A prosperous business climate adds flavor to FDI
By BF staff
From the March / April 2021 issue
WWhen tech pioneer Peter Thiel’s $ 6 billion venture capital firm Founders Fund decided in January to open an office in Miami, she found herself in good company.
Venture capital, private equity and private wealth management firms Blackstone, I Squared Capital, Citadel, Icahn Enterprises and Starwood Capital have recently established themselves in South Florida. Goldman Sachs’ asset management division plans to join them from New York.
Together, they form a diverse multinational base of banking, financial services and insurance (BFSI), technology, healthcare, logistics and aerospace, and innovators who have made their home in the region.
The fourth fastest growing major city in the country, the Miami MSA has everything to make global employers prosper: no national or local personal income taxes, low corporate taxes, a favorable regulatory climate and diverse talent base.
Even before the pandemic, Florida was attracting nearly 1,000 new residents a day. Today, executives, employees and their families are drawn to the chance to work in a culturally rich community that offers low density, attractive winters, and a lower cost of living than many other comparable markets.
Foreigners get the message: Miami is a hot market for domestic and foreign direct investment. The Miami-Dade Beacon Council, the county’s official economic development organization, works directly with businesses wishing to relocate or expand to Miami. Since 1985, they have helped more than 1,200 businesses, creating more than 100,000 jobs and generating more than $ 6.6 billion in new capital investments.
Among them, the Norwegian company Atlantic Sapphire recently invested $ 480 million here to open its US headquarters and salmon farm. SoftBank Group has made a $ 100 million commitment to fund Miami-based start-ups.
PORTAL TO LATIN AMERICA AND THE WORLD
Miami is the gateway to Latin America and the world. The county is home to 1,000 of the region’s 1,300 multinational companies, and it is where more than 100 languages are spoken. The Spanish-language television channels Telemundo and Univision are developing their continental strategies here. Miami-Dade County is the second largest financial services center on the East Coast. It also has the third largest number of consular bodies and foreign trade offices.
Miami leads the country for foreign-born population and second for foreign-born residents with graduate degrees. Internationally experienced lawyers, accountants, international consultants and bankers are qualified to negotiate domestic projects, operations on and off the coast, as well as launches and expansions in the region and abroad.
Business flourishes in the sun. Miami is ranked first for start-ups and sixth for small businesses by the Kauffman Foundation. It is the number one city in the country for women entrepreneurs.
The only US city named “Global City for the Future of Connectivity” in 2019 by FDI magazine, recent technology arrivals include Spotify; the Tabit point of sale company; the educational company GeniusPlaza; specialist in fintech Pipe; and Slalom board. REEF Technology of Miami recently closed a $ 700 million growth capital round.
Miami’s technological roots can be traced back to the 2001 opening of the Equinix Network Access Point (NAP) and data center. NAP founder Manny Medina’s latest company, Appgate, was recently valued at $ 1 billion, and his eMerge Americas conference brings together 15,000 global tech leaders each year. In total, the 82% growth in tech employment in the county over the past decade is the second in the country.
Miami is connected by air, sea and land. One of three international airports and a dozen general aviation airports serving the tri-county area, Miami International Airport is the first and third in the United States for international cargo and traffic, respectively. international passenger carrier – and one of two certified pharmaceutical hubs in the world.
Called the “Cruise Capital of the World” for the 6.8 million passengers who sail on more than 50 ships from 22 cruise lines each year, this is only half the story of PortMiami. During the pandemic, freight operations – and a burgeoning logistics infrastructure – broke records, in part by handling loads of goliath from post-Panamax container ships.
From pre-K to post-graduation to workforce development, the region is an education and workforce pipeline. Award-winning Miami-Dade Public Schools claim four of the top 100 high schools in US News and World Report ‘s 2020 ranking. More than a dozen colleges and universities include four research universities ranked R1 and R2.
Miami is the top city in the country in terms of percentage growth of adults with graduate degrees. Need a labor pool with unique skills? Workforce development organizations and colleges in the region are forming to meet specific needs, especially in the emerging sectors of IT, healthcare and logistics.
South Florida is vibrant and cosmopolitan with world-class museums and performing arts centers, art lovers who come every year for Miami Art Week and its five professional sports teams.
Miami is so culturally diverse that you can taste it. Whether they live in million dollar oceanfront apartments or waterfront mansions, or in family-friendly, affordable suburbs for the workforce, foodies across the region are discovering rates. panhemispheres that embody the American “melting pot”.
For businesses looking for a global address with a tropical allure, Miami is a “salad bowl,” where unique flavors, talents and experiences bring the region to life and benefit the businesses that call it home. Diverse, culturally rich, economically disruptive and entrepreneurially ambitious, for those seeking the ideal relocation market, Miami is the destination of the 21st century – and beyond.
The Beacon Council works with local and state OEDs to help businesses find their next home.
Find out about all the latest news related to Florida economic development, business relocation, business expansion and site selection.