ECONOMY

Miami’s economy has recovered faster than most other cities across the United States. This has resulted in employment growth and an above average number of start-up companies being founded here.

 

While unemployment has dropped, it still remains stubbornly high. This also drives down wages. Continued investment in preparing our workforce, including education and access to Miami’s professional networks, will shape a healthier economic environment for businesses to grow.

 

We identified the two goals and metrics below as good targets for our success:

ECONOMY

Goal: Miami-Dade Residents Have Ample, Diverse Job Opportunities

WHY IS IT IMPORTANT?

Employed residents are happier, healthier and more engaged in their communities.

WHAT ELSE IS AFFECTED?

A lack of job opportunities can force residents to migrate to more economically vibrant regions and put strain on local government budgets.

Target industry employment growth
In 2012, the Beacon Council Economic Development Foundation and Avalanche Consulting identified 7 industries that would serve as the foundation for future economic development initiatives.
During the past five years, all of Miami-Dade County’s target industries have experienced employment growth. Collectively, these 7 industries have created nearly 45,000 jobs since 2010.
Source: EMSI
Data Showing: County Level

Technology Growth (Number of Firms)
The presence of tech firms often indicates a region rich with talent and innovation.
Miami-Dade county is growing its technology firm base quickly – faster than major metros and the US.
Source: BLS LAUS
Data Showing: Metro-Level

Employment Growth
Strong employment growth creates job opportunities and boosts wages.
Miami-Dade is growing faster than the US and other counties of similar size.
Source: BLS QCEW
Data Showing: Central County

Unemployment Rate
The local unemployment rate is a frequently cited indicator of a community’s economic health.
Miami-Dade’s unemployment rate, currently 8.4%, is higher than the rates for the US and other large counties. Fortunately, unemployment in the county has dropped significantly from two years ago.
Source: BLS LAUS
Data Showing: Central County

ECONOMY GOAL

2-2

Goal: Miami-Dade Residents Can Start & Grow New Businesses

WHY IS IT IMPORTANT?

Entrepreneurship offers another pathway toward financial success for individuals and communities.

WHAT ELSE IS AFFECTED?

High levels of small business creation within a region contribute to increased economic growth.

Small Business Formation
Prosperous regions feature high rates of small business creation.
Miami enjoys a high rate of startup formation compared to the US and other comparable metros.
Although small business formation in Miami dipped slightly in 2013, the region still outperforms other major metros in small business formation.
Source: Census Business Dynamic Statistics
Data Showing: Metropolitan Area

Growth of Small Businesses to Medium Sized Firms

The ability of small companies to mature into larger firms is a key indicator of a community’s entrepreneurial business climate.
Despite Miami’s high rate of startup formation, the region only slightly outperforms the US average in the proportion of new firms that grow to be medium-sized.
Source: Census Business Dynamic Statistics or County Business Patterns
Data Showing: Metro Area

Venture Capital Funding per Capita
Venture capital is the lifeblood of young start-ups. Miami-Dade county has low levels of venture capital funding compared with the US and other comparable metros.
Despite low levels of per capita VC funding, Miami has made strides in increasing funding in recent years.
National Venture Capital Association Data Showing: Metropolitan Area.

Self Employment Income
Higher revenues often reflect the presence of more competitive sole proprietorships.
Miami metro family businesses make significantly less than their peers in other metros and average receipts have dropped significantly during the past two years. Source: Census Non-Employer Statistics
Data Showing: Metro-Level

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