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Miami Ranked as the Seventh-Best Small Business City in America

by | Jun 06, 2015
An emerging technology sector, its $2 billion port infrastructure upgrade, and the lack of a state income tax are encouraging more businesses and residents to relocate to South Florida. Single- family home transactions — which set an all-time Miami annual record in 2014 — increased 8.0 percent year-over-year in April 2015, from 1,155 to 1,247
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Christopher Zoller
2015 Residential President
MIAMI Association of Realtors®

An emerging technology sector, its $2 billion port infrastructure upgrade, and the lack of a state income tax are encouraging more businesses and residents to relocate to South Florida. Single- family home transactions — which set an all-time Miami annual record in 2014 — increased 8.0 percent year-over-year in April 2015, from 1,155 to 1,247, according to the MIAMI Association

of REALTORS ® (MIAMI). Existing condominium sales — which posted the second best year in Miami history last year despite an increase in sales of pre-construction condos— declined
6.8 percent, from 1,557 to 1,451.

Recently, South Florida was named as the seventh-best Small Business City in the U.S. by Biz2Credit, the leading online platform for small business finance. Riverside-San Bernardino, Calif., Chicago and NewYork Metro took the top three spots in the company's 2015 ranking. Biz2Credit studied each market's annual revenue, credit score, age of business, and other factors.

The Miami-Fort Lauderdale market jumped three spots from last year's ranking, and was the only Florida market in the top-15.Tampa-St. Petersburg and Orlando finished 19th and 22nd, respectively. Miami's average annual revenue and age
of business each improved. Miami businesses had an average annual revenue of $418,329.65, up 11.3 percent from last year's $375,856.The average age of Miami businesses was 41 months, down from 46.9 last year.

An increasing number of companies, including Microsoft, are working to turn Miami into America's next tech hub. Venture capitalists and technology incubators have invested in the community and are encouraging more tech companies such as Miami-based social media startup Everypost.

PortMiami, the top-ranked container cargo port in Florida with 900,000TEUs handled each year, has an opportunity to expand its world-renowned international business as it is deepening its channel from its current 42-foot depth to 50-52. When the deep dredge project is completed, PortMiami will be the only U.S. port south of Norfolk, Va. that can accommodate the new, mega cargo vessels that will pass through the expanded Panama Canal.

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