Three letters can mean so much. TPS reports, mean nothing but empty business jargon, unless you're an Office Space fan. Others, like IRS, cause a knee-jerk reaction of nervousness. Still yet are those, like GDP, that mean little until they're qualified by context. Besides standing for gross domestic product, it has a bit more meaning.
And for Miami, those letters add up to big results, producing about $400 billion of economic output one of the top five states that, together with California, Texas, New York, and Illinois, has contributed about 40% of overall GDP for the country. And we've grown by about 3% since last year, all according to cost analysis website How Much.
What's GDP got to do with real estate? Plenty, and at a macro level that affects us all. Increases in factors like GDP and job creation have a big impact on consumer confidence and home buyer demand.