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South Florida Economy Boasts High-Growth Potential

by | Dec 19, 2015
While trade, transportation and utilities remain the top employment industries in South Florida there are new sectors moving up fast. Technology, healthcare, education, creative industries and food/beverage have the most growth potential in South Florida, according to a new report by Endeavor Miami, a non-profit that assists high-impact entrepreneurs. The evolution of the aforementioned sectors will play a key role in Miami's future as it continues diversifying its economy, attracting global investment and adding jobs.

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John Dohm, SIOR, CCIM, CFP
2015 Chairman of the Boarbr /> MIAMI Association of Realtors®

While trade, transportation and utilities remain the top employment industries in South Florida there are new sectors moving up fast. Technology, healthcare, education, creative industries and food/beverage have the most growth potential in South Florida, according to a new report by Endeavor Miami, a non-profit that assists high-impact entrepreneurs. The evolution of the aforementioned sectors will play a key role in Miami's future as it continues diversifying its economy, attracting global investment and adding jobs.

Miami's technology hub is being led and supported by a strong ecosystem. Organizations such as eMerge Americas, the Idea Center and Venture Hive provide resources to incoming software, technology and IT entrepreneurs. The results are impressive, according to Endeavor Miami. In 2014, Miami-based startups attracted about $49.4 million in venture funding.

South Florida's healthcare sector has the second highest level of entrepreneurial investment, according to Endeavor Miami. South Florida is Florida's largest medical hub with more than 20 percent of the state's healthcare industry earnings coming from the region.

Education services, meanwhile, is seeing a healthy growth in the number of small and medium businesses (under 499 employees) in Miami. Local companies and organizations are using game-based learning, online and hybrid learning and data-driven learning.

South Florida's creative industries are being led by the region'sbevy of multicultural creative and fashion professionals. The region's booming art scene and growing number of TV production facilities are expected to create even more jobs in the future.

Food and beverage is another growth industry in South Florida, according to Endeavor Miami. The region has a strong existing food and beverage expertise, talent base and education for individuals entering the industry.

Once reliant on just tourism and real estate, Miami has diversified its economy to become one of the world's top business hubs. Venture capital, hedge funds, private equity and technology firms are relocating to South Florida because of its strong startup network, reputation for aggressive development and multilingual population. The continued entrepreneurial growth of the technology, healthcare, education, creative industries and food/beverage industries will only boost the local economy.

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