With the pandemic came fear and worry for millions of people in the US. Staggering job losses, homelessness on the rise, some even struggling to get food as a result. While many cities are still coping with the devastating effects of COVID-19, economic growth in Miami is set to fully succeed in the wake of this unprecedented situation. It’s due to an incredibly resilient economy.
So, what’s changed?
Florida has seen a surge in population growth. According to data provided by the US Census, the population in Florida grew 14.6% during 2010 to 2020. The state itself has attracted financial and banking services, and salaries are beginning to rise.
Due to the Pro-Business Environment in the State and in Miami-Dade, The Area Isn’t Just for Retirees Anymore
The sunny climate has long been a goal for many retirees, but now it’s a pull for families and individuals. With the pandemic came the rise of remote jobs and also the fact that Florida doesn’t have state income taxes. This trend has steadily become the norm, which means employees can live anywhere in the world they choose, and they are choosing Miami.
But also, many businesses are incorporating in Florida and creating new jobs because of the state’s tax structure. Tax rates are very business friendly compared to other states, allowing for companies to flourish.
Real Estate and Transportation Continue Improvements Despite COVID
During the pandemic, Miami remained mostly open while the rest of the US was shutting down. Instead of vacationing, people were choosing to actually relocate to the area, causing an increase in real estate opportunities.
Additionally, transportation developments are on the rise. A new rail system, underground transportation tunnels, and even talks of flying jet taxis are components that are drawing people and jobs to Miami.
What Does This Mean for Economic Growth in Miami?
Miami’s reputation as a new and upcoming technology hub is reaching million-dollar companies across the country. Many have already moved to Miami or opened branch offices there.
It all adds up. New businesses, expansion with existing businesses, an upswing in population growth, real estate, and improved transportation mean a better quality of life for everyone in Miami. It’s easy to see why all of this would mean a monumental boon for the economy!
Let the Economic Development Council of Miami-Dade Be Your Guide to Post-COVID Miami
Exciting opportunities are on the horizon, and we’re here to help you understand their impact on economic growth in Miami! Have questions? Contact us today at 305-378-9470!