Statistics

Beacon Council Press Release: "South Florida Global Economic Impact Study Reveals Region’s Economic Muscle"

January 17th, 2008

NEWS RELEASE
For Immediate Release

CONTACT:

Aurelia Vasquez – Communications Manager, Beacon Council
Office: 305-579-1341 / Cell: 305-606-3723
avasquez@beaconcouncil.com

Robert Cadogan – Burson-Marsteller
(305) 347-4305 / robert.cadogan@bm.com

South Florida Global Economic Impact Study Reveals Region’s Economic Muscle

_$200 billion sum rivals GDP of several Latin American countries_

MIAMI-DADE, FLORIDA January 17, 2008—- Nearly 1,200 multinational companies, 41 of them billion-dollar companies, collectively manage over $200 billion in revenue from South Florida. This economic assessment is among the new findings to be revealed and discussed at the South Florida Global Economic Impact Study Panel Discussion, featuring South Florida’s CEOs, The Beacon Council and WorldCity Business at the Coral Gables Country Club at 1007 South Greenway Drive, in Coral Gables, Florida on Thursday, January 17 at 4:00 p.m.

A first-of-its-kind endeavor, the South Florida Global Economic Impact Study tracks and quantifies South Florida’s growing role in global economic decision-making, culling data from a wide variety of primary and secondary sources to provide a central source for accurate, up-to-date figures on the region. The data reflects managed revenue by multinationals in South Florida and includes breakdowns by country of origin and employees, both local and managed abroad.

WorldCity and The Beacon Council are hosting the Thursday panel discussion, which will gather over 150 South Florida CEOs, to examine what the study means for the South Florida economy and how CEOs can apply the findings to grow their operations from Miami into their target markets.

The combined revenue managed by South Florida’s 1,200 multinational companies rivals the GDP of several Latin American countries,” said Ian McCluskey, Publisher of WorldCity Business magazine. “Whether it’s a global headquarters like Burger King or a regional headquarters like HP Latin America, this study reveals the power and global reach of South Florida’s multinational business community.”

Some key findings in the study include:

(a) 232 of the companies studied have global headquarters based in South Florida.

(b) The average revenue for companies with global headquarters in South Florida is $434 million.

(c) At $203 billion, the revenue managed by South Florida multinationals is nearly the size of the GDPs of Argentina ($248 billion) and Venezuela ($227 billion) and larger than that of Colombia ($172 billion) and Chile ($161 billion).

(d) While companies from Europe and the United States have long seen Miami as the gateway to the Americas, the data show that a large number of multinational companies originated elsewhere. The study found 27 companies from Canada, 116 from Latin America and the Caribbean and 76 from Asia. Europe accounts for 305 companies while the United States for 659.

(e) The billion-dollar club is made up of 27 Miami-Dade companies, 9 Broward-based companies and 5 Palm Beach County companies. It includes household names, such as Carnival, Citrix and Office Depot, but also a few surprises, like GM, Microsoft, Danone, Nokia and AIG.

The Beacon Council, Miami-Dade’s official economic development organization, assists multinationals of all sizes in establishing or expanding their operations in Miami-Dade County. Frank Nero, President and CEO of The Beacon Council, supported the study and its findings, saying, South Florida is emerging as a global business destination. Over the past ten years we have diversified our economy and created a regional force that is attracting multinationals across all industry sectors. Their role in our local economy can not be overstated; as they grow and their activities grow, our communities benefit by the new investment and job opportunities created.

Both WorldCity and The Beacon Council cite that it is important for the community as a whole to encourage more companies to establish regional or global headquarters, as well as promote the attractive economic climate. Among the many factors that contribute to the success of the companies covered in the study are: a favorable tax advantages, excellent transportation and technological infrastructure, and a skilled multilingual and multicultural workforce.

The roster of major sponsors for the Global Economic Impact Study conveys both the diversity of the region and the importance of the report. Sponsors include HP Latin America, Blue Cross Blue Shield of Florida, Baptist Health, the University of Miami School of Business, Telefonica USA, Seitlin Insurance, C.B. Richard Ellis, Diaz Reus Rolff & Targ, and Auxis Consulting.

Baird Lobree, President & CEO of Auxis, Inc., is one of the intellectual architects of the study. Lobree stated We applaud WorldCity and The Beacon Council for taking on the tremendous effort to capture the size, strength and power of the South Florida economy. The assets and revenue under management study of South Florida business has been long overdue. It tells and sells South Florida’s compelling business value story!

More information on the South Florida Global Economic Impact Study is available at www.worldcityweb.com.

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About The Beacon Council

The Beacon Council, Miami-Dade County’s official economic development partnership, is a not-for-profit, public-private organization that focuses on job creation and economic growth by coordinating community-wide programs; promoting minority business and urban economic revitalization; providing assistance to local businesses in their expansion efforts; and marketing Greater Miami throughout the world.

About WorldCity

WorldCity is a media company focused on South Florida’s role in the global economy. Through our monthly publication WorldCity Business, our multinational directory Who’s Here, eight annual publications including Miami TradeNumbers, U.S. TradeNumbers and Americas TradeNumbers, as well as our monthly breakfast series Connections and our CEO Roundtable, WorldCity unites the international business community of South Florida.

Beacon Council Press Release: "South Florida Global Economic Impact Study Reveals Region’s Economic Muscle" (01/17/2008)

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Miami-Colombia Annual Report: Trade with No. 4 trade partner Colombia blooms (07/27/2006)

Miami-Dominican Republic Annual Report:No. 3 Trade partners- Slowing the trade pace (07/27/2006)

Miami-Venezuela Annual Report:Win-win with No. 2 trade partner Venezuela (07/27/2006)

Miami-Brazil Annual Report: No.1 Trade Partner Brazil loses ground in South Florida (07/27/2006)

Miami-Guatemala Annual Report: No. 8 trade partner- From apparel to agro products (07/27/2006)

Miami-Chile Annual Report: No. 9 trade partner Chile posts big trade gains (07/27/2006)

Miami-El Salvador Annual Report: No. 10 trade partner- Trade holds steady (07/27/2006)

Miami-Argentina Annual Report: No. 11 trade partner- Surplus-boosting year (07/27/2006)

Miami-UK Annual Report: No. 12 trade partner- Tapping the Americas' gateway (07/27/2006)

Miami-France Annual Report: No. 13 trade partner- Global products for good living (07/27/2006)

Miami-Mexico Annual Report: No. 14 trade partner- Reaching to Yucatan Peninsula (07/27/2006)

Miami-Italy Annual Report: No. 15 trade partner- Italian luxury captivates Miami (07/27/2006)

Miami-Peru Annual Report: No. 16 trade partner- Tariff exemptions boost trade (07/27/2006)

Miami-Ecuador Annual Report: No. 17 trade partner- Keeping on the proven path (07/27/2006)

Miami-Bahamas Annual Report: No. 18 trade partner- Feeding the toursim sector (07/27/2006)

Miami-the Netherlands Annual Report: No. 19 trade partner- High-speed growth (07/27/2006)

Miami-Germany Annual Report: No. 20 trade partner- Trade with Germany climbs (07/27/2006)

Miami-Panama Annual Report: No.21 trade partner headed toward $1 billion (07/27/2006)

Miami-Japan Annual Report: No. 22 trade partner- Import hike causes trade boost (07/27/2006)

Miami-Haiti Annual Report: No. 23 trade partner- Clothing connection (07/27/2006)

Miami-Paraguay Annual Report: No. 24 trade partner riding high on exports (07/27/2006)

Miami-Spain Annual Report: No. 25 trade partner- Trade with Spain plunges (07/27/2006)

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