By Cheryl Jacobs
In the words of national economist Dr. Hugh Kelly, change comes in many flavors.
In this unique economic environment, we have to be prepared to quickly adapt to change and, at times, expect the unexpected.
More than ever, our national – and regional – economies are susceptible to not only decisions made in Capitol Hill, but abroad (Latin America, Europe, Asia).
For 15 years, CREW-Miami has welcomed a new year with an economic outlook from Dr. Kelly, who is always candid and looks at the big picture when making his projections.
At this year’s economic outlook luncheon, Dr. Kelly underlined how Miami’s development into a 24-hr city will allow us to benefit from future investments at the national and international level.
“When capital flows in, Miami will capture it,” Dr. Kelly said in his presentation.
And in 2011, Miami’s real estate market definitely captured some of that capital. Of the US’s $170 billion in transaction volume, Miami accounted for $2.52 billion in the areas of office, hospitality, retail, industrial and multi-family combined.
This year, the spillover effect from Latin America’s economic growth, particularly in countries like Brazil and Argentina, should continue to positively impact South Florida’s economy.
As we look ahead, let’s picture Miami in 10 years, Dr. Kelly suggested. How do we see our city evolving demographically, economically and as a real estate market?
As business professionals, we should visualize how we see the Magic City – and ourselves – in 2022, so that it helps shape our business decisions today.
In 2012, let’s not dwell on the opportunities that have disappeared, but focus on finding new ones!
(To learn more, check out Dr. Hugh Kelly’s 2012 Economic Outlook Presentation)