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PRESENTATION OF DATA 39 <br /> Conclusion <br /> Market data strongly suggests that the South Florida economy is on a sustainable path <br /> to recovery. Key economic variables such as population growth, employment growth <br /> and housing have all shown improvement. Key ties to South America and Europe have <br /> helped fuel a housing market rebound and strong ties to Latin America and the <br /> Caribbean remain a key driving force in the expansion in trade in the region. Tourism <br /> has rebounded and there is expansion in the hospitality sector. Investments in <br /> infrastructure will also benefit the region coincident with the opening of the Panama <br /> Canal. Led by Miami Dade County South Florida commercial real estate has also nearly <br /> fully recovered with all property types now in play. While there is widespread residential <br /> condominium development most are being funded by buyers versus lenders and <br /> speculation has been very limited. It remains to be seen how the current drop in oil <br /> prices will shake out and the Federal Reserve has warned of a slight interest rate <br /> increase in mid-2015. However, most analysts agree that South Florida is in the middle <br /> innings of the current recovery with two to three solid years of growth ahead. <br /> Clobus, McLemore & Duke, Inc. <br />