Miami City Review

Cities

About This Report

Oct 2017

In 2016, Miami stood as Florida's biggest economic agglomeration, generating total GDP of USD325 billion. Driven by its exceptionally entrepreneurial population (108 new start-ups per 1,000 employer businesses in 2016), Miami was one of the top growing major US east coast cities with 14% growth in total GDP in 2011-2016, ahead of Boston (7.6%) and New York (7%).

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Miami City Review

MIAMI HIGHLIGHTS

Despite Miami's ever-growing tourism industry (1.5% more tourists arriving in Miami over 2015-2016) and business ties to the Latin American world, Miami's working population is not as productive as the rest of the US. In 2016, Miami's labour productivity (GVA per employee) was 16% lower than in the rest of the country.

Higher labour force participation rate offsets low labour productivity

In 2016, Miami boasted 7% higher annual household disposable income compared to the rest of the country. While Miami's low labour productivity does downplay the income advantage, a greater labour force participation rate (83% in Miami versus 74% in the rest of the country as of 2016) helps Miami accumulate a higher level of income.

High spending on hotels and restaurants

Consumer expenditure per household (excluding transport and housing) was 5% higher in Miami than elsewhere in the US in 2016. With Miami households spending 32% more on hotels and restaurants in 2016, this budget category allocated the biggest discrepancy between Miami and the rest of the country. This is driven by the fact that Miami has the highest number of restaurants per capita out of the US's 150 biggest cities.

Combined expenditure on housing and transport is almost the same as in the rest of the country

The combined expenditure on housing and transport in Miami is almost the same as in the rest of the country (USD27,900 total annual expenditure on housing and transport in Miami versus USD27,600 in the rest of the US, as of 2016). Separately, housing allocated 3.9% higher expenditure in Miami in 2016. However, the dropping purchase value of a square metre of real estate in Miami may change this soon.

MIAMI REVIEW AT A GLANCE

Understanding Miami Review structure
Chart 1 Overview
Key facts on Miami
Summary 1 Key Facts On Miami 2011, 2016, 2021

MIAMI HIGHLIGHTS

History
Delimitation of the metropolitan region
Chart 2 Map Of Miami Metropolitan Area
Main business districts

ECONOMY OF THE CITY

Industrial make-up
Chart 3 Industrial Composition Of Miami 2016
Chart 4 Labour Productivity: Selected Cities 2016
Recent developments and outlook
Chart 5 Dynamics Of Real GDP In Miami, USA And Other Cities In North America, 2011-2021
Summary 2 Labour Market Changes In Miami 2011, 2016

CONSUMER PROFILE

City demographics
Chart 6 Population By Age 2016
Chart 7 Drivers Of Population Growth In Miami 2011-2016
Household income
Chart 8 Household Distribution By Income In Miami 2016 And 2021

CONSUMER EXPENDITURE

Structure of household budget
Chart 9 Comparison Of Household Expenditure In Miami And USA, 2016
Summary 3 Miami Household Budget Structure By Consumer Expenditure Item, % of total, 2011, 2016, 2021
City lifestyle
Brazilians And Canadians Avoiding Miami Due To Domestic Problems
Miami: The US's 12th City For Mobile Friendliness
City affordability
Housing
Chart 10 Household Expenditure On Housing: Selected Cities 2016
Transport
Chart 11 Household Expenditure On Transport: Selected Cities 2016

DEFINITIONS

APPENDIX

Summary 4 GDP Development, 2011, 2016, 2021
Summary 5 GDP By Origin, Current Prices, US$, Million, 2011-2016
Summary 6 Population And Labour Force, 2011-2016
Summary 7 Employed Population By Economic Sector, % of total, 2011-2016
Summary 8 Population By Sex And Broad Age Groups, ‘000, 2011-2016
Summary 9 Population Growth, 2011-2016
Summary 10 Forecast Population Growth
Summary 11 Population By Educational Attainment, 2011-2016
Summary 12 Structure Of Consumer Expenditure By Main Category, 2011-2016
Summary 13 Consumer Expenditure By Main Category, Per Household, Constant (2016) Prices, US$, 2011, 2016, 2021
Summary 14 Households By Income Band, % Of Total, Constant (2016) Prices 2011, 2016, 2021
Summary 15 Households By Income Band, ‘000, Current Prices 2011-2016
Summary 16 Inflation, 2011-2016
Summary 17 Transport Indicators, 2011-2016
Summary 18 Air Pollution, Concentration In Micrograms Per Cubic Metre, 2011-2016
Summary 19 Possession of Consumer Durables, % of Households, 2011, 2016, 2021