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Real estate leading the charge in Florida's growing economy

Although there have been many different factors that have contributed to the nations economy woes, real estate and mortgages have been identified as two of the largest contributors. However, every market is different and in South Florida, real estate has actually been one of the lead contributors to the area’s growing economy.

According to recent reports, real estate was responsible for 31 cents of every new dollar that was added to the tri-county area’s $274 billion economy last year. The revival of real estate as an economic ignition comes as property values are rising and Miami developers are getting back to work on a regular basis. The Miami area had been one of the hardest hit housing markets in the country, but area developers are now starting to see profits once again.

The 2012 numbers are significant, as the entire real estate sector added more than $50 billion to the three counties making up the tri-county area. Those numbers represented an 8.4% increase over 2011. The report also showed that metropolitan areas were doing well in 2012. Another sector, financial services, which also includes real estate, helped push growth throughout the entire country as well.

These numbers are very encouraging for anyone involved in the real estate sector in the Miami area. Although there may still be difficulties ahead this is a positive sign that things are on the upswing. Anyone who is considering any kind of real estate transaction can always find qualified help by talking with an experienced real estate attorney.

Source: Miami Herald “South Florida economy growing at 3.5 percent, thanks to a real estate surge,” Douglas Hanks, Sep. 18, 2013.

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