Boom or Bust: Miami

According to an article featured on Azobuild.com (A to Z of Building), Miami’s economy is the thirteenth largest in the U.S. (including states) and has outpaced Chicago and positioned itself behind Beijing in office market growth. Miami’s $7.2 billion trade surplus is the second largest in the U.S. The data was compiled via the U.S. Census Bureau. According to the same source, the Greater Miami area out performed New York and London in terms of investment growth. Miami has already surpassed the Big Apple in new construction activity and currently leads the U.S.

Wikipedia has an article on Manhattanization, which references Miami’s version of it as a great example of the urban phenomenon. Wikipedia, humorously enough, also has an article on the emerging Biscayne Wall.

According to the Beacon Council, 46% of all trade with Central America goes through Miami’s Customs District along with 30% of all Caribbean trade and 20.6% of all the trade with South America. As far as total U.S. exports go, Miami dispatches 49% of all trade to Central America, 42% to the Caribbean, and 38% to South America. Brazil tops the list of Miami’s trading partners with almost $5 billion in yearly trade. According to Florida FTAA, Miami is home to over 500 multi-national headquarters, about half of which specifically target Latin America.

The continued progress of Miami will bode well with domestic and international investors down the line and help sustain what is being considered “over-development” by some. The Magic City continues on its world-class track.