Miami's Economic Information

Miami's booming economy

The average per capita income in 2005 in the Miami metropolitan area was $31,347, according to the Florida Research and Economic Database, while median total household payments per month are $1,537. The unemployment rate in the City of Miami in 2006 stood at 4.2% out of a total population of 362,470. Miami-Dade County has an estimated 2.4 million people, of which 51% are foreign-born – the highest proportion out of any county in the US. Two other counties make up the South Florida metropolitan area, a large strip of built-up land between the Atlantic Ocean and the Everglades. The total population of the metropolitan area is approximately 5.4 million, making it the 7th biggest metropolitan statistical area in the country.

Tourism has always played a major role in the Florida economy and Miami especially, with its lifestyle imaging and effective branding in the world of films, TV, and music (Miami Vice, Gloria Estefan, Scarface for example). Out of the total metropolitan area economy size of $184.2 billion (ranked 11 out of 20 largest metro regions in the US), tourism injected Miami-Dade county $13.5 billion into the economy. About 10.4 million people visit greater Miami every year, including 5.6 million international visitors. One-third of these international tourists come from Latin America. Also, business travel is an important aspect to tourism in the Miami area, with almost 900,000 delegates arriving for conventions and bringing over $930 million to the local economy.

Miami Beach tourism stats

• 94,820 residents
• $6.3 billion local economy – per capita income level over $66,000
• $ 3 billion worth of real estate sold
• More than 7 million visitors a year; 63% domestic, 37% international
• Average expenditure per visitor per trip at $1,354.3 over an average 6.14 days per visitor
• 18,000 hotel rooms in Miami Beach and 1,273 condo/hotel units
• $800 million in food and beverage spending
• Average room rate of $215.62, occupancy of 81.7% on a yearly-adjusted basis
• 9,000 residential units per square mile

In terms of small business viability, the entire Florida market has been adjudged the most conducive for growth prospects and Miami ranks highly for its gateway role, diversity, and ability to attract financing from a growing population. The Miami region was ranked the 3rd best market in the country for attracting small business; there are 3,161 per 100,000 residents. This can be attributed in part to the high number of dynamic, business-minded immigrants that Miami continues to attract as well as their links to the wider, Latin American region.

In terms of a wider economic profile Miami offers several attractive features for international investors. The city is home to 64 foreign consulates and 25 international trade offices. The largest collection of international and national banks on the East Coast, after New York, is in Miami, representing total deposits of $74.3 billion (in 2003). Brazilian, British, Canadian, French, German, Israeli, Japanese, Spanish, and Venezuelan banks all have offices in Miami-Dade County. The international trade infrastructure is equally strong: Miami International Airport is the nation’s top airport for international freight and third-largest for international passengers. Its economic impact on the area is estimated to be around $18.6 billion. The Port of Miami contributes $8 billion to the local economy and ranks ninth among containerized ports in the US. Miami is also petitioning to be the site of the Permanent Secretariat of the proposed 34 nation Free Trade Area of the Americas. In total, nearly $50 billion in total merchandise trade passes through the Miami Customs District.