Miami Beach — Citywide Economic Analysis

Overview

A full-picture read of the Miami Beach economy — residents, workers, visitors, and the tax base

BusinessFlare® prepared this citywide economic conditions analysis for the City of Miami Beach Economic Development Department, assembling population, household, labor-market, real-estate, and tourism data into a single benchmarked picture of how the city's economy performs.

The analysis reads Miami Beach as three distinct sub-economies — South Beach, Middle Beach, and North Beach — while benchmarking the city against Miami-Dade County, Florida, and national figures across employment, income, real estate, and tax collections.

The role

BusinessFlare® compiled and synthesized data from federal, state, county, and city sources into a citywide economic baseline the City could use for economic-development planning and decision-making.

6.7MAnnual visitors to Miami Beach (2018)

$6.7BEstimated annual visitor spending

2.6%City unemployment rate (2019 YTD)

35%Employment in accommodations & food service

The work

Explore the work

Five dimensions of the citywide economic conditions analysis.

The analysis tracks resident population, age structure, household composition, and income across the city and its three neighborhoods, distinguishing permanent residents from the far larger daytime population.

Findings

Citywide population of 92,136 (2019 YTD) across roughly 48,800 households
Median household income rose to $53,754, with wide neighborhood gaps ($75,257 in Middle Beach vs. $43,439 in North Beach)
Median age near 43, with about 14,900 residents over 65
Average daily population reaches 196,483 once workers and visitors are counted

The report profiles the citywide labor force, unemployment, and the industry composition of jobs located in Miami Beach, mapping where residents work and where local jobs concentrate.

Findings

Labor force of about 58,300 with unemployment down to 2.6% (2019 YTD), below county, state, and U.S. rates
Accommodations plus food services make up roughly 35% of employment
Tens of thousands of residents commute out for work while non-resident workers fill local jobs
South Beach holds about 63% of citywide jobs

The analysis quantifies hotel performance, visitor volume, spending, and the tourism-driven tax base that underpins the city's economy.

Findings

About 6.7 million visitors in 2018, spending an estimated $6.7 billion
Hotel occupancy reached 81% with an average daily rate of $292 (2019 YTD)
Roughly $1,000 average spend per visitor, led by hotel and food & beverage
Average party stays 4.8 days; 50% are repeat visitors

The report tracks assessed and taxable property values, residential sales, and citywide commercial real-estate conditions across retail, office, and multifamily.

Findings

Total property value reached $40.1 billion (2019/20), up from $30.35 billion in 2015/16
Residential makes up roughly 73% of the taxable base; commercial about 27%
Citywide retail rents near $84 psf with cap rates steady around 5%
About 16,300 apartment units citywide, with vacancy declining year over year

The analysis examines resort tax, tourist and convention development taxes, millage, and consumer prices to characterize the city's revenue base relative to the rest of the county.

Findings

Miami Beach captured about 48% of countywide Convention Development Tax receipts
City total millage of 19.38 (2019), among the higher municipal rates in the county
Resort tax collections split roughly 51% rooms, 32% food, 17% alcohol
South Beach generates the majority of hotel-room and food & beverage tax collections

By the numbers

Key points

A single citywide economic baseline covering residents, workers, visitors, and the tax base
Population of 92,136 residents but an average daily population near 196,500 once workers and visitors are included
Unemployment fell to 2.6% (2019 YTD), outperforming county, state, and national benchmarks
Accommodations and food services anchor the employment base at roughly a third of jobs
A visitor economy of about 6.7 million people spending an estimated $6.7 billion a year
Total property value grew to $40.1 billion, with residential driving roughly three-quarters of the taxable base
Sharp neighborhood contrasts — South Beach concentrates jobs, hotel activity, and tax collections
Miami Beach captures roughly half of countywide convention and tourism tax receipts