July 30, 2024
Downtown Fort Lauderdale’s economy has seen significant growth with about 3,200 jobs added over the past year, a 5% increase since 2023.
Leading Economic Engine
Downtown Fort Lauderdale continues to sustain job creation throughout the region with the rate of employment growth in downtown double the countywide average.
"Downtown Fort Lauderdale, with a $35.7 billion annual economic impact, is taking its rightful place next to Port Everglades and the Fort Lauderdale-Hollywood International Airport as the third economic engine that drives the success of Broward County," said Walter B. Duke, III, President of Walter Duke + Partners and former Mayor of Dania Beach.
In previous decades, the growth of suburban office parks placed the greatest concentration of new jobs in Broward's western suburbs like Plantation, Sunrise, and Weston. But today, population and employment growth is increasingly driven by the rise of Fort Lauderdale's urban core.
The Big Picture:
The finance sector, led by a 24% increase in employment from investment banking and private wealth management, is at the forefront of creating high-wage jobs in Downtown Fort Lauderdale.
Growth by JP Morgan Private Bank, Synovus Bank, and BHG Financial, among others, underscores the financial sector's significant role in Downtown Fort Lauderdale’s rise as an employment hub.
“The finance sector's growth in Downtown Fort Lauderdale is surpassing the broader market, driven by the demand for well-connected, high-quality buildings with extensive amenities," said Christina Jolley from Blanca Commercial Real Estate.
Jolley added that "such premium office spaces are predominantly located in the downtown area, contributing to the higher leasing activity observed this year compared to other submarkets. This expansion within the financial sector not only reflects the wealth in Fort Lauderdale capable of supporting these industries, but also demonstrates the confidence these companies have in the availability of skilled talent to meet their employment needs.”
Why This Matters:
"As Downtown Fort Lauderdale continues to rise as a major economic engine for Broward County, our community needs to continue to invest in the amenities and transportation infrastructure that all great cities have. As our downtown continues to grow, we continue to add new amenities that make our community more livable and an even better place to work and visit," said FTL DDA President & CEO Jenni Morejon.