June 25, 2022

Community Portrait

Miami-Dade County

Perhaps more than any other community in Florida, Miami-Dade -- its business, and cultural base, its politics, its community dynamics, its perception elsewhere, its 'feel' -- is defined by demography.

Economic Life

» Working for a Living

Miami-Dade County residents derive most of their income from labor. Overall, 74% of residents’ income comes from their jobs — as opposed to interest and dividends — vs. 67.6% for state residents overall. That ranks Miami-Dade as the 12th-highest in the state in income from labor — even while it ranks among the top 18 counties in the state in per-capita income at $37,370. Miami-Dade County accounts for 12% of all jobs in Florida.

» Consumer Buying Habits

» The Toyota Corolla is the top-selling new car in Miami-Dade.

» South Florida consumers (from Miami to Fort Lauderdale) are 58% less likely than those elsewhere in the nation to own a domestic truck.

» Residents in the region consume more rice than residents in the U.S. overall — more than 200% more — and 60% more dry beans.

» South Florida buys less pet food than the nation — a function of its number of apartments and condos that don’t allow pets.

» High-Profile Companies

» The Related Group
» Greenberg Traurig
» Holland & Knight
» Southern Wine & Spirits of America
» Brightstar Corp.
» Ocean Bank
» Sedano’s supermarkets
» Burger King
» American Airlines
» Lennar Corp.
» Royal Caribbean Cruises
» Ryder
» Carnival Corp.
» Perry Ellis International
» Spanish Broadcasting System
» Terremark Worldwide
» Baptist Health South Florida
» Mount Sinai Medical Center
» MasTec

Nearly 4 million cruise passengers embarked from Miami in 2008.

Bascom-Palmer Eye Institute treats 200,000 patients a year in Florida.
» Economic Engines

» Tourism: Miami and Miami Beach attract visitors worldwide. A record 12 million people visited Miami-Dade County in 2007, spending $17.1 billion. While most of those visitors were domestic (54.1%), foreigners made up 45.9%, including more than 3.5 million from Latin America, 1.3 million from Europe and 556,000 from Canada. Art Basel Miami attracts more than 40,000 visitors. The county collected more than $93.6 million in tourist taxes in 2008. In 2005, it collected $75.9 million. With some 3.7 million passengers, Miami is also known as the cruise capital of the world.

» Biomed and Overall Medical Sector: Biomedical companies with operations in Miami-Dade include Cordis; Beckman Coulter; Boston Scientific; Teva Pharmaceuticals Industries; Noven Pharmaceuticals; and Schering-Plough. With 28 hospitals and more than 32,000 licensed healthcare professionals, Miami-Dade County has the state’s largest concentration of medical facilities. Among the notable healthcare facilities are Jackson Memorial Hospital; Baptist Hospital; Bascom-Palmer Eye Institute; Sylvester Comprehensive Cancer Center; Diabetes Research Institute; and the National Parkinson Foundation.

» Trade: The county also benefits from its proximity to the Caribbean and South America. Nearly $90 billion in total merchandise trade passed through the Miami Customs District in 2008. Approximately 1,300 multinational corporations from 56 countries are established in the region. With an economic impact of $18.6 billion, Miami International Airport is the nation’s top airport for international freight and third for international passengers. The Port of Miami, which contributes $8 billion to the local economy, ranks first among the state’s containerized ports and ninth in the United States. Some 20 shipping lines sail to more than 250 other ports in more than 100 countries. The World Trade Center Miami is Florida’s oldest international organization and assists member companies in expanding their international presence. Miami is home to more than 64 foreign consulates, 25 international trade offices and 32 binational chambers of commerce. Two free trade zones exist in greater Miami, the Homestead Free Zone and the Miami Free Zone, one of the world’s largest privately owned and operated zones.

Don Francisco’s “Sabado Gigante” — the world’s longest-running TV variety program — films in Miami.
[Photo: Brian Smith]
» TV/Film Production: Film, television and entertainment production — including production of telenovelas for the Latin market — have an estimated $2 billion impact on the local economy.

» International Banking: About 100 commercial banks, thrifts, foreign bank agencies and Edge Act banks are located in Miami. They account for total deposits of more than $75 billion. The concentration of domestic and international banks is the largest on the East Coast south of New York.

Tags: North Central

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