Situated along the south Florida coastline, Miami has traditionally relied on a strong tourism and resort economy.
As early as the 1920’s the emerging airline industry played a strong role in contributing to the growing number of tourists who claimed the city has a hot spot.
Miami Employment – Economic Outlook
While Miami still maintains a strong connection to its tourist industry, in the last twenty years; that trend has begun to shift until Miami is now positioned to be more diversified than ever. That diversified economy includes strong industries such as:
- Real estate
Miami’s position as the largest urban area in Florida has contributed to its diversification. The city is the home to a variety of some 68,000 different companies, including Fortune 500 companies, multinationals, mid-sized companies and small firms.
Miami Employment – Major Employers
Major private sector employers in the Miami area also include American Airlines, Baptist Health Systems of South Florida and the University of Miami; each of which employs between nine and ten thousand employees each. BellSouth and United Parcel Service provide employment for between 4,500 and 5000 employees each.
Pharmaceutical and biomedical firms tend to be among the largest employers in the Miami area, such as Beckman Colter. Public sector employers include Miami-Dade Public Schools, which employ over 54,000 people and Miami-Dade County, employing over 32,000 employees.
The Federal Government and Florida State Government both employ between 18,000 and 20,000 employees each while Jackson Memorial Hospital employs almost 12,000 people.
Miami Employment – Career Prospects
Services, trade and manufacturing have been the anchoring industries in Miami for quite some time. In the last year alone, the Miami-Dade area has added over 23,000 jobs. Throughout the last two years, Miami has seen the most job growth in the following sectors: construction, non-durable goods manufacturing, wholesale trade, general merchandise, broadcasting, financial activities, professional and business services, education and health services, leisure and hospitality.
Professional and business services have seen the strongest job growth during this time period, with an addition of more than 3,500 jobs.
This sector includes jobs such as advertising, building services, computer processing services and personnel supply services. The latter has primarily fueled the growth within this sector.
Financial and professional services as well as the hospitality industry have also seen growth during this time period. Durable goods manufacturing, air transportation and wired telecommunications carriers have seen job losses within the last two years.
The Miami area also has a strong connection to international trade and is often referred to as “Gateway to the Americas.” 500 multinational companies make their home in the Miami-Dade area, serving North, South and Central America in addition to Europe, Asia, Australia, Africa and the Caribbean.
The presence of such multinational activity makes for a strong import-export climate with billions flowing in and out of the Miami area. With more than 150 financial institutions and upwards of $61 billion in deposits, Miami has the largest concentration of banks south of New York.
Facts About Miami
The large influx of multi-cultural residents through the 1960’s, many of whom were Cuban and Latin American, added to the city’s multi-cultural flavor; positioning it to become a favorite tourist location for international visitors.