The city of Miami, also known as “The Magic City”, remains on its successful path among the most desirable corporate destinations in the US and the world. Fifty-seven companies migrated part or all of their divisions to the city in 2022 in Miami-Dade County. Another 150 are in transition, according to statistics released by the Miami-Dade Beacon Council. Also, according to the Council’s report, 2022 saw the highest number of companies entering Florida since 1985.
The Beacon Council, which serves as the county’s economic development agency, projects that the county will have more than $800 million in recurring economic earnings from companies relocating to Miami. The relocations will also create 8,000 new jobs with an average annual salary of six figures.
As states such as New York and California struggle to retain their entrepreneurs, Florida proves to be one of the preferred destinations for companies of all sizes. In addition to being a dream destination for most Americans, Florida is perceived by the corporate market as a “Business Friendly” state, as it is less bureaucratic and also does not charge the State Income Tax.
In the last 10 years the city of Miami has evolved from a tourist destination to a financial and technological hub, attracting mega corporations from other corners of the US and the world. The real estate sector, in this scenario, has contributed and accompanied, becoming the main protagonist of this transformation. The topic was addressed at the event “React 2022 – Miami: A Real Estate and Technology Powerhouse”, at the Hollo School of Real Estate (FIU Business).
Miami Mayor Francis Suarez deserves all the spotlight in this scenario. With a modern attitude and competitive vision, Suarez wants to transform Miami into the new technological hub of the USA, rivaling the giant Silicon Valley.
Not only in the technological sphere, but also in the financial sector, Miami has been attracting large banks and financial institutions. The preference for the city gave Miami the title of “Wall Street South”.
The Beacon Council also deserves great credit in this Miami transformation. Its members constantly travel to potential destinations such as Israel, the UK and Spain to promote the Miami-Dade region in search of foreign companies.
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