South Florida Personal Income Decline in 2009 at Historic Levels

Making ends meet in South Florida has been a challenge in recent years, and the U.S. Government issued a report this week that confirmed a drop in local personal incomes.

Residents of the metropolitan statistical area (MSA) that runs from Miami-Dade County through Fort Lauderdale up to Pompano Beach experienced a significant drop in personal income in 2009, according to the Bureau of Economic Analysis. The chart below shows historical trends for South Florida personal income.

In a recent story titled, “The worst year for South Florida since the Great Depression: 2009,” the Miami Herald reports “… no income drop came even close to what we saw in 2009 — a 5 percent drop in Miami-Dade and an 8 percent plunge in Broward. Personal income includes government aid, and without the state and federal dollars, the decline would have been even worse.”

Income declines of this magnitude have not been seen since the 1930s. Fortunately, South Florida incomes started bouncing back in 2010.

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