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PRESENTATION OF DATA 22 South Florida MSA Largest Cities CITY POPULATION(2012) COUNTY Miami 413,892 Miami-Dade Hialeah 231,941 Miami-Dade Fort Lauderdale 170,747 Broward Pembroke Pines 160,306 Broward Hollywood 145,236 Broward Miramar 128,729 Broward Coral Springs 125,287 Broward Miami Gardens 110,754 Miami-Dade Pompano Beach 102,984 Broward West Palm Beach 101,903 Palm Beach Current Trends Buoyed by strong job growth, a recovering housing market, rebounding tourism and increased construction activity, South Florida's economic recovery continues to gain momentum. According to recent statistics, the region added nearly 75,000 jobs year- over-year and unemployment figures continue to drop outpacing national averages. Although housing prices are still nearly 40% off peak, pricing in 2007 the residential housing market is clearly recovering. Driven by foreign buyers and investors, mainly from South America, housing sales are increasing and new housing product is being delivered. The hospitality market has also demonstrated signs of a robust recovery. Cruise and air travel is up year-over-year and the region is experiencing new hotel development for the first time since prior to the Great Recession. Gross regional economic output is also increasing. Other Items of Note: • Major transportation and infrastructure projects are planned or underway to improve the logistics of the region and therefore, enable it to more effectively compete globally. Major improvements are underway at region airports and seaports. • The Florida legislature is debating the matter of expanded gambling in the State of Florida. The current bill proposed includes two mega casinos in South Florida. • Foreign investment from South America and Europe continue to fuel a rapidly recovering luxury condominium market. Clobus, McLemore & Duke, Inc.