Press Release
Doral Releases Economic Analysis Report
by FIU Metropolitan Center
Doral, FL – The City of Doral is booming, according to the newly released Doral Economic Analysis Report 2024 Update, a comprehensive study of the City’s diverse economy produced by Florida International University.
The new study is an update of the original City of Doral Economic Analysis Report released in November 2017, which found that Doral had experienced rapid economic growth since its incorporation and had quickly become one of Miami-Dade County’s most significant local economies. Buoyed by its proximity to Miami International Airport and Port Miami, the report underscored the young municipality’s growing importance as an international hub for trade, logistics and advanced industries.
In 2023, the City of Doral commissioned an update to assess how the local economy had changed in the ensuing years. The recently completed City of Doral Economic Analysis Report 2024 Update released in May 2024 makes the case that Doral’s rapid growth has only escalated since the original study, outpacing the growth patterns or neighboring municipalities, Miami-Dade County and the State of Florida. The report cited steep population growth, increased housing supply, a booming retail landscape, and the expansion of its advanced industries sector as key indicators of economic vitality.
Both studies were led by Dr. Edward “Ned” Murray, Associate Director of the Jorge M. Perez Metropolitan Center at Florida International University and a leading expert on urban planning, economic development and housing market issues.
The new study focused on the following Positive Economic Growth Indicators:
- Population Growth - Since 2015, Doral’s population grew by 42.3 percent, or 21,744 residents. The number of family households in the City increased by 29.6 percent, or 8,424 families.
- Housing Supply - Doral’s housing supply increased by 8,365 units since 2015, with multi-family structures of 20+ units now comprising 35.8 percent/9,674 units of Doral’s total housing inventory compared to 21.4 percent/3,987 units in 2015.
- Industry Dynamics – Since 2015, Doral’s advanced industry sector grew and diversified. Leading sectors include management, scientific, and technical consulting services (1,470 workers), architectural & engineering (1,000 workers), and computer systems design (862 workers). Miami-Dade County’s targeted industries also grew, including trade & logistics (5,555 workers), life sciences & healthcare (4,740 workers), creative design (1,402 workers), financial services (1,361 workers), and information technology (928 workers).
- Retail Strength – Doral’s booming retail landscape has strongly supported the City’s broader economy, driven by demand from younger, educated professionals, including such economically desirable demographic groups as “Up and Coming Families” (33.8% of Doral Residents), “Boomburbs” (16.7% of Doral Residents), and “Metro Fusion” (14.9% of Doral Residents).
- Real Estate Highlights – Doral property continues to be highly desirable across all real estate categories, with industrial and retail markets attracting considerable demand and robust new construction adding to existing inventory. The FIU report also highlighted economic growth challenges and recommended initiatives that could help to mitigate areas of concern.
- Doral Job Base - Worker inflow/outflow analysis shows a mismatch between the jobs located within Doral and where employed residents actually work. Only 5,990 of 25,803 employed residents work in Doral. An estimated 85,542 jobs are filled by workers who live outside and commute into Doral.
- High home prices in the City of Doral threaten the city’s long-term economic competitiveness. The study concluded that the integration of more workforce housing into Doral’s mixed-use neighborhoods could help contribute to its livability.
The complete study is available by CLICKING HERE.
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