Market Report

Fort Lauderdale Market Report

4Q 2020

Weak Tourism Weighs on Local Economy; Suburban Momentum Draws Investor Interest

Greater challenges surrounding travel impacting employment growth. Nearly 131,000 jobs were lost from February through April, led by the leisure and hospitality sector, which lost 52,000 positions. The unemployment rate reached a new high of 15.5 percent in April after holding at a record low of 2.7 percent prior to the pandemic, though it has since fallen to 8.2 percent as of September. Phased reopenings have helped to bring back more than 61,600 workers, accounting for just 47 percent of jobs lost, a smaller share than other large markets. With restrictions on the cruise industry still in place, the impact is being felt across the regional economy amid reduced spending on tourism-related industries. A large travel and services sector will lead to a bifurcated recovery for the market as some positions take longer to return and others are eliminated as businesses face difficulties. 
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