FIU Report Showcases Doral's Economic Boom And Rising Diversity In Job Market Amidst Housing Challenges

The City of Doral is hitting its stride with significant economic growth outstripping neighboring areas, as detailed in the latest report put forth by the Florida International University’s Metropolitan Center.

The Doral Economic Analysis Report 2024 Update, a continuation of the original study from 2017, reveals a city in the throes of development, with promising statistics for population and housing growth, alongside a diversifying job market.

According to the report led by FIU’s Dr. Edward “Ned” Murray, Doral’s population saw a leap of 42.3 percent, growing by 21,744 residents since 2015 and the number of family households surged by 29.6 percent, which translates to an increase of 8,424 families, reflecting a dynamic where community and economics intertwine in the dance of growth and prosperity, market demand is resounded by the swell of voices that now call Doral home, further housing supply in Doral expanded with 8,365 units coming into existence since 2015, a robust boost to the city’s infrastructure.

Industry in Doral isn’t just growing—it’s becoming more varied with leading sectors such as management, scientific, and technical consulting services notching up 1,470 workers, while architectural & engineering firms and computer systems design services employ around 1,000 and 862 workers respectively. The overarching umbrella of Miami-Dade County’s targeted industries, including trade & logistics, healthcare, creative design, financial services, also saw significant growth.

Retail is thriving in Doral, driven by young, educated professionals and an influx of demographics alike “Up and Coming Families,” “Boomburbs,” and “Metro Fusion” who account for 33.8%, 16.7%, and 14.9% of Doral Residents respectively, the health of which supports a larger economic ecosystem buzzing with the energy of new business and retail opportunities that beckon a vibrant consumer base, still the report also sheds light on the challenges, such as the outflow of local workers with only 5,990 of the 25,803 employed residents working within the city, and the issue of home affordability in the area.

The allure of Doral’s real estate is underscored by the FIU study, but it tempers the exuberance noting a potential risk to economic viability due to high prices; it suggests more workforce housing could enhance the city’s livability. With 85,542 jobs occupied by those commuting into Doral, it’s clear that the job base is diverse, yet there exists a mismatch between where Doral residents work and where they live, highlighting a challenge amidst the prosperity of this growing hub.

Source: hoodline