Even before the pandemic, South Florida had established itself as a globally recognized brand. It earned the moniker “gateway to the Americas” for both U.S. and international companies seeking opportunities throughout the hemisphere. Recently, it has gained prominence as a hub for companies looking to enter the U.S. or global markets.
The pandemic solidified South Florida’s status as a global business center, attracting an increasing number of companies from various sectors including investment banking, financial services, real estate, development, manufacturing, logistics, hospitality, and professional services. Miami-Dade, Broward, and Palm Beach counties collectively hold the credentials that place them in discussions alongside major cities worldwide.
In a CEO Roundtable hosted by Banesco and the South Florida Business Journal, leaders from the banking, real estate, economic development, and social services sectors deliberated on the region’s evolution and future trajectory. They examined key areas influencing the region:
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Educational and Workforce Development: Focusing on preparing and convincing employers that the needed talent pool exists in the region.
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Entrepreneurial Ecosystem: Highlighting Miami’s diverse and vibrant environment for small businesses and startups to thrive.
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Corporate and Business Migration: Discussing the ongoing influx of businesses and corporate players from outside markets and its impact on the local economy.
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Foreign Investment: Examining the rise of investment and capital from global entities beyond the Americas, including Asia and the Middle East.
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Addressing Challenges: Identifying and overcoming the challenges faced by corporate leaders, both within and outside the region.
South Florida continues to serve as an international gateway, with a substantial number of relocation and growth projects originating from outside the U.S. Additionally, the region’s cultural scene, from Art Basel to performing arts centers, has contributed to its cultural vibrancy.
However, certain critical elements like education, workforce development, affordability, and transportation infrastructure remain pivotal in sustaining the region’s growth. The region has evolved over the past decade, gradually shedding its image as purely a “fun in the sun” destination to being recognized as a serious business hub.
Collaboration and a unified message about the region’s benefits are essential for further progress. The potential of the workforce, supported by educational institutions, is a significant asset. Initiatives like deep engagement between educators and employers are ensuring that students are recruited into the workforce even before graduation.
While large corporations often receive attention, small and mid-size companies are the backbone of South Florida’s economy. Efforts to support their growth, streamline permitting processes, and improve access to capital are vital. Smaller banks and private equity firms play a critical role in this ecosystem.
Prosperity should not be limited to a select few; programs like Broward UP are focused on providing education and trade opportunities in areas with higher unemployment and poverty rates. Encouraging internships and apprenticeships, especially in growing sectors like electric vehicles, contributes to skill development.
Ultimately, South Florida’s strength lies in its diversity and inclusivity, which should be safeguarded even as larger global companies become stakeholders in the region’s growth story.
