Miami’s spending rebound really doesn’t compare with the rest of Florida.
A story in today’s paper
takes a look at how foreign dollars are boosting spending in Miami-Dade County to the point that overall sales have almost returned to pre-recession levels. Statewide, sales remain 12 percent behind peaks hit during the boom days.
Below are some interactive charts with all of the recovery percentages for Florida’s major and minor metropolitan areas. (The story only covered large metro areas.) You can click on the columns to sort the areas by their various recoveries.
New spending records do not mean recovery has actually arrived, or that individual businesses have regained their pre-bust profits. Still, Miami-Dade’s numbers certainly stand-out when compared to other regions. While Miami-Dade spending has come within 1 percent of its peaks before the recession, spending in rural areas like Ocala and Punta Gorda still are almost 30 percent behind past highs. The Miami Herald’s Economic Time Machine tracks 60 local indicators in an effort to chart South Florida’s recovery from the Great Recession. By comparing current conditions to where they were before the downturn, the ETM attempts to measure how far back the recession set the economy. The answer so far: June 2003. Visit ETM headquarters at miamiherald.com/economic-time-machine for the latest updates.