This surge in tourism has had direct consequences on Miami economy. First, a sudden raise in business has helped the job growth in the region’s hospitality sector: 108,000 jobs in July 2011 compared to the 104,500 jobs in July 2010, that is to say, a growth of 3,4% in a year.
It also had an impact on the real estate market which got its boost. A lot of wealthy visitors decided to buy a second or third home in the area, while they were vacationing. They very often bought in the South Beach neighborhood.
The good news is that it has been forecasted that Miami’s hotel occupancy rates will raise 7% in the last quarter of this year.
So, a big “thank you” to all my tourist friends.