According to CNBC, Miami is one of the top cities in the United States in terms of economic growth and job creation. According to the study, it is the second city in the ranking with the highest growth in household income. Between 2014 and 2018 it reported a 31% increase in this indicator. One of the keys to this performance is the composition of Miami’s population. Here’s why.
Miami, a diverse place
Miami has a great diversity in its population. The majority of its inhabitants (51%) are born outside the United States. In addition, 70% of Miami’s population is of Hispanic origin (Fajardo, 2017). But this has not always been the case. Over the years population groups have changed and diversified the “mix” of origins in the city.
What are the nationalities with the highest representation in the population of Miami?
Between 2010 and 2017, Miami’s Cuban-born population increased by 21%. This represents the highest growth of any country of origin. Historically , Little Havana has been the predominant enclave for the Cuban population in the United States. However, during the last years they have moved to areas of the west and south of this zone. This is due to the real estate and financial growth of nearby areas such as Brickell.
Another nationality with a strong presence in the city is the Venezuelan population. They currently represent the most important wave of immigrants in recent years. Thus, between 2010 and 2017, the number of residents of Venezuelan origin increased by 57%, which constitutes one of the fastest increases in Miami.
On the other hand, the number of Colombians in the city has fallen from 7% in 2010 to 6.6% in 2017. However, this remains one of the most notable and representative colonies for its business and investment activity. It is worth mentioning another of the populations with a strong presence in Miami, it is the Dominicans.
The Dominican Republic has become the country with the greatest increase in demographic representation, as it reported growth above 20% during the same period. As for the Spaniards, the Iberian population showed an increase of 29%. Finally, Southeast Asian citizens increased by almost 20% between 2010 and 2017 (Gomez, 2020).
An ideal destination for retirees, but also for young people and investors
Another way Miami has changed demographically is the age of its residents. Before, this used to be the favorite place of retreat for Americans, as well as the epicenter of Latino immigrants.
Now, there is a substantial flow of young individuals and families seeking investment and high-end job positions. These people are looking for a warmer climate and lower taxes, so in many cases these are investors and entrepreneurs. And while retirees over 60 also still prefer Florida for its climate and tax system, today Miami attracts more cosmopolitan populations in places like South Beach and Downtown.
Miami: a global and growing city
To live in Miami is to live in a global city. That is, it is a powerful economic, corporate, financial and commercial center. The impact of Miami’s activity has an effect on the regional economy. Among many factors, the main one is in the influence it exerts on all of Latin America. Thus, for example, the financial center of Brickell has the second highest concentration of international banks after New York.
Miami’s population and development have made the place a world-class destination. Today it has corporate and private investment that has established it as a global city. Therefore, it has become a modern and vibrant place in which living and investing is a great option.
References
Citylab. (March 1, 2019). Will Miami’s Growth Be Cut Short by Sea-Level Rise? Retrieved from https://www.citylab.com/life/2019/05/miami-fl-portes-global-edge-book-interview-climate-chang/588460//
Gómez, A. (March 23, 2020). Miami’s Little Havana is facing an exodus of Cubans, pressures from investors. USA Today. Retrieved from: https://www.usatoday.com/in-depth/news/nation/2020/01/31/la-pequena-habana-en-miami-ya-no-es-mayoritariamente-cubana/4614589002/
Fajardo, L (February 1, 2017). How Miami became the middle-class capital of Latin America. BBC Mundo. Retrieved from: https://www.bbc.com/mundo/noticias/2016/05/160516_economia_eeuu_estados_unidos_miami_ricos_america_latina_dgm