Report: Biscayne Bay holds a $64 billion annual impact on Florida’s economy

by | Oct 19, 2023

  • Biscayne Bay has an annual economic contribution of $64 billion to Miami-Dade County and the surrounding regions, marking a substantial rise from $12.8 billion in 2005.
  • Individual economic metrics include $24 billion in income, 448,000 jobs, and $4 billion in tax revenue.
  • Biscayne Bay and the nearby Miami River waterfronts have boosted residential property values by $7.9 billion and $98 million respectively.
  • Port Miami, located in Biscayne Bay, adds $48.8 billion annually to the local economy and supports over 334,500 jobs, while also serving as a significant cruise hub with 4.33 million visitors annually.

Biscayne Bay’s annual economic impact is valued at $64 billion, according to a report released by Miami-Dade County and the South Florida Water Management District.

The updated numbers detail a contribution of $24 billion in income, support for 448,000 jobs, and a generation of $4 billion in tax revenue. The report shows that Biscayne Bay contributes to 19 percent of Miami-Dade County’s economy, 9 percent of Southeast Florida’s, and 3 percent of Florida’s overall economic activity. The value marks an increase from the $12.8 billion figure recorded in 2005.

“The new study confirms that our beloved Biscayne Bay is one of the most valuable in Florida, supporting many industries, employing hundreds of thousands, and collectively generating billions of dollars in annual revenue,” said Miami-Dade County Mayor Daniella Levine Cava. “Biscayne Bay is the blue heart of our county. Protecting this treasure will not only nurture economic growth but also enhance the well-being of our entire community. It is vital we continue working together to restore it for generations to come.”

According to data from environmental consultancy firm Hazen and Sawyer, Biscayne Bay and the adjacent Miami River waterfronts have added $7.9 billion and $98 million to residential property values, respectively. Together, these waterfronts annually funnel an additional $240 million into Miami-Dade County’s coffers.

Biscayne Bay is notably home to Port Miami, which itself contributed $48.8 billion annually to Miami-Dade County’s economy, per internal data, and supports more than 334,500 jobs in Florida. The port is also called the Cruise Capital of the World, delivering 4.33 million visitors through its corridor per year.

The commercial fishing sector also plays a role in the local economy. Spiny lobster revenue generation sits at $2.4 million for 2023, while Stone Crab contributes $632,000. Bait shrimp, a commodity within the fishing industry, adds another $578,000 to the bay’s commercial fishing income.

“Biscayne Bay is an environmental jewel, an economic powerhouse, and a waterbody of enormous significance for millions of Floridians,” said South Florida Water Management District Governing Board Vice-Chairman and Member of the Biscayne Bay Commission Scott Wagner.


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