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==Economy== [[File:Brickell1.JPG|thumb|[[Brickell Avenue]] in Downtown Miami has the largest concentration of international banks in the nation.]] [[File:Miamimanhattanizationdowntown.jpg|thumb|The [[List of tallest buildings in Miami|high-rise construction]] in Miami is considered by some to be "[[Manhattanization|Miami's Manhattanization]]".]] [[File:Brickell Avenue 20100203.jpg|thumb|[[Brickell Avenue]] in Downtown Miami's [[Brickell|Brickell Financial District]] in February 2010]] [[File:GM&B K.jpg|thumb|Miami's old logo]] [[File:Logo of Miami, Florida.svg|thumb|Miami's new logo]] Miami is a major center of commerce and finance and has a strong [[international business]] community. According to the 2020 ranking of world cities undertaken by the [[Globalization and World Cities Research Network]] (GaWC) based on the level of presence of global corporate service organizations, Miami is considered a Beta + level [[Global city|world city]], along with [[Atlanta]], [[Dallas]], and [[Houston]]. However, according to the U.S. census between 2015–2019, Miami lacks in terms of owner-occupied housing, computer and internet usage, education of bachelor's degree or higher, median household income, per capita income, while having a higher percentage of persons in poverty.<ref name=":0">{{Cite web |title=GaWC – The World According to GaWC 2018 |url=https://www.lboro.ac.uk/gawc/world2020t.html |access-date=June 18, 2019 |website=www.lboro.ac.uk |archive-date=August 24, 2020 |archive-url=https://web.archive.org/web/20200824031341/https://www.lboro.ac.uk/gawc/world2020t.html |url-status=live }}</ref><ref>{{Cite web |title=US Census 2015–2019 |url=https://www.census.gov/quickfacts/fact/table/houstoncitytexas,atlantacitygeorgia,dallascitytexas,miamicityflorida/PST045219 |access-date=March 23, 2021 |archive-date=May 13, 2021 |archive-url=https://web.archive.org/web/20210513190928/https://www.census.gov/quickfacts/fact/table/houstoncitytexas,atlantacitygeorgia,dallascitytexas,miamicityflorida/PST045219 |url-status=live }}</ref> In 2013, Miami had a Gross Metropolitan Product of $257 billion, ranking 11th in the United States and 20th worldwide in GMP.<ref>{{Cite web |title=Which are the largest city economies in the world and how might this change by 2025? |url=https://www.ukmediacentre.pwc.com/imagelibrary/downloadMedia.ashx?MediaDetailsID%3D1562 |url-status=dead |archive-url=https://web.archive.org/web/20130531000745/http://www.ukmediacentre.pwc.com/imagelibrary/downloadMedia.ashx?MediaDetailsID=1562 |archive-date=May 31, 2013 |access-date=November 20, 2009 |website=PricewaterhouseCoopers UK}}</ref><ref>{{Cite web |title=Gross Metropolitan Product |url=http://greyhill.com/gross-metropolitan-product |access-date=September 29, 2011 |publisher=Greyhill Advisors |archive-date=November 6, 2011 |archive-url=https://web.archive.org/web/20111106073959/http://greyhill.com/gross-metropolitan-product/ |url-status=live }}</ref> Several large companies are headquartered in Miami, including but not limited to [[Akerman LLP]],<ref>{{Cite web |title=Akerman LLP Miami Office |url=https://www.akerman.com/en/firm/offices/miami.html |access-date=July 30, 2022 |website=akerman.com |archive-date=January 18, 2023 |archive-url=https://web.archive.org/web/20230118200104/https://www.akerman.com/en/firm/offices/miami.html |url-status=live }}</ref> [[Alienware]],<ref>{{Cite web |title=Alienware Official Site – Alienware Laptops & Desktops |url=https://www.dell.com/en-us/gaming/alienware?gacd=9614064-1014-5761040-266794588-0&dgc=st&gclsrc=aw.ds&ds_rl=1286018&gclid=EAIaIQobChMIuOrju6qj-QIVTLLICh0EOQP1EAAYASAAEgJFEfD_BwE |access-date=July 30, 2022 |website=[[Dell]] |archive-date=July 31, 2022 |archive-url=https://web.archive.org/web/20220731142856/https://www.dell.com/en-us/gaming/alienware?gacd=9614064-1014-5761040-266794588-0&dgc=st&gclsrc=aw.ds&ds_rl=1286018&gclid=EAIaIQobChMIuOrju6qj-QIVTLLICh0EOQP1EAAYASAAEgJFEfD_BwE |url-status=live }}</ref> [[Arquitectonica]],<ref>{{Cite web |title=Arquitectonica Studios – Miami Headquarters |url=https://arquitectonica.com/architecture/project/arquitectonica-studios-miami-headquarters/ |access-date=July 31, 2022 |website=[[Arquitectonica]] |archive-date=April 6, 2023 |archive-url=https://web.archive.org/web/20230406230541/https://arquitectonica.com/architecture/project/arquitectonica-studios-miami-headquarters/ |url-status=live }}</ref> [[Brightstar Corporation]], [[Celebrity Cruises]],<ref>{{Cite web |title=Discover Celebrity |url=https://www.celebritycruises.com/about-us/our-distinction |access-date=July 31, 2022 |publisher=[[Celebrity Cruises]] |archive-date=July 23, 2022 |archive-url=https://web.archive.org/web/20220723220227/https://www.celebritycruises.com/about-us/our-distinction |url-status=live }}</ref> [[Carnival Corporation & plc|Carnival Corporation]],<ref>{{Cite web |title=Corporate Information |url=https://www.carnivalcorp.com/corporate-information |access-date=July 31, 2022 |publisher=[[Carnival Corporation & plc|Carnival Corporation]] |archive-date=July 31, 2022 |archive-url=https://web.archive.org/web/20220731144717/https://www.carnivalcorp.com/corporate-information |url-status=dead }}</ref> [[Duany Plater-Zyberk]],<ref>{{Cite web |title=Contact DPZ |url=https://www.dpz.com/contact/ |access-date=July 31, 2022 |publisher=[[Duany Plater-Zyberk]] |archive-date=July 31, 2022 |archive-url=https://web.archive.org/web/20220731145101/https://www.dpz.com/contact/ |url-status=live }}</ref> [[Greenberg Traurig]], Inktel Direct, [[Lennar Corporation]], [[Norwegian Cruise Line]], [[Oceania Cruises]], [[OPKO Health]], [[Parkjockey]], [[RCTV International]],<ref>{{Cite web |title=Contact us |url=http://www.rctvinternational.com/contacto/ |access-date=July 31, 2022 |publisher=[[RCTV International]] |archive-date=April 25, 2024 |archive-url=https://web.archive.org/web/20240425030702/https://www.rctvinternational.com/contacto/ |url-status=live }}</ref> [[Royal Caribbean International]], [[Sitel]], [[Southern Wine & Spirits]],<ref>{{Cite web |title=Southern Glazer's Wine & Spirits homepage |url=https://www.southernglazers.com/ |access-date=June 16, 2022 |website=southernglazers.com |archive-date=June 24, 2022 |archive-url=https://web.archive.org/web/20220624223747/https://www.southernglazers.com/ |url-status=live }}</ref> [[Telemundo]], [[Vector Group]], [[Watsco]] and [[World Fuel Services]]. Over 1,400 multinational firms are located in Miami, with many major global organizations headquartering their Latin American operations (or regional offices) in the city including [[Walmart]].<ref>{{Cite web |date=February 23, 2010 |title=Walmart Latinoamérica Opens New Regional Office in South Florida, Introduces New Regional President and CEO Eduardo Solórzano |url=http://walmartstores.com/FactsNews/NewsRoom/9663.aspx |url-status=dead |archive-url=https://web.archive.org/web/20100304195241/http://walmartstores.com/FactsNews/NewsRoom/9663.aspx |archive-date=March 4, 2010 |access-date=September 5, 2015 |publisher=Walmartstores.com}}</ref> Companies based in nearby cities or unincorporated areas of [[Miami-Dade County, Florida|Miami-Dade County]] include, [[Benihana]], [[Burger King]], [[Carnival Cruise Line]], [[Navarro Discount Pharmacies]], [[Perry Ellis International]], [[Ryder]], [[Sedano's]], [[UniMás]], and [[U.S. Century Bank]].<ref>{{Cite web |title=About Us – Burger King |url=https://www.bk.com/about-bk |access-date=February 27, 2022 |archive-date=February 28, 2022 |archive-url=https://web.archive.org/web/20220228020920/https://www.bk.com/about-bk |url-status=live }}</ref><ref>{{Cite web |title=Our Story |url=https://www.perryellis.com/pages/about-us |access-date=February 27, 2022 |publisher=[[Perry Ellis International]] |archive-date=February 28, 2022 |archive-url=https://web.archive.org/web/20220228020224/https://www.perryellis.com/pages/about-us |url-status=live }}</ref><ref>{{cite web|url=https://www.benihana.com/about/corporate-information/|title=Corporate Information|publisher=[[Benihana]]|access-date=November 20, 2023|archive-date=October 29, 2023|archive-url=https://web.archive.org/web/20231029085704/https://www.benihana.com/about/corporate-information/|url-status=live}}</ref><ref>{{cite web|url=https://www.sedanos.com/about|title=Flavor Story|publisher=[[Sedano's]]|access-date=November 20, 2023|archive-date=November 20, 2023|archive-url=https://web.archive.org/web/20231120183244/https://www.sedanos.com/about|url-status=live}}</ref><ref>{{cite web|url=https://www.navarro.com/about_us.htm|title=About Our Stores|publisher=[[Navarro Discount Pharmacies]]|access-date=November 20, 2023|archive-date=November 20, 2023|archive-url=https://web.archive.org/web/20231120183431/https://www.navarro.com/about_us.htm|url-status=live}}</ref><ref>{{cite web|url=https://www.carnival.com/about-carnival/about-us|title=About Us, Who we are|publisher=[[Carnival Cruise Line]]|access-date=November 20, 2023|archive-date=November 20, 2023|archive-url=https://web.archive.org/web/20231120183719/https://www.carnival.com/about-carnival/about-us|url-status=live}}</ref><ref>{{cite web|url=https://www.uscentury.com/about-us|title=About US|publisher=[[U.S. Century Bank]]|access-date=November 20, 2023|archive-date=November 20, 2023|archive-url=https://web.archive.org/web/20231120183906/https://www.uscentury.com/about-us|url-status=live}}</ref> Miami is a major television production center, and the most important city in the United States for Spanish-language media. [[Telemundo]] and [[UniMás]] have their headquarters in the Miami area. [[Univision|Univisión Studios]] and [[Telemundo Global Studios]] produce much of the original programming for their respective parent networks, such as [[telenovela]]s, news, sports, and talk shows. In 2011, 85% of Telemundo's original programming was filmed in Miami.<ref>{{Cite web |date=June 23, 2011 |title=Telemundo plans to tape 1,100 hours of telenovelas in Miami |url=http://miamitodaynews.com/news/110623/story4.shtml |access-date=October 8, 2012 |website=Miamitodaynews.com |archive-date=September 3, 2013 |archive-url=https://web.archive.org/web/20130903110816/http://miamitodaynews.com/news/110623/story4.shtml |url-status=live }}</ref> Miami is a significant music recording center, with the [[Sony Music Latin]] headquarters in the city,<ref>{{Cite web |title=The Official website of Sony Music Latin |url=https://www.sonymusiclatin.com/ |access-date=June 16, 2022 |website=sonymusiclatin.com |archive-date=June 16, 2022 |archive-url=https://web.archive.org/web/20220616193904/https://www.sonymusiclatin.com/ |url-status=live }}</ref> along with many other smaller record labels. Miami also attracts many artists for music video and film shoots. During the mid-2000s, Miami witnessed its largest real estate boom since the [[Florida land boom of the 1920s]], and the city had well over a hundred approved high-rise construction projects. However, only 50 were actually built.<ref>{{Cite web |title=Miami: High rise buildings–All |url=http://www.emporis.com/en/wm/ci/bu/sk/li/?id=101321&bt=2&ht=3&sro=1 |access-date=August 25, 2007 |website=Emporis|url-status=usurped | archive-url=https://web.archive.org/web/20040701225556/http://www.emporis.com/en/wm/ci/bu/sk/li/?id=101321&bt=2&ht=3&sro=1 | archive-date=July 1, 2004 }}</ref> Rapid high-rise construction led to fast population growth in Miami's inner neighborhoods, with [[Greater Downtown Miami|Downtown]], [[Brickell]] and [[Edgewater (Miami)|Edgewater]] becoming the fastest-growing areas of Miami. Miami currently has the seven tallest, as well as fifteen of top twenty, [[List of tallest buildings in Florida|skyscrapers in the state of Florida]], with the tallest being the {{convert|868|ft|m|0|adj=on|abbr=}} [[Panorama Tower]].<ref name="emporis">{{Cite web |title=Miami:High rise buildings–Completed |url=http://www.emporis.com/en/wm/ci/bu/sk/li/?id=101321&bt=9&ht=2&sro=1 |url-status=usurped |archive-url=https://web.archive.org/web/20040618062114/http://www.emporis.com/en/wm/ci/bu/sk/li/?id=101321&bt=9&ht=2&sro=1 |archive-date=June 18, 2004 |access-date=August 19, 2007 |publisher=[[Emporis]]}}</ref> The [[United States housing bubble|housing market crash of 2007]] caused a foreclosure crisis in the area.<ref>{{Cite news |last=Bell |first=Maya |date=August 27, 2007 |title=Boom of condo crash loudest in Miami |work=[[Orlando Sentinel]] |url=http://www.orlandosentinel.com/business/orl-condobust2707aug27,0,2001796.story |url-status=dead |access-date=August 30, 2007 |archive-url=https://web.archive.org/web/20070901092249/http://www.orlandosentinel.com/business/orl-condobust2707aug27,0,2001796.story |archive-date=September 1, 2007}}</ref> Like other metro areas in the United States, crime in Miami is localized to specific neighborhoods.<ref>{{Cite web |last=Werner |first=Raleigh |title=Moving to Miami, FL: Relocating Tips & Advice |url=https://www.jumpshell.com/posts/moving-to-miami#crimemaps |url-status=dead |archive-url=https://web.archive.org/web/20160911171407/https://www.jumpshell.com/posts/moving-to-miami#crimemaps |archive-date=September 11, 2016 |access-date=May 27, 2016 |website=Jumpshell}}</ref> [[Miami International Airport]] ([[IATA airport code|IATA]]: MIA) and [[PortMiami]] are among the nation's busiest ports of entry, especially for cargo from [[South America]] and the [[Caribbean]]. PortMiami is the world's busiest cruise port. Miami International Airport is the busiest airport in Florida and the largest gateway between the United States and Latin America.<ref>{{Cite news |title=New figures show PortMiami retained No. 1 cruise port ranking |work=Business Journal |url=http://www.bizjournals.com/southflorida/news/2012/12/24/portmiami-drops-behind-port-canaveral.html |access-date=March 31, 2013 |archive-date=March 7, 2013 |archive-url=https://web.archive.org/web/20130307070350/http://www.bizjournals.com/southflorida/news/2012/12/24/portmiami-drops-behind-port-canaveral.html |url-status=live }}</ref> Due to its strength in international business, finance and trade, Miami has among the largest concentration of international banks in the country, primarily along [[Brickell Avenue]] in [[Brickell]], Miami's financial district. Miami was the host city of the 2003 [[Free Trade Area of the Americas]] negotiations. Miami is the home to the [[National Hurricane Center]] and the headquarters of the [[United States Southern Command]], responsible for military operations in [[Central America|Central]] and South America. Miami is also an industrial center, especially for stone quarrying and warehousing. These industries are centered largely on the western fringes of Miami near [[Doral, Florida|Doral]] and [[Hialeah, Florida|Hialeah]].<ref>{{cite web|url=https://www.nhc.noaa.gov/|title=The Official website of the National Hurricane Center and Central Pacific Hurricane Center|website=nhc.noaa.gov|access-date=November 20, 2023|archive-date=June 1, 2020|archive-url=https://web.archive.org/web/20200601204113/https://www.nhc.noaa.gov/|url-status=live}}</ref> In the 2012 census, Miami had the [[List of lowest-income places in the United States|fourth highest percentage]] of family incomes below the federal poverty line out of all large cities in the United States, behind [[Detroit]], [[Cleveland]], and [[Cincinnati]], respectively. Miami is also one of the very few cities in the U.S. where the local government has gone bankrupt, in 2001.<ref>{{Citation |last=Cohen |first=Adam |title=Gloom over Miami |date=June 24, 2001 |url=http://www.time.com/time/magazine/article/0,9171,135186,00.html |magazine=[[Time (magazine)|Time]] |archive-url=https://web.archive.org/web/20070930034506/http://www.time.com/time/magazine/article/0,9171,135186,00.html |access-date=September 2, 2007 |archive-date=September 30, 2007 |url-status=dead}}</ref> The Little Fire Ant, ''[[Wasmannia auropunctata]]'', is an [[invasive agricultural pest]] in parts of Miami.<ref name="LFA">{{Cite journal |last1=Wetterer |first1=James |last2=Porter |first2=Sanford |date=2003 |title=The Little Fire Ant ''Wasmannia auropunctata'': Distribution, Impact and Control |journal=[[Sociobiology (journal)|Sociobiology]] |volume=41 |issue=3 |issn=0361-6525 |id=[[CABI ISC]] # [https://www.cabi.org/ISC/abstract/20043012612 20043012612]. [[AGRIS]] ID [https://agris.fao.org/agris-search/search.do?recordID=US201300806939 US201300806939] |s2cid=53132506}}</ref> ===PortMiami=== {{Main|PortMiami}} [[File:PortMiami main channel with city skyline in the background (March 11, 2024).jpg|thumb|[[PortMiami]], the world's largest cruise ship port and headquarters for many of the world's largest cruise companies, seen from the docked ''[[MSC Magnifica]]'' cruise ship in March 2024.]] [[PortMiami]] in Miami is the largest cruise ship port in the world.<ref name="miamiport">{{Cite web |title=Port of Miami |url=http://www.miamidade.gov/portmiami/ |access-date=October 28, 2008 |website=Miami-Dade County |archive-date=May 3, 2021 |archive-url=https://web.archive.org/web/20210503070701/http://www.miamidade.gov/portmiami/ |url-status=live }}</ref> It has retained its status as the number one cruise and passenger port in the world for well over a decade, accommodating the largest cruise ships and the major cruise lines. In 2017, the port served 5,340,559 cruise passengers.<ref name="portreport">{{Cite web |title=2017–18 Port Report |url=http://www.miamidade.gov/portmiami/library/brochures/2017-statistics-brochure.pdf |publisher=PortMiami |access-date=October 5, 2018 |archive-date=October 5, 2018 |archive-url=https://web.archive.org/web/20181005071916/http://www.miamidade.gov/portmiami/library/brochures/2017-statistics-brochure.pdf |url-status=live }}</ref> The port is one of the nation's busiest cargo ports, importing 9,162,340 tons of cargo in 2017.<ref name = portreport/> Among [[North American]] ports, it ranks second to [[New Orleans]]' [[Port of South Louisiana]] in cargo tonnage imported from [[Latin America]]. The port sits on {{convert|518|acre|km2|0|abbr=on}} and has seven passenger terminals. China is the port's number one import country and number one export country. Miami has the world's largest amount of cruise line headquarters, home to [[Carnival Cruise Line]], [[Celebrity Cruises]], [[Norwegian Cruise Line]], [[Oceania Cruises]], and [[Royal Caribbean International]]. In 2014, the [[Port of Miami Tunnel]] opened, connecting the [[MacArthur Causeway]] to PortMiami.<ref>{{Cite news |last=Cordle |first=Ina Paiva |date=May 28, 2014 |title=The new PortMiami tunnel's opening is delayed until mid-June |work=The Miami Herald |url=http://www.miamiherald.com/2014/05/28/4143644/the-new-portmiami-tunnels-opening.html |access-date=June 6, 2014 |archive-date=July 12, 2014 |archive-url=https://web.archive.org/web/20140712133703/http://www.miamiherald.com/2014/05/28/4143644/the-new-portmiami-tunnels-opening.html |url-status=live }}</ref> ===Tourism and conventions=== [[File:Miami-florida-royal-caribbean-building.jpg|thumb|The [[Royal Caribbean International]] headquarters at [[PortMiami]]]] Tourism is one of the Miami's largest private-sector industries, accounting for more than 144,800 jobs in [[Miami-Dade County, Florida|Miami-Dade County]].<ref>{{Cite web |last=Jordan |first=John |date=May 2, 2018 |title=Greater Miami Tourism Industry Setting Records |url=https://www.globest.com/2018/05/02/greater-miami-tourism-industry-setting-records/?slreturn=20180904191824 |access-date=April 1, 2019 |website=globest.com |publisher=GlobeSt |archive-date=April 1, 2019 |archive-url=https://web.archive.org/web/20190401203456/https://www.globest.com/2018/05/02/greater-miami-tourism-industry-setting-records/?slreturn=20180904191824 |url-status=live }}</ref> Miami's frequent portrayal in music, film, and popular culture has made Miami and its landmarks recognizable worldwide. In 2016, it attracted the second-highest number of foreign tourists of any city in the United States, after New York City, and is among the top 20 cities worldwide by international visitor spending. More than 15.9 million visitors arrived in Miami in 2017, adding $26.1 billion to the economy.<ref>{{Cite news |last=Herrera |first=Chabeli |date=May 1, 2018 |title=Despite Irma, Miami tourism grew in 2017. Will Asia flights make 2018 even better? |work=miamiherald.com |publisher=Miami Herald |url=https://www.miamiherald.com/latest-news/article210209129.html |access-date=April 1, 2019 |archive-date=April 1, 2019 |archive-url=https://web.archive.org/web/20190401215124/https://www.miamiherald.com/latest-news/article210209129.html |url-status=live }}</ref> With a large hotel infrastructure and the newly renovated [[Miami Beach Convention Center]], Miami is a popular destination for annual conventions and conferences.<ref>{{Cite web |date=2024-09-18 |title=Miami Broward Junior Carnival Represents Caribbean Culture |url=https://miamiweekly.com/miami-broward-junior-carnival-represents-caribbean-culture/ |access-date=2024-09-25 |website=Miami Weekly |language=en}}</ref> Some of the most popular tourist destinations in Miami include [[South Beach]], [[Lincoln Road]], [[Bayside Marketplace]], [[Greater Downtown Miami|Downtown Miami]], and [[Brickell City Centre]]. The [[Miami Beach Architectural District|Art Deco District]] in [[Miami Beach, Florida|Miami Beach]] is reputed as one of the most glamorous in the world for its [[nightclubs]], beaches, historical buildings, and shopping. Annual events such as the [[Miami Open (tennis)|Miami Open]], [[Art Basel]], the [[Winter Music Conference]], the [[Food Network South Beach Wine and Food Festival|South Beach Wine and Food Festival]], and [[Mercedes-Benz Fashion Week Miami]] attract millions to the metropolis every year.
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