MIAMI, April 22, 2019 /PRNewswire/ -- Miami is the second most-unequal large metro in the U.S., trailing only New York City, according to a new Miami Urban Future Initiative (MUFI) report, "Toward a More Inclusive Region: Inequality and Poverty in Greater Miami," authored by urbanist Professor Richard Florida and Steven Pedigo.
In a data-driven report, Florida and Pedigo take a dive into issues of equity and inclusive growth in Miami, examining these issues from multiple dimensions, including race, geography, age, and educational attainment.
"Simply continuing Miami's current growth trajectory by boosting construction, increasing jobs and employment, or continuing to bolster its startup ecosystem will not be enough," explained Florida. "Miami must make inclusive prosperity—the kind of growth that benefits many more Miamians—the centerpiece of its economic development agenda moving forward."
Key insights about Miami's inequality challenges include:
- Greater Miami is the second-most unequal large metro in the nation. Only New York City is worse. Miami's level of income inequality based on the Gini coefficient, the standard measure of income inequality, is 0.508. This level of inequality is similar to that of Colombia or Panama. Miami and New York are the only two U.S. metros with a Gini coefficient greater than 0.500.
- Poverty is widespread, and it is most severe among the most vulnerable. Nearly 15 percent of Miami residents live in poverty, the ninth-highest rate among large metros. The region has the highest elder poverty rate among large metros and a youth poverty rate that is significantly higher than the overall poverty rate.
- Poverty has stark racial dimensions. Compared to whites, African Americans are two-and-a-half times more likely to live in poverty, and Hispanics nearly twice as likely.
- Miami's middle class is small. A little more than 40 percent of Miamians are middle class; that is down from 65 percent fifty years ago.
- Miami's economy is dominated by its low-paid service class. Nearly half of Miami's workforce is comprised of low-paid service-class workers in precarious jobs like tourism, hospitality, retail, and food service. Miami has the second-largest share of service-class workers, who take home just $26,532 per year, almost half of what the average member of the high-skill creative class earns ($53,275).
The full report, including detailed data charts and maps, is available 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 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, North Miami, Miami Beach, and Wynwood—four 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.
SOURCE Miami Urban Future Initiative