Z.A%. I 4:1% 0:M 1 0.1% DA% I -0,1% - <br />Sum-e., Ofifdrd:Econorhks <br />i?OputAtioN GIIOWY't! LABOR FORCE GROWTH IkOME;GftOWN <br />tow__ <br />4:S% <br />{2�1on(� 19Yo� €ptocCul <br />C��ye: EhoOge: ' (3Yisj <br />Source: CoStar. <br />tSi <br />Qh <br />12 Mont i0 Yq;t Forum <br />C7tenge chuge (SYi5j <br />A'% <br />1?Motes '(AYaat fa�vagYi: <br />Clmnge Change (6Yn) <br />Saur[e:;dfitord Er;orwmiis <br />12 <br />550 <br />