Miami

Economy

Miami has a highly diversified economy with over 170 multinational companies headquartered in the city and its environs. Top economic sectors include tourism, services, trade, manufacturing, real estate, and construction. Major employers include the Miami-Dade County school district, county, federal, and state governments, University of Miami/Jackson Memorial Medical Center, and Bell South.

The Miami Customs District reported $47 billion in imports and

exports for 1997, mostly from trade with Latin America. The 19-hectare (47-acre) Miami Free Zone, established in 1978, was the world's first privately owned and operated foreign trade zone. It consists of a 78,593-square-meter (846,000-square-foot) warehouse and office complex near Miami International Airport.

Hurricane Andrew in 1992 was followed by a building boom, and the construction industry remains active, with rising demand for single-family homes and condominiums. In 1997, sales of single-family homes totaled $1.9 billion; sales of condominium units totaled $558 million. Top industries in the manufacturing sector are apparel, metal fabrication, printing, and medical products, and the biomedical sector is showing rapid growth.

The film and entertainment industry is another major generator of income for Miami. Together, movies, television, and commercial and fashion photography generated more than $212 million in income in the area. Recent movies filmed in the Greater Miami area include Donnie Brasco, Speed II, Out of Sight, and There's Something About Mary.

Miami's access to Latin America has made it a top international banking and investment center, with most bank offices located in the city's financial district along Brickell Avenue. Today it is home to the international trade divisions of a number of major U.S. banks. The city's financial institutions have won important business in connection with economic development and privatization in Latin American countries.

Agriculture remains an important part of the Greater Miami economy. The region is the nation's leading supplier of vegetables during the winter season. As the only subtropical farming area in the continental United States, it is a leader in the production of tropical fruits and vegetables, with crops valued at $81 million annually. The Miami area also supplies one-fourth of all ornamental plants sold in the country.