Miami is an eclectic city that attracts an array of visitors and residents. It’s well known to many: the beaches and material lifestyles makes this Floridians’ city a cool getaway as well as a thrilling place to live in. Over the years, Miami has also seen economic development from this identity had to both outsiders and inhabitants.
We’ll now cover a few statistics regarding the economic character and growth of Miami, Florida. The city’s close proximity to Latin countries and isles have made it a location of international trade. It’s “number one” regarding its ports for passenger cruises and boasts of being the “Gateway to the Americas.”
This diverse culture does help to define Miami’s economy.
Summing up Miami’s economy requires us to look at tourism also. Miami tourism, however, is not your typical visit to the zoo or museum. There are endless streets with nightclubs, restaurants, bars, hotels and shopping specialties.
According to the Miami-Dade County Analysis of Current Economic Trends, 44,200 less residents are unemployed than roughly three years ago. Consumer spending has increased as signs of taxable sales increased by 13 percent. Condominiums in Miami-Dade County are up 8.6 percent from the previous year however.
Median prices for homes also increased to 40 percent higher than data from three years ago. A three years span from today to the past has seen nearly 90,000 additional employees into the labor force.
These statistics show with office vacancies dropping by 3 percent.
The government’s Labor Market Report is also impressive with results of 33,500 jobs added, a 30 point decline in unemployment and health services leading in job development for private employment. The rate of private employment in the first quarter was up 34,000 positions with health and education first, hospitality and leisure second, financial services third, wholesale trades fourth and information sectors sixth. There is even a growing internet service community in the market such as web design, Miami social media and even Miami SEO companies popping up that offer specific marketing strategies to South Florida based businesses.
Knowing the variant business opportunities in Miami will require an understanding of the targeted consumer first. Miami is diverse and caters to a local and international scene. So learning about business developments in this city is a matter of organizing Hispanic businesses, Caucasian businesses and so on.
As for reports on women in business, Miami-Dade County is recorded having the third largest number of women-owned businesses in the nation. Those businesses averaged 5.1 employees and accounted for 29 percent of all operations in Miami. In only 2007 was Dade County named as “the number one” city-economy having the largest variable of black businesses. These operations met roughly 11.4 percent of total businesses in the city and averaged 4.8 employees.