Miami: the boom of the Latin American capital in the United States

After five consecutive years of growth of between 2% and 4%, Florida – the third most populous state in the country, with 20.6 million inhabitants – has just joined the small group of four US states. . UU whose gross domestic product (GDP) exceeds one trillion dollars. It is located, because of the size of its economy, in fourth place, after California, Texas and New York. The good gift of "the state of the sun" (the state of sun, as is known in English) is also reflected in the figures of occupation: the number of active workers reached 10.2 million, of which 7.7 million in the private sector; and in October of this year, the unemployment rate fell to 3.5% (358,000), its lowest level since February 2007, in the middle of the real estate bubble that triggered the subprime financial crisis and hit state strongly.

If we look at foreign trade figures, the state of Florida contributed, in 2017, with $ 2,330 million to external sales of EE goods and services. UU Disaggregated by sector, computer products and the electronics industry led this growth, with nearly $ 13 billion; tracking of transport equipment, with 9500 million; the chemical industry, with 6000 million; and the machinery sector, with 4900 million. This success is supported by small and medium-sized enterprises (SMEs), responsible for 95% of exported goods and 59% of the value of state exports. According to 2015 figures, the total number of SME exporters stands at 56,664. Another important fact is that 38% of the total exports from Florida went to countries with which energy efficiency has increased. been improved. UU has signed free trade agreements, such as CAFTA-DR (Isthmus of Central America and the Dominican Republic), Peru, Chile, Panama and South Korea.

One of the great architects of this encouraging gift is undoubtedly the outgoing governor, Rick Scott, who took office in January 2011, was re-elected in 2014 and has just joined the Federal Senate as a representative of this same state. In his last annual speech to the Florida legislature on "The State of the State" (State of the state), Scott is committed to highlighting the achievements of the past eight years: incorporating about 1.5 million new jobs in the private sector, increasing GDP by 26% and reducing the debt of 9 billion. "Florida has experienced this incredible economic recovery because we have worked hard to reduce the tax burden, which has saved families more than $ 7.5 billion," he said. "Working together," he added, "we released money that was in the hands of the government and we returned it to Floridians."

FLORIDA, A MAGNET OF INVESTMENT

According to the rankings of the Chief Executive magazine, Florida ranks second among US states. UU ideal for doing business, only surpbaded by Texas. On a note of 1 to 10, he received 8.38 in taxation and regulation; and 8.16 in the conditions of life, with which it was placed, in both cases, in fifth place among the 50 states of the country. Florida 's five fastest growing industries are tourism, a sector that has registered a record 116.5 million visitors in 2017 and employs more than one million people today. agriculture, which employs two million people and contributes each year for nearly $ 105 billion to the state economy; international trade, with exports of more than $ 55 billion, which in 2017 accounted for 3.5% of total exports by EE. US; the aerospace and air navigation sector, with 1,755 subsidiaries established in the territory and more than 100,000 employees; and the life sciences and biotechnology sector, with more than 690 medical development institutions, more than 360 biotechnology development centers and more than 320 pharmaceutical facilities.

"Florida is a dynamic combination of eight developing economic regions," says the Florida Business Guide, published by the state-owned and privately owned Enterprise Florida, established in 1996 and currently has 13 offices overseas. 12 countries This entity, headquartered in Orlando, points out that, from Naples (a locality south of the Gulf of Mexico) to Jacksonville (north of the Atlantic Ocean) and Pensacola (at 39). extreme north-west) in Miami (southeast), this state "offers an unbeatable combination of avant-garde and retro-style innovations". In terms of logistics, as the same publication points out, no part of the state is more than 90 km (about 145 km) from a deep-water port.

In addition, it has 13 international airports, the most popular of which is Orlando – which registered 44.6 million pbadengers in 2017 – and Miami – where the state has invested more than 7,000 million dollars and received in 2017 a total of 44.5 million pbadengers, followed by Fort Lauderdale (32.5 million) and Tampa (19.6 million).

In a dialogue with DEF, Manuel "Manny" Mencía, executive vice president of Enterprise Florida, attributed Florida's present to two factors: first, the arrival of the population of the historic industrial states of Central West and North, which moves south because the climate is better and taxes and costs are lower; and, on the other hand, by the tax facilities offered by the state, such as the absence of income tax, whose marginal rate in California is 13.3%; and in New York, about 8.8%. "The third phenomenon," added Mencia, "is the fact that many investment companies are moving here and that South Florida is becoming an attractive attraction for companies that manage money. Wall Street and other parts of the US The United States and many Latin American companies come in the form of family investments. "

"Without a doubt, in recent decades, Florida, and in particular Miami, has been the major business center of Latin Americans since it became the place where they can buy and sell, but that also allowed to benefit from specialized services: legal, consulting, education, accounting and finance ", he explained.

"We are now a center of high technology, and Latin American companies, including many Argentines eager to enter the US market, have come to South Florida," said Mencía, who believes the opportunities are considerable. for Florida. and Miami become the Hong Kong of the Western Hemisphere. "While recognizing that historically, California, the home country of Silicon Valley, and the west coast of the United States have been the main attraction for the entry of this type of capital, nowadays "the extension of the Panama Cbad opens up huge opportunities in Asian markets".

In this sense, we can not fail to mention the role played by Florida's high-tech corridor (High-tech corridor), which covers 23 counties and connects three academic research centers – the University of Florida (UF), the University of Central Florida (UCF) and the University of South Florida (USF) -, more than 20 development organizations regional and local economic institutes, 14 Community and State Institutes, 12 Regional Advisory Councils for Enterprises and Workers (Regional Workforce Councils), as well as an untold number of industrial clusters and hundreds of innovative companies established on the territory in recent years.

MIAMI, AX FLAGSHIP AT AUCTION

The incorporated metropolitan area of ​​Miami-Dade, Broward and Palm Beach counties has been the epicenter of Florida's takeoff in recent years. Because of the size of its population – about 6.1 million – it ranks eighth among the largest cities in the United States. US; and in sixth place, in terms of job growth over the five-year period 2010-2015, with 18.2%. In fact, only the GDP of Miami-Dade County (which has 2.7 million inhabitants) amounts to about $ 111,000 million. 90% is the product of private sector activities. 26% of the GDP of this district, whose capital is the city of Miami, comes from the financial sector, the insurance sector and real estate; while trade represents 22%; production of manufactured goods and the construction sector, about 10%; education and health, 8%; and the hotel, food, leisure and free time, 5%.

Miami, nicknamed "the magic city" (the magic city), has always been an added value as a gateway to the Latin American market. However, it can be said today that this important urban center and its metropolitan area are much more than that. Currently, it is the great showcase of the success of the state development strategy. According to the site specializing in SmartAsset finance, Florida County has recorded the fastest growth of the past four years: GDP increased by $ 10.8 million between 2013 and 2016. According to the index prepared by another specialized portal, In this case, WalletHub, Miami ranks 14th among the top 150 cities in the United States. UU start a small business. If the different parameters taken into account are disaggregated to develop this measure, the fifth in labor cost; 34.º, in risky investments (risk investments) and 30.º, taking into account the average of small businesses and startups per person. This last point is very illustrative of the dynamism of Miami and its zone of influence; In fact, Miami and the neighboring cities of Hialeah (in Miami-Dade County), Fort Lauderdale and Pembroke Pines (the latter two in Broward County) record the best performance in the United States. UU., With 234.72 startups per 100,000 inhabitants.

THE NEW FACE OF THE "MAGIC CITY"

The transformation of Miami and its current splendor are also reflected in the new face that the city offers, in the process of modernization and urban renewal. Brightline, the new high-speed rail service inaugurated last May, links Palm Beach and Fort Lauderdale to Miami Central Station. The next step will be to expand the service in Orlando, which should be ready in three years.

Also in May, the Phillip & Patricia Frost Science Museum, known as the "Science of Frost", opened with 23,000 square meters, including a planetarium and an aquarium devoted to wildlife and wildlife. the flora of the Gulf Stream and the park. National Everglades. A few blocks away, on the same Biscayne Boulevard, is the "Adrienne Arsht" Arts Center (formerly "Carnival Center"), designed by Argentine architect César Pelli and inaugurated in 2006, consisting of two halls very modern and 2,200 seats, respectively, and a flexible theatrical space with a capacity of 300 people.

The great transformation of the city stems from the master plan developed by the DDA (Downtown Miami Development Authority) and published in October 2009, over a period of 15 years. The goal was to connect the Central Business District (CBD), Arts and Entertainment District (A + E), Financial Center (Brickwell) and Coastal Waterfront (Waterfront). As explained in the above-mentioned document, the idea was to "focus investments in public infrastructure in urban areas to discourage uncoordinated urban growth and encourage" smart growth "where it is sustainable." Future work includes the redesign of the aforementioned Biscayne Boulevard: convert the current highway into a large public promenade with pedestrian and cycling facilities, similar to Las Ramblas in Barcelona or Paseo del Prado in Madrid. .

The Master Plan for the 2009-2025 Master Plan is "Downtown Miami, the Epicenter of the Americas". Judging by the changes in the city, the result of public and private sector work over the last decade, the goal seems to be getting closer and closer.

* The original version of this article was published in DEF magazine N. 125