Miami was one of the hardest-hit cities by the recession. However, it has since united civic and educational leaders under the One Community One Goal (OCOG) initiative and gained lost ground by diversifying and trading its previous hospitality-based focus industries for technologically-advanced and financially savvy industries.
Here are the top industries in Miami under the OCOG strategy.
Miami observed growth in banking and financial services in 2020, when the pandemic was at its worst. More companies like Visa and PayPal are investing their money and resources in the city, which remains the largest financial hub in the country, second only to New York City.
The international banking scene is already thriving in the city, thanks to trade finance from Europe, North America, and Latin America. However, the domestic banking scene isn’t far behind and plays an equally pivotal role in turning the economy around.
Miami International Airport (MIA) offers more flights to Latin America and the Caribbean than any other airport in the US. It ranks among the busiest international airports in the world. It also happens to be at the heart of Miami’s economy, fueling it with roughly $31.9 billion annually.
Not only does this airport provide direct flights to countries as far as the MENA region, but it’s also a frequent freight hub for over 300 custom brokers and forwarders. Miami is also home to Boeing's largest flight simulation and pilot training facility and attracted a number of aviation-related companies under the OCOG strategy.
International trade has naturally followed in the footsteps of the aviation industries growth. Miami’s geographic proximity to Latin America has made it the cargo gateway for both North and South America.
Thus, on the coastal end, the Port of Miami retains the title of the largest freight port in the state and the ninth-largest in the country. MIA remains the best airport for overseas cargo from Central and South America on the aviation end.
The tech sector's growth may not have anything to do with the OCOG initiative, but it certainly helped their efforts. The renewed interest in Miami’s tech sector began as a sarcastic tweet in 2020 and quickly snowballed into a real thing after the mayor retweeted it.
The buzz soon led SoftBank, a Japanese multinational conglomerate, to announce a massive $100 million investment in tech startups. This started a chain reaction of venture capital firms opening up for business in Miami.
Today, the city’s tech sector boasts small startups and big Fortune 500 companies providing all kinds of services, such as digital media, back-office support, mobile application development, remote tech support, remote technology, virtual communication and collaboration, and more.
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