|
Getting your Trinity Audio player ready...
|
In collaboration with the South Florida Water Management District, Miami-Dade County has announced groundbreaking findings from the 2023 Biscayne Bay Economic Study revealing the combined economic impact of Biscayne Bay-related activities at an astonishing $64 billion in economic output.
The 2023 study is an update from the original 2005 study, which had estimated Biscayne Bay’s economic output at $12.8 billion. The impressive, updated figure represents $24 billion in income, supporting 448,000 jobs and contributing $4 billion in tax revenue, proving that the watershed directly influences the county’s economy, making it an essential driver of prosperity, reaffirming that Biscayne Bay is intrinsically linked to Miami-Dade County’s prosperity accounting for 19 percent of Miami-Dade County’s economy, 9 percent in the Southeast Florida region, and 3 percent of Florida’s economy.
The updated study was unveiled recently at a press event at PortMiami with the participation of Miami-Dade County Mayor Daniella Levine Cava, Miami-Dade County Commissioners Kevin Cabrera and Micky Steinberg who serve on the Biscayne Bay Watershed Management Advisory Board, South Florida Water Management District vice chair and Biscayne Bay Commissioner Scott Wagner, and Miami-Dade County’s chief bay officer Irela Bague.
“The new study confirms that our beloved Biscayne Bay is one of the most valuable in Florida, supporting many industries, employing hundreds of thousands, and collectively generating billions of dollars in annual revenue,” said Mayor Levine Cava. “Biscayne Bay is the blue heart of our county. Protecting this treasure will not only nurture economic growth but also enhance the well-being of our entire community. It is vital we continue working together to restore it for generations to come.”
“Biscayne Bay is an environmental jewel, an economic powerhouse and a waterbody of enormous significance for millions of Floridians,” Wagner said. “Today’s announcement is a testament to the importance of Biscayne Bay, and this study confirms what we have always known…Biscayne Bay creates a stronger and more vibrant Miami-Dade County. I grew up enjoying this unique waterbody and I’m so proud to see our continued progress to further revitalize Biscayne Bay.
“Under the leadership of Gov. Ron DeSantis, our momentum to restore South Florida’s ecosystem is unprecedented, and we are going to continue to expedite projects such as the Biscayne Bay Coastal Wetlands suite of projects, which will build coastal resiliency and improve water quality. Thank you to Miami-Dade County for partnering with us on this important study.”
Conducted by Hazen and Sawyer, this year’s study delved into the real estate market, showing that Biscayne Bay and the Miami River waterfronts have substantially influenced residential property values, and uncovering that the bay contributed $7.9 billion to residential market values, while the river added $98 million to the total, bringing in annually $240 million to Miami-Dade County.
The research also shows Biscayne Bay’s draw as a popular recreational retreat. In 2022, an impressive number totaling 119.8 million residents and visitors spent time on the bay for various activities, including time spent along the bayfront, dining, shopping, jogging, sightseeing, birdwatching, and engaging in an array of water-based activities like boating, swimming, picnicking, and fishing.
Biscayne Bay continues to face ecological challenges caused by runoff, septic systems, aging infrastructure, and litter. The study underscores the link between the environment and the economy in Miami-Dade County and provides the foundation to advance policies and investments essential to its preservation.
To view the full report visit www.miamidade.gov/biscaynebay.
ABOUT US:
For more Miami community news, look no further than Miami Community Newspapers. This Miami online group of newspapers covers a variety of topics about the local community and beyond. Miami’s Community Newspapers offers daily news, online resources, podcasts and other multimedia content to keep readers informed. With topics ranging from local news to community events, Miami’s Community Newspapers is the ideal source for staying up to date with the latest news and happenings in the area.
This family-owned media company publishes more than a dozen neighborhood publications, magazines, special sections on their websites, newsletters, as well as distributing them in print throughout Miami Dade County from Aventura, Sunny Isles Beach, Miami Beach, Coral Gables, Brickell, Coconut Grove, Pinecrest, South Miami, Kendall, Palmetto Bay, Cutler Bay and Homestead. Each online publication and print editions provide comprehensive coverage of local news, events, business updates, lifestyle features, and local initiatives within its respective community.
Additionally, the newspaper has exclusive Miami community podcasts, providing listeners with an in-depth look into Miami’s culture. Whether you’re looking for local Miami news, or podcasts, Miami’s Community Newspapers has you covered. For more information, be sure to check out: https://communitynewspapers.com.
If you have any questions, feel free to email Michael@communitynewspapers.com or Grant@communitynewspapers.com.
