MIAMI, Jan. 24, 2019 /PRNewswire/ -- With Amazon's search for its second headquarters or "HQ2" finally over, it's time for Greater Miami to get back to the business of building its own economy, according to a new report issued by the Miami Urban Future Initiative (MUFI) at the FIU College of Communication, Architecture + The Arts.
In a data-driven report, MUFI researchers examine the foundation of the greater Miami economy and offer a series of recommendations for how the region can someday build its own Amazon-sized company.
"In the wake of Amazon HQ2, greater Miami would do well to redouble its effort to build on its foundations," explains urbanist Richard Florida, who is a MUFI Visiting Fellow. "It's time to work together to build a stronger and more resilient regional economy."
Insights about Miami's economy, both assets and challenges, from the new report include:
- Growing Startup Hub: Miami generates an average of more than 100 venture capital deals per year, attracting $850 million in capital and ranking among the top 30 leading startup hubs in the world.
- More Talent Needed: In the Greater Miami region, roughly 32 percent of adults have a bachelor's degree, ranking near the bottom of metros over one million.
- Limited Creative Class: Miami's Creative Class is roughly a third of Greater Miami's workforce, ranking 49th out of 53 metros over one million across the country.
- Large College Town: Greater Miami is one of America's largest college towns, with over 340,000 college students, offering a large, potential workforce.
- Increase Needed in University Research Spending: Miami lags on research spending, ranking 24th among large metros with $565 million in research funding.
- Connected to Latin America: Miami is the top airport in the U.S. for international freight, primarily serving Latin America and the Caribbean.
MUFI outlined six goals for Miami to further its competitiveness:
- Invest More in Research Universities and Education: Successful knowledge regions have great research universities, and the institutions in the Miami region must strive to be just that.
- Leverage Talent, Talent, and Talent: Miami will have to do more to leverage the absolute size of its highly educated population, creative class, and especially, its ability to attract global talent.
- Continue Investing in the Region's Startup Ecosystem: Great strides have been made in terms of growing Miami's startup ecosystem, but more needs to be done to help businesses get off the ground.
- Leverage Its Role as a Latin American Headquarters: The region can also further leverage its role as a gateway to Latin America to attract the Latin and South American headquarters for global companies.
- Invest in Transit: Miami has great global connectivity, but it is lacking in local and regional connectivity. Important strides are being made to correct this, but more has to be done.
- Increase and Improve Regional Collaboration: The Miami region remains notoriously fragmented. It is time for this to change, as regional collaboration is a prerequisite for economic success today.
- Organize Its Anchor Institutions: Miami's anchor institutions have an enormous stake in the future of the region and significant capability to help shape its future economic development.
The full report is available here.
The Miami Urban Future Initiative, in partnership with the Miami Herald and Miami-Dade Beacon Council will host, "South Florida after HQ2," on Tuesday, January 29th at 8:00-9:30AM at the Miami Beacon Council. For more information and to RSVP, click here.
Miami Urban Future Initiative
The Miami Urban Future Initiative is a joint effort between the Creative Class Group and Florida International University's College of Communication, Architecture + The Arts (CARTA) to develop new research and insights for building a stronger, more innovative, and more inclusive economy in Greater Miami. The initiative engages top thinkers and researchers from across the region and the world to combine their knowledge with that of the region's business leaders, economic development practitioners, and other key stakeholders. Its efforts are made possible thanks to generous funding from the John S. and James L. Knight Foundation.
FIU College of Communication, Architecture + The Arts
The FIU College of Communication, Architecture + The Arts (CARTA) provides students with the distinct experience of working closely with an award-winning faculty in nationally ranked accredited programs in the heart of Miami, Miami Beach, New York City and Washington, DC—some of the country's most vibrant, diverse, and creative cities. Focused on its engaged mission of driving the information, innovation, and cultural economy of South Florida and beyond, CARTA is committed to a trans-disciplinary curriculum that prepares graduates for meaningful careers and leadership in their chosen professions.
Creative Class Group
Founded by world-renowned urbanist Richard Florida, the Creative Class Group (CCG) is an advisory services firm composed of leading next-generation researchers, academics, and business strategists. Utilizing its unique approach and metrics, CCG works with companies and governments worldwide.
The John S. and James L. Knight Foundation
Knight Foundation is a national foundation with strong local roots. We invest in journalism, in the arts, and in the success of cities where brothers John S. and James L. Knight once published newspapers. Our goal is to foster informed and engaged communities, which we believe are essential for a healthy democracy.
Contact: Steven Pedigo, email@example.com
SOURCE Miami Urban Future Initiative