FAU Report: South Florida Economy Robust Despite National Challenges

South Florida's economy and businesses exhibited some growth over the past quarter, a contrast to the national economy's concerns, according to a report produced by an economist at Florida Atlantic University.

South Florida's economy and businesses exhibited some growth over the past quarter, a contrast to the national economy's concerns, according to a report produced by an economist at Florida Atlantic University.

The tri-county employment rate remained below the national level of 4.16%, according to the South Florida Economic Outlook Report. The unemployment rates in Palm Beach County, Broward County, and Miami-Dade County were 3.75%, 3.54%, and 2.66%, respectively.

"Current data suggests the South Florida economy is doing well compared to national trends," said Bryan Cutsinger, Ph.D., associate professor of economics in FAU's College of Business. "The Federal Reserve noted an uptick in unemployment nationally. While South Florida is not immune to this trend, employment levels are still relatively strong."

The South Florida Economic Outlook Report, produced by Cutsinger and updated quarterly, offers localized, industry-specific data at the county level for Palm Beach, Broward and Miami-Dade counties. Through the Tri-County Business Tracker, the Tri-County Labor Market Trackerand the Tri-County Output Insights, the report offers a clear view of the evolving business landscape, employment levels and annual salaries by industry, and economic production in the tri-county area.

Together, these products by Cutsinger provide a clearer picture of what's driving growth in South Florida, helping business owners, policymakers and engaged residents monitor performance, identify emerging trends and make more informed decisions about the region's future.

In terms of wage growth and business growth, there was a slight decline in jobs in the manufacturing industry, as well as some job losses in the finance sector. However, salaries in the finance sector increased by 43%, while employment in the sector declined by almost 8%.

There was a slight slowdown in business formation, according to the Tri-County Business Tracker.

"Taken together, we saw stable or modest job growth across most industries in South Florida," Cutsinger said. "But whether that momentum continues is unclear. Our current data only covers the first quarter of 2025, and major policy shifts occurred afterward. With the trade changes introduced in April and the Fed's rate cuts later in the year, we'll have to wait for updated numbers before drawing firm conclusions about their effect on South Florida."

-FAU-