Exciting news! The 2023 Biscayne Bay economic study is out, and Biscayne Bay brings in $64 Billion dollars annually to Miami Dade County.

Miami-Dade County and the South Florida Water Management District recently announced groundbreaking findings from the 2023 Biscayne Bay Economic Studyrevealing the combined economic impact of Biscayne Bay-related activities at an astonishing $64 billion in economic output. The 2023 study is an update from the original 2005 study, which had estimated Biscayne Bay’s economic output at $12.7 billion($17 billion in 2022 dollars). 

The impressive, updated figure represents $24 billion in income, supporting 448,000 jobs and contributing $4 billion in tax revenue, proving that the watershed directly influences the county's economy, making it an essential driver of prosperity, reaffirming that Biscayne Bay is intrinsically linked to Miami-Dade County's prosperity accounting for 19%of Miami-Dade County's economy, 9% in the Southeast Florida region, and 3% of the State of Florida's economy.   

The impressive, updated figure represents $24 billion in income, supporting 448,000 jobs and contributing $4 billion in tax revenue, proving that the watershed directly influences the county's economy, making it an essential driver of prosperity, reaffirming that Biscayne Bay is intrinsically linked to Miami-Dade County's prosperity accounting for 19%of Miami-Dade County's economy, 9% in the Southeast Florida region, and 3% of the State of Florida's economy.   

The updated study was unveiled at a press event at Terminal V - PortMiami with the participation of Miami-Dade County Mayor Daniella Levine Cava, Miami-Dade County Commissioner Kevin Cabrera who serves on the Biscayne Bay Watershed Management Advisory Board, South Florida Water Management District Vicechair and Biscayne Bay Commissioner Scott Wagner, and Miami-Dade County’s Chief Bay Officer Irela Bagué. 

Conducted by Hazen and Sawyer, this year’s study delved into the real estate market, showing that Biscayne Bay and the Miami River waterfronts have substantially influenced residential property values, and uncovering that the bay contributed $7.9 billion to residential market values, while the river added $98 million to the total, bringing in annually $240 million to Miami-Dade County. 

Biscayne Bay continues to face ecological challenges caused by runoff, septic systems, aging infrastructure, and litter. The study underscores the link between the environment and the economy in Miami-Dade County and provides the foundation to advance policies and continued investments essential to its preservation.  

There you will find the 2005 and 2023 report, an overview of the 2023 report, a one-pager, and graphics.