July 2, 2022
Miami-Dade Economic Assessment

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Miami-Dade Roundup

Miami-Dade Economic Assessment

Economic Assessment

Florida International University’s Miami Urban Future Initiative examined metro Miami’s ability to attract and grow major companies after the Amazon HQ2 competition. Its report, “Miami After HQ2: Why and How the Region Must Grow Its Own Amazons,” shared what the researchers believe is the data most relevant to doing so. A few highlights:

Standouts

  • Clusters: The metro’s employment in legal occupations is 75% above the national average, health care is 8% above the national average. Business and financial management employment is 6% above.
  • No. 2: Miami’s rank in the U.S. for share of foreign-born residents with a bachelor’s degree or higher. Only San Jose/Silicon Valley ranks higher.
  • 340,000: Number of college students in the metro area (ninth-largest “college town” in the U.S.)
  • 67%: Percent who attend college in metro Miami and stay in the area, No. 16 among 53 large U.S. metros.
  • No. 24: Rank for research spending among large metros.

Venture Capital

  • $850 million: Value of the more than 100 venture capital deals in the metro Miami annually
  • $255 million: Value of the 25 VC deals a decade ago
  • No. 31: Metro Miami’s rank among the world’s 300 global startup cities for deal value

Talent Base

  • No. 41: Miami’s rank among 53 large metros in the percentage of adults with at least a bachelor’s degree — 31% vs. 30.9% nationally
  • No. 49: The city’s “creative class” rank — including high-skill, high-wage workers such as scientists, technologists, professionals, managers, artists, designers and cultural creatives, about a third of the region’s workforce

Forecast

  • The mega-region that stretches to Orlando and Tampa will include 15 million people and $750 billion in economic output — comparable in size to the Netherlands.

HEALTH CARE

  • Baptist Health South Florida is one of 12 health care systems that are founding members of Civica Rx, a Salt Lake City-based non-profit generic pharmaceutical company that will focus on medications in short supply.
  • Baptist also purchased a 2.8-acre site in Coral Gables for a reported $37 million, although it has not yet decided how it will use the site.
  • Mount Sinai Medical Center finished a $275-million, 350,000-sq.-ft. expansion of its Miami Beach hospital.
  • The Organ Procurement and Transplantation Network/United Network for Organ Sharing ranked the Jackson Health System/ UHealth Miami Transplant Institute, which performed 681 transplants in 2018, the second-largest transplant center in the U.S.
  • The FDA approved Opko Health’s finger-stick test for prostate-specific antigen, although the company’s 4Kscore test for determining the risk level for aggressive prostate cancer received a determination that will prevent many public health care systems from covering it. The company is appealing the determination.

TOURISM

  • Airbnb is suing Miami Beach, arguing the city’s ban on short-term rentals (anything less than six months and one day) in single-family homes and most multifamily buildings and its related requirements are an illegal infringement on Airbnb’s rights.
  • MSC Cruises will build and operate two new cruise terminals at PortMiami, where it will homeport several of its new ships; the company projects it will raise its annual passenger count at the port from 1.8 million to 5 million by 2026.
  • An affiliate of London-based real estate firm London + Regional purchased the 281-room Pullman Miami Airport Hotel for $48.7 million.
  • The JW Marriott Miami Turnberry Resort & Spa in Aventura opened Tidal Cove, a water park accessible only to resort guests and country club members. It includes a 60-foot tower with seven water slides, a 4,000-sq.-ft. kids pool, a surf simulation pool and other attractions.

    Tags: Miami-Dade, Feature

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