The Fort Lauderdale Downtown Development Authority (DDA) recently published its latest report, “Downtown Fort Lauderdale 2023 Year in Review,” which presents the most recent economic insights of downtown Fort Lauderdale. The report provides a comprehensive analysis of the financial impact, ongoing development, and population growth in the heart of Fort Lauderdale.
The recent report revealed noteworthy statistics about the city’s growth and economic impact. The Urban Land Institute has recognized Fort Lauderdale as a top 18-hour city for three consecutive years. This recognition is a testament to the city’s thriving business environment and livability.
The report also indicates that Downtown Fort Lauderdale has a substantial annual economic impact of $35.7 billion, a $6 billion increase from 2019. This figure equals 29% of the countywide GDP and 9% of South Florida’s economic output. Downtown Fort Lauderdale’s economic prosperity is on a steady rise.
Since the start of the COVID pandemic in 2020, the downtown population has grown at a faster rate (+39%) than the downtowns in Nashville (+22%), Austin (+16%), and Tampa (+12%). The report attributes this growth to the city’s attractive urban environment, strategic location, and growing job opportunities. The report also reveals that there has been an 85% increase in kids and families living in DowntownFTL since 2018. This shows that downtown Fort Lauderdale is becoming an increasingly desirable place to raise a family.
Las Olas, a popular tourist destination, has seen a significant increase in visitors. According to the report, Las Olas now sees 5 million visitors annually, a 30% increase since 2017 and a 10% increase year-over-year. This indicates that downtown Fort Lauderdale has become a more popular tourist destination.
To download the full report, click here.
Photo credit: Fort Lauderdale DDA and Sublime Imagery
