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MIAMI-DADE COUNTY AREA & ECONOMIC OVERVIEW (Continued) completed their new state-of-the-art terminal, which contains about 100,000 square feet. Port activity has continued to increase since the pandemic. Through March 2025 Port activity is 10% ahead of 2024. As the "Cargo Gateway of the Americas", the port primarily handles containerized cargo with small amounts of break bulk, vehicles and industrial equipment. It is the largest container port in the state of Florida and ninth in the United States. As a world -class port, PortMiami is among an elite group of ports in the world which cater to both cruise ships and containerized cargo. All Aboard Florida (`Brightline") is Miami's Central Train Station linking it with Orlando. It is located on the 11 acres between 3rd Street and 8' Street on NW 1"Avenue. It will ultimately contain 3 million square feet in four towers including the 200,000 square feet of retail and additional 100,000 square feet of office space outside of Two Miami Central. It is also building 800 residential units and planning a 95-story super tower on the Miami Central project site. The Brightline connections have been completed and run from Miami to the Orlando International Airport. There are stations at Aventura, Fort Lauderdale, Boca Raton and West Palm Beach. Conclusion The Miami market is located on Florida's lower southeast coast. The city is the region's most populous market and has the state's largest labor force. Despite being a top travel destination, the region's economic landscape is remarkably diverse, with significant contributions from various sectors beyond tourism. The healthcare and education sectors are pivotal in South Florida's employment landscape, with major employers such as Baptist Health South Florida, the University of Miami, and Jackson Memorial Hospital. Private companies like American Airlines, Southern Glazer's Wine and Spirits, and Norwegian Cruise Lines significantly contribute to the area's robust job market. Economic headwinds, which continue to weigh on household formation, will likely dampen demand growth in the near future. In fact, after outperforming the U.S. average in terms of population growth from 2009 to 2017, growth decelerated in 2018 and actually turned negative in 2020 and 2021, as international migration slowed and lower -income residents continued to exit the market for more affordable areas in central, northern Florida, and out-of-state. Homeownership has been further impacted by higher insurance premiums, rising maintenance costs in older condo properties and a pandemic induced surge in home values, making renting more attractive. The limited construction of single family housing across South -Florida, coupled with elevated mortgage rates further impact home affordability, helping drive housing demand towards new luxury apartments and garden style rental developments. 17 555