Resurgent International Travel Providing a Strong Boost To Miami's Economy

The Miami-Dade County market is on track to continue its healthy recovery, as international migration and tourism returns in 2023 and beyond. Since more than 50% of the population of Miami-Dade County is foreign-born, international immigration remains a significant driver of resident population growth. The closure of international borders had an adverse impact in the area, which saw a significant drop in international net migration in 2020 and 2021. An outflow of domestic residents which has been a continual drag on the county’s population growth since 2010, coupled with the pandemic-induced immigration slowdown, resulted in a drop in total resident population. This trend has now begun to reverse in 2022, driven by the return of international migrants.