Late this summer, Governor DeSantis pledged a staggering $250 million dollars in aid to help struggling ports around the state of Florida, including our very own here in Key West. As all residents of Key West homes and condos know, the economy of Key West relies heavily on tourism. While there are surely some direct visitors, the largest sector of tourism in Key West is driven by the cruising industry. With the onset of the coronavirus and its far and wide-reaching impacts, cruise lines and their respective ports of call have been devastated. The $250 million promised by the governor is in an effort to help Florida’s ports recover economically from the drastic decreased revenue felt in 2020. Funding will come as part of the America Rescue Plan and the Coronavirus State Fiscal Recovery Fund.
The lion’s share of the $250 million will go to larger ports like Port Canaveral receiving more than $72 million, PortMiami receiving nearly $67 million, and Port Everglades receiving over $58 million. The rest of the sum will be divided amongst the state’s smaller ports, with the Port of Key West promised just over $5 million.
Key West’s economy has been hit hard by the decrease in tourism due to coronavirus, and the money promised will help to alleviate the strain for port employees and other residents of Key West as well.
Currently, the Key West real estate market is hot. As of September 2021, there are more than 110 homes for sale in Key West with an average list price of over $1.8 million and nearly 70 condos for sale in Key West with an average list price of just over $760,000. As the market continues to thrive and as Key West’s economy rebounds, bolstered by aid to the port, it is a great time to invest in Key West!