Miami-Dade’s economic development agency reports record year luring firms to Miami

The Miami-Dade Beacon Council, the county’s economic development agency, said it secured a record 57 companies over the past year to commit to expand or relocate to the county.

A public-private partnership, the group called that 2021-2022 achievement the best performance in its 37-year history of nurturing and increasing business investments in Miami-Dade.

Council leaders announced the results late Thursday at the council’s annual meeting at the newly opened Loews Coral Gables hotel.

Council leaders said those business commitments will generate over $800 million in recurring annual economic impact in the county. In addition to the 57 companies that have committed to expansion or relocation to Miami, the organization said it has 150 potential relocation or expansion agreements “in the pipeline.”

The 57 businesses will occupy over 1 million square feet of commercial property, generate more than 8,000 new direct and indirect jobs with an average annual salary of $97,000, according to the council’s projections. The industries represented vary widely, with technology and life sciences and healthcare firms leading job creation, each driving 20% of total direct jobs created. Financial services and trade and logistics companies’ staffing commitments followed closely behind.

Among those companies relocating or expanding in the Miami area are asset management firm Millennium, New York-based fintech company Yield Street and Bradesco, one of the largest banks in Brazil.

Council leaders also highlighted expansion plans for Half Moon Empanadas, local artisan empanada bakers, and Azamara, a luxury cruise brand now operating as a private equity-backed independent line after being a part of Royal Caribbean. Also, two Israeli hospitality tech startup companies — Reeco and Sauce — were cited for choosing Miami for their U.S. headquarters.

As part of promoting Miami-Dade as a business hub, the council actively courts companies around the world. This year council members traveled to Spain, Israel and the United Kingdom to lure foreign businesses to Miami-Dade.

“So many companies have decided to make it in Miami,” said George Bermudez, the Beacon Council’s outgoing annual chair of the board of directors. “As Miami looks to set an example of the world stage, we want to develop and position our community as an inclusive hub of innovation.”

Miami-Dade County Mayor Daniella Levine Cava commended the council’s stellar year.

“As our community continues to grow, ... we’re looking at how to take advantage of the huge momentum and excitement surrounding Miami,” she said, referring to the numerous companies and workers who have come to Miami since the pandemic began in March 2020. Levine Cava added: “Other peoples’ losses were our gains.”

Although many economists have predicted the possibility of a U.S. recession, Yolanda Cash Jackson, the council’s incoming chair for 2022-2023, remains optimistic.

“We’re positioned for another record-breaking year in 2023,” said Jackson, a Liberty City native and attorney with the Becker law firm in Fort Lauderdale. She’s the first Black woman selected for the influential leadership role since the council formed in 1985.

Next year also promises to be a noteworthy year for the Beacon Council, because in January it plans to announce a new president of the organization. Since April when council President Michael Finney passed away, William Talbert has been an interim leader. Previously, Talbert led the Greater Miami Convention and Visitors Bureau for 20 years.