Strong growth, an attractive lifestyle, and a great business climate in the Magic City
No one is quite sure how Miami came to be known as the Magic City. One suggestion says that it comes from its rapid growth in the 1940s. Another theory places the blame on Henry Flagler’s advertising campaign to hide the risk of malaria in the city’s earlier, swampier development days.
No matter the reason, there is no doubt that when all of the ingredients come together, there is certainly something magical about this city that sits on the southeast coast of the Florida peninsula. To better illustrate this, one only needs to look at the number of national lists in which Miami and the rest of the South Florida region come out on or near the top.
Miami in the metrics
When it comes time to compile these lists, companies typically rely on data from the US Census Bureau and Labor Department, as well as other metrics that cover employment, population, education, and income. When these factors are all put together, the South Florida region—especially Miami—is consistently in the top tier.
- According to the US Census Bureau, Miami is the second-fastest-growing city in Florida, just behind Jacksonville. Those same statistics also place Florida as the second-fastest-growing state in terms of housing units, with Texas in the top spot.
- Wallethub, a personal-finance site, used 15 metrics to study 515 cities. Once again, Miami ranked second in the list of fastest-growing American cities. The same company—this time using 66 parameters—placed Miami as the number-four most-fun city in the country.
- In yet another ranking, Miami—and the South Florida region as a whole—toppled New York City from the number-one spot as the best city for small business growth.
- At the county level, North Miami surpassed Doral as the fastest growing incorporated city in Miami-Dade. In Broward County, Parkland took top honors.
What makes Miami magical?
When looking at the reasons why Miami is at or near the top of so many lists, the most obvious answers are climate, beaches, and palm trees. But there are a lot more, deeper factors working together to achieve these rankings:
- The combination of Miami’s location and the instability in many Latin American countries are making the region very attractive for foreign investment. Location is also responsible for a bustling seaport and airport and a thriving hospitality industry, all of which have turned Miami into an international trade and travel hub.
- Changes to tax codes in the Northeast have caused many businesses to look southward. Where Miami and SoFlo were once considered locations for corporate outposts, they are now prime real estate for corporate headquarters, especially in the hedge fund and financial industries. This fact alone seems to have helped stabilize the area’s economy, thereby easing the anxiety that all of this is just another boom-bust cycle. Companies and people are here to stay.
- The Sunshine State’s consistent record of fiscal stability, a low overall tax rate, and no state income tax has resulted in consistent population growth. This, in turn, has led to a competitive, multi-lingual workforce and a strong residential and commercial real estate market.
Some areas could use still use a little more magic
Of course, all of this good news is tempered by some important issues that the region is addressing—but not as quickly as some would like.
- Traffic congestion. While Tri-Rail and Virgin Trains have helped ease some north-south congestion, there is still much work that needs to be done for east-west travel, as well as city travel, light rail systems, and linkages.
- Infrastructure. Recent sewage line breaks in Fort Lauderdale have highlighted the strain growth has had on aging infrastructure in the wider South Florida region—infrastructure that is in desperate need of upgrades and repairs.
Miami, magic, and Morris Southeast Group
The team at Morris Southeast Group has never been shy about its love for Miami and the entire South Florida area. That love is why we’ve worked, played, and raised our families here for more than 30 years. And it’s why we’re excited to connect clients to their ideal properties.
To learn more about what Morris Southeast Group can do for you, call us at 954.474.1776. You can also reach Ken Morris directly at 954.240.4400 or via email at kenmorris@morrissegroup.com.
Tags: CRE, Magic of Miami, population, real estate development, South Florida Business
