Miami-Dade’s economic development agency reports record year luring firms to area
The Miami-Dade Beacon Council, the county’s economic-development agency, said it secured a record 57 companies over the past year to commit to expand or relocate to the county.
A public-private partnership, the group called that 2021-2022 achievement the best performance in its 37-year history.
Council leaders announced the results late Thursday at the council’s annual meeting at the newly opened Loews Coral Gables hotel. Council leaders said those business commitments will generate over $800 million in recurring annual economic impact in the county. The organization said it has another 150 potential relocation or expansion agreements “in the pipeline.”
The 57 businesses will occupy over 1 million square feet of commercial property and generate more than 8,000 new direct and indirect jobs with an average annual salary of $97,000, according to the council’s projections. Technology and life sciences and healthcare firms lead in job creation, each driving 20% of total direct jobs created. Financial services and trade and logistics companies’ staffing commitments followed closely behind.
Among those companies relocating or expanding in the Miami area are assetmanagement firm Millennium, New York-based fintech company Yield Street and Bradesco, one of the largest banks in Brazil.
Council leaders also highlighted expansion plans for Half Moon
Empanadas, local artisan empanada bakers, and Azamara, a luxury cruise brand operating as a private equity-backed independent line after being a part of Royal Caribbean. Also, two Israeli hospitality tech startups — Reeco and Sauce — were cited for choosing Miami for their U.S. headquarters.
“So many companies have decided to make it in Miami,” said George Bermudez, the Beacon Council’s outgoing annual chair of the board of directors. “As Miami looks to set an example of the world stage, we want to develop and position our community as an inclusive hub of innovation.”
Miami-Dade County Mayor Daniella Levine Cava commended the council’s stellar year.
“As our community continues to grow, ... we’re looking at how to take advantage of the huge momentum and excitement surrounding Miami,” she said, referring to the companies that have come to the area since the pandemic began in March 2020. “Other peoples’ losses were our gains.”
Although many economists have predicted the possibility of a U.S. recession, Yolanda Cash
Jackson, the council’s incoming chair for 20222023, remains optimistic.
“We’re positioned for another record-breaking year in 2023,” said Jackson, a Liberty City native and attorney with the Becker law firm in Fort Lauderdale. She’s the first Black woman selected for the influential leadership role.