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Miami Has Second-Fastest Growing Economy Among Big U.S. Cities.

by | Oct 17, 2015
Once reliant on just tourism and real estate, Miami has diversified its economy to become one of the world's top business hubs. Global entrepreneurs and companies are routinely relocating here because of our strong startup network, reputation for aggressive business development, and multilingual population.

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John Dohm,
SIOR, CCIM, CFP
2015 Chairman of the Board MIAMI
Association of REALTORS®

Once reliant on just tourism and real estate, Miami has diversified its economy to become one of the world's top business hubs. Global entrepreneurs and companies are routinely relocating here because of our strong startup network, reputation for aggressive business development, and multilingual population. The region's business growth is one reason why the personal finance website Wallet Hub recently ranked Miami as the second-fastest growing economy among large U.S. cities.

Austin, Texas (population: 912,791) was the only large-sized U.S. city to perform better than Miami. Wallet Hub studied 515 cities, 64 with a population greater than 300,000, and analyzed a host of economic statistics for growth in jobs, population, median household income, new businesses, home values, and other factors from 2010 to 2014.

Not only did Miami finish with the second-fastest growing economy among large cities and the 17th best economy among all cities, the city scored well in various economic factors.

The City of Miami, for example, grew the fastest of the nation's large cities from 2010 to 2014. The city's population increased 7.7 percent, from 399,457 people in 2010 to an estimated 430,332 in 2014, according to the U.S. Census Bureau.

Among large U.S. cities, Miami also finished No. 1 in full-time jobs increase; No. 1 in working-age population growth; No. 6 in poverty-rate decrease; No. 7 in business growth; and No. 10 for median household income growth.

Miami wasn't the only South Florida city to perform well. Boca Raton in Palm Beach County tied for the 10th-fastest growing economy out of 211 small cities with fewer than 100,000 residents. Miramar in Broward County had the 15th-fastest growing economy of 240 cities with 100,000 to 300,000 people.

In Dade County, Miami Beach finished as the 39th fastest-growing city out of 211 small-sized cities in the nation. Hialeah's economy ranked 90th out of 240 medium-sized cities.

The WalletHub report is the latest study detailing the strength of Miami's economy. South Florida's emerging technological industry, more than $20 billion in infrastructure upgrades, and the state's lowest commercial real estate vacancy rates are each playing roles in increasing local jobs.

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