Miami is a major heart and leader in finance, commerce, society, arts, and global trade. The metro region is by considerably the premier city economic system in Florida and the twelfth largest in the United States, with a GDP of $344.9 billion as of 2017. In 2020, Miami was classified as a Beta + amount worldwide metropolis by the GaWC. In 2019, Miami rated seventh in the United States and 31st amongst international towns in organization exercise, human capital, data exchange, cultural expertise, and political engagement. In miami classified ads to a 2018 UBS study of 77 world towns, the metropolis was rated as the 3rd-richest in the entire world and the 2nd-richest in the United States in acquiring electrical power. Miami is nicknamed the “Capital of Latin America” and is one particular of the biggest greater part-minority towns in the United States with more than 72.7% of the population becoming of Hispanic and Latino descent.
Greater Downtown Miami has 1 of the largest concentrations of intercontinental banks in the United States, and is residence to a lot of huge nationwide and intercontinental businesses. The Overall health District is a main centre for hospitals, clinics, and the biotechnology and healthcare analysis industries. PortMiami is the busiest cruise port in the planet in both passenger traffic and cruise lines, and refers to alone as the “Cruise Funds of the Planet”. Miami is also a main tourism hub for global visitors, position second in the region right after New York Metropolis.
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Miami is a key television creation centre, and the most important town in the United States for Spanish language media. Telemundo and UniMás have their headquarters in the Miami location. Univisión Studios and Telemundo Studios create significantly of the unique programming for their respective mother or father networks, this kind of as telenovelas, information, athletics, and chat displays. In 2011, 85% of Telemundo’s unique programming was filmed in Miami. Miami is also a significant songs recording centre, with the Sony Songs Latin headquarters in the city, together with numerous other smaller sized document labels. The metropolis also appeals to many artists for songs movie and film shoots.
The housing market crash of 2007 triggered a foreclosures crisis in the spot. In 2012, Forbes magazine named Miami the most depressing city in the United States because of the crippling housing disaster that expense multitudes of residents their homes and jobs. In addition, the metro spot has a single of the highest violent crime prices in the region and employees face prolonged daily commutes. Like other metro areas in the United States, criminal offense in Miami is localized to specific neighborhoods. In a 2016 study by the web site 24/seven Wall Avenue, Miami was rated as the worst U.S. town in which to stay, primarily based on crime, poverty, cash flow inequality, training, and housing costs that significantly exceed the nationwide median.