Miami's Local Economy Becomes Global

Representing the Global Cities Initiative, Richard M. Daley and Bruce Katz report on the current status of Miami's economy and offer tips they deem necessary to boost the regional economy into true "global" status.
July 18, 2012, 7am PDT | Emily Williams
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Miami is known for its vibrant culture, historic architecture, and pleasant climate. More than just an exciting travel destination, however, Miami is a prime example of a flourishing global metropolis which Daley and Katz, chair and director of the Global Cities Initiative, respectively, believe is "well-positioned to meet the post-recession challenge and prosper in a more globally engaged U.S. economy."

This seems like a natural next step for a city who "has the largest foreign-born share of its population among the top 100 metros (38.8 percent)" and whose travel and tourism industry "generates over 25 percent of the region's exports." Furthermore, due to the region's geographical location, Miami is "the gateway for one-third of trade between the U.S. and Latin America." Trade in the region is booming, producing "over 14 percent of metropolitan GDP, the fourth highest of any region in America."

With these numbers in mind, Daley and Katz discuss what it will take for Miami "to maintain and extend its unique global position." Suggestions include advancing efforts to become a center for advanced production and services, and further engagement with both national and international markets to boost trade and production.

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Published on Sunday, July 15, 2012 in The Miami Herald
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