In 2022 thousands of new businesses were added in the South Florida (consisting of Palm Beach, Broward and Miami Dade counties)placing the area among the three urban regions that had the most economic activity in the country, together with New York and Los Angeles.
according to a In a study carried out by the Yelp platform, the Miami metropolitan area -South Florida- incorporated 14 percent more businesses last year than the previous year, for a total of 20,572 new businesses.
“Remote work changed the dynamics of where people live. Miami became the place that received the largest number of people since the pandemic, working remotely. But over time, those became permanent residents and the need for services in the area increased. Now this need can be quantified with the increase in new businesses, a trend that has been taking place since 2029″, indicated Richard MaraschiYelp’s head of data analysis, in charge of the study.
Although Miami was in third place at the country level, if the number of population in each of the analyzed areas is considered, New York and Los Angeles are more densely populated areas, with which the percentage growth of businesses in the south of Florida outperforms those areas.
The opening of new businesses contemplates all types of commercial activity, from large corporations that opened offices in the area (such as Amazon, Picsart or Citadel), to small businesses -from restaurants to hairdressers-, including professional services such as lawyers or doctors.
The study also indicates that the trend seems to continue to rise. New commercial developments in South Florida are expected to continue adding by the thousands by 2023. The Miami Dade Beacon Council, an organization dedicated to economic development in the county, projects even more business openings in the area by 2023.
“Miami continues to grow in population numbers and business numbers. The property market continues to be in high demand. All indicators show that activity in the area will continue to increase. We are not seeing people move back to the states they came from during the pandemic. I truly believe interest will continue to rise for the next year and probably the year after. The change is structural, Miami is no longer what it was”, he explained to the local press james kohnstammvice president of economic development for the Miami Dade Beacon Council.
Although at the country level a recessionand Miami cannot be exempt from this, most experts agree that any crisis could feel milder in this area of the country.
At the state level, Florida overall also ranked third as a state in new economic activity, with a total of 63,519 new businesses opened.. Clearly the driver for this comes from South Florida, though Orlando and Tampa They also saw activity, with 9,419 and 8,303 deals in the year respectively. The other states that remained at the top of the ranking are California and Texas.
Miami is the best city in the United States to live and work, according to a global survey of emigrants
The Miami miracle: what do the numbers say?
Why, according to The Economist, Miami is the “commercial capital” of Latin America