South Florida Business and Wealth was the proud host of Fifth Third’s “Empowering Cities” program on April 1 at The Diplomat in Hollywood. The event kicked off with a breakfast buffet and coffee bar before speakers Sarah Dickerson, Assistant Research Professor and Research Economist Kenan Institute of Enterprise, and Jeff Korzenik, Chief Economist Fifth Third Commercial Bank, delivered economic data and intelligence with the mission of guiding leaders in their pursuit of strong financial performance and sustainable growth.
Empowering American Cities, a collaboration between one of the country’s largest regional banks and the Kenan Institute, a university-based think tank with a strong reputation for economic research, has been done across 15 cities so far and the SFBW-hosted event was the first of its kind that Fifth Third held in Florida. With the economy in South Florida growing continuously, this was the ideal opportunity for an Empowering Cities event. “South Florida is just above the midpoint in its GDP growth forecast when we look at the 50 largest extended metro areas, so ahead of Chicago, L.A., New York and Philadelphia,” says Sarah Dickerson. “The talent pool here is quite strong and impressive and a large share of the population has a bachelor’s degree or higher in high tech.”
“What’s really interesting is a subset of the finance market, the move of hedge funds, particularly to Miami, is something that is starting to create a sufficient cluster of talent that it can attract yet even more hedge funds into this marketplace,” adds Jeff Korzenik.
Key discussions centered around potential headwinds from changes to tariffs and immigration policy, both of which could impact the region. Fortunately, South Florida’s strong Finance and Real Estate sectors—coupled with its position as a global hub for business and talent—offer a solid foundation for long-term growth.
Housing affordability emerged as a pressing concern, echoing trends seen nationwide. With sluggish housing starts reported across the EMA, the affordability gap may widen in the coming months, affecting residents across income levels.
Interestingly, South Florida’s relatively small manufacturing sector could work in the region’s favor this year. As the industry braces for significant job losses nationwide in 2025, the local economy may be less vulnerable than others more reliant on manufacturing.
Overall, the event offered a realistic yet optimistic view of South Florida’s economic path—highlighting both challenges to watch and assets to build on. For more information, visit empoweringamericancities.com.
