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improvement program that includes 20 plus projects across four |
terminals focused on modernization in addition to 500,000 square feet |
of expansion and renovation across three terminals.122 The airport’s |
location adjacent to Port Everglades makes it an important facility for |
business and cargo activity. FLL’s annual economic impact is $37.5 |
billion, contributing to almost 255,386 jobs directly and indirectly to the |
local economy.123 |
Although the Miami-Dade County International Airport and Fort |
Lauderdale / Hollywood International Airport are only thirty miles |
apart, they are somewhat specialized in the different travel markets |
they serve. In part, Miami International Airport serves a greater |
number of international travelers who may be traveling to other final |
destinations in the United States. In contrast, the Fort Lauderdale / |
International Airport serves primarily as a destination airport for |
travelers visiting South Florida. |
Miami-Dade County International Airport |
Fort Lauderdale / Hollywood International Airport |
Key West International Airport |
94 | Page |
Key West International Airport primarily supports commercial service |
users and the local tourism industry. The airport’s location makes it |
vital to serving the local community of Key West, which is one of |
Florida’s major tourist destinations. Monroe County has $80 million |
project to build a concourse with jet bridges, which is anticipated to be |
complete in 2024. Monroe County is also home to Marathon airport, |
which operates mostly as a private and charter plane airport.124 |
Opportunity Zones |
An Opportunity Zone is an economically distressed community where |
private investments, under certain conditions, may be eligible for |
capital gain tax incentives. The South Florida region contains 98 |
Qualified Opportunity Zone Census Tracks, with 30 in Broward |
County, 67 in Miami-Dade County, and 1 in Monroe County. The |
Opportunity Zones were certified by the U.S. Department of the |
Treasury on June 14, 2018. Investors can defer tax payment on any prior |
gains invested in a Qualified Opportunity Fund (QOF) until the earlier |
of the date on which the investment in a QOF is sold or exchanged or |
until December 31, 2026. |
Workforce Development is a major part of the Comprehensive |
Economic Development Strategy (CEDS) for South Florida. Workforce |
development is addressed in the Innovation and Competitiveness, |
Opportunity and Prosperity, and Economic Resilience Goals and |
Objectives of the CEDS action plan. Our analysis of the census tracts |
belonging to Qualified Opportunity Zones shows that there is greater |
poverty, lower educational attainment, and a greater reliance on transit |
in these areas than the state and regional averages. This revelation is |
consistent with findings in the 2018 ALICE (Asset Limited, Income |
Constrained, Employed) report for South Florida, which indicates |
many residents in low-income communities make the difficult choice |
between food, shelter, and transportation on a regular basis. The |
COVID-19 pandemic and subsequent closure of vast segments of the |
economy has further exacerbated economic hardship and elevated the |
importance of community and economic development, supply chain |
development and management, and diversification of the economy. |
Encouraging and supporting new businesses, job creation, and |
investment within Opportunity Zones is key to reversing negative |
trends and creating opportunity and a more positive future for |
Opportunity Zone residents and South Florida as a whole. |
95 | Page |
96 | Page |
Target Clusters |
This table shows industry clusters of focus in the 2017 CEDS and |
identifies new industry clusters and niche sectors based on their |
economic development significance and projected demand over the |
next five years. |
97 | Page |
Health Care and Social Assistance, |
14% |
Retail Trade, 11% |
Administrative and Support and |
Waste Management and |
Remediation Services, 9% |
Accommodation and Food |
Services, 8% |
Professional, Scientific, and |
Construction, 7% Technical Services, 8% |
Educational Services, 6% |
Wholesale Trade, 6% |
Transportation and Warehousing, |
5% |
Other Services (except Public |
Administration), 5% |
Public Administration, 5% |
Finance and Insurance, 4% |
Manufacturing, 3% |
Real Estate and Rental and |
Leasing, 3% |
Information, 2% |
Arts, Entertainment, and |
Recreation, 2% |
Management of Companies and |
Enterprises, 1% Agriculture, Forestry, Fishing and |
Hunting, 1% |
South Florida Industries as a % of Jobs |
JobsEQ, Data as of 2021Q4 |
98 | Page |
The CEDS Evaluation Framework is a summary of key regional, state, |
and U.S. data points from the U.S. Census Bureau, American |
Community Survey (ACS), U.S. Bureau of Economic Analysis (BEA), |
and the U.S. Bureau of Labor Statistics. |
These data metrics service as performance metrics in evaluating the |
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