Miami heats up with ‘unprecedented’ growth, transforms into ‘most dynamic city in the world’ (layoffs)

[Corrie22]

great article....May 1, 2023

South Florida heats up with ‘unprecedented’ growth, transforms into ‘most dynamic city in the world’

"The Sunshine State’s workforce ended the year larger than New York's for the first time ever in 2022, and Suarez indicated many of those employees are here on behalf of the private equity sector."

"We've moved approximately $2.5 trillion worth of [assets under management] companies in Miami," the mayor said. "You're talking about Citadel, you're talking about Blackstone, you're talking about Starwood Capital, you're talking about Millennium… these are some of the biggest names in venture, the biggest names in private equity, which is why we've created about 9,000 jobs in the last few years, over $9 billion in wages, which is why we're number one in the nation in wage growth, and it's created a tremendous amount of prosperity for our citizens."

https://www.foxbusiness.com/economy/...mic-city-world

[CXT2000]

Originally Posted by Corrie22

great article....May 1, 2023

South Florida heats up with ‘unprecedented’ growth, transforms into ‘most dynamic city in the world’

"The Sunshine State’s workforce ended the year larger than New York's for the first time ever in 2022, and Suarez indicated many of those employees are here on behalf of the private equity sector."

"We've moved approximately $2.5 trillion worth of [assets under management] companies in Miami," the mayor said. "You're talking about Citadel, you're talking about Blackstone, you're talking about Starwood Capital, you're talking about Millennium… these are some of the biggest names in venture, the biggest names in private equity, which is why we've created about 9,000 jobs in the last few years, over $9 billion in wages, which is why we're number one in the nation in wage growth, and it's created a tremendous amount of prosperity for our citizens."

https://www.foxbusiness.com/economy/...mic-city-world

Except....Miami/Florida did not lead the nation in wage growth. Most dynamic city in the world? Hardly.... it's not even a top 100 global financial centre nor is it an Alpha city.

Awesome growth during peak covid? Yes... but

1. Lots of layoffs and closure of HQs that moved to Miami (mainly in crypto)
2. Hiring has been slower than anticipated (lack of local talent, either have to hire remotely or rely mainly on NY/SoCal peeps).. while locals continue to flee
3. Growth has been embellished
4. VC shrunk the fastest in the nation, nearly 100% YoY, no city or state saw worse contracting than Miami and Florida.
5. Growth has slowed down overall, Miami won't boom like it did during 2021-2022. Investors have also paused some projects not only with our global situation, but because of that bozo of a govonor you all have.

Just here again to inject a dose of reality vs the Miami hype machine the media has been portraying as of late. Lucky for me, I don't fall for the hype, and living/doing business in multiple city exposes you to the reality of things.

[FL_Expert]

Originally Posted by CXT2000

Except....Miami/Florida did not lead the nation in wage growth. Most dynamic city in the world? Hardly.... it's not even a top 100 global financial centre nor is it an Alpha city.

Awesome growth during peak covid? Yes... but

1. Lots of layoffs and closure of HQs that moved to Miami (mainly in crypto)
2. Hiring has been slower than anticipated (lack of local talent, either have to hire remotely or rely mainly on NY/SoCal peeps).. while locals continue to flee
3. Growth has been embellished
4. VC shrunk the fastest in the nation, nearly 100% YoY, no city or state saw worse contracting than Miami and Florida.
5. Growth has slowed down overall, Miami won't boom like it did during 2021-2022. Investors have also paused some projects not only with our global situation, but because of that bozo of a govonor you all have.

Just here again to inject a dose of reality vs the Miami hype machine the media has been portraying as of late. Lucky for me, I don't fall for the hype, and living/doing business in multiple city exposes you to the reality of things.

Miami is great, but I agree it isn’t the most dynamic city. That honor might go to Singapore.