The Beacon Council Celebrates Best Job Performance In 36 Years Generating Close To $1 Billion Annually For Miami-Dade County
Highest number of job commitments and average salary among successful announcements at 2021 Annual Meeting
MIAMI, FL – NOVEMBER 17, 2021 – The Miami-Dade Beacon Council, the County’s official public-private economic development partnership, celebrated record-breaking achievements of the 2020-2021 fiscal year during their Annual Meeting, presented by Florida Power & Light. The virtual meeting celebrating Miami’s momentum, resilient and welcoming business environment, and commitments that will generate almost $1 billion in annual economic impact for Miami-Dade County.
The results presented at today’s meeting were a testament to the impact The Beacon Council’s efforts to market, grow and shape Miami-Dade as an innovative, inclusive, world-class business destination are having on Miami’s local economy – development that is especially important given the current climate. During the past year, The Beacon Council worked diligently to secure commitments from 32 companies looking to relocate or expand in Miami-Dade County. These companies, representing diverse industries and international markets, have committed to 4,989 new high-value jobs and more than $229 million in new capital investments; this is the highest number of job commitments in the organizations’s 36-year history. These new direct jobs go on to generate more than 8,500 indirect jobs, for a total of 13,527 new job commitments secured by The Beacon Council in FY2020-2021. This job growth provides opportunities for new graduates to find their first job, and for those already working to take their next step professionally in Miami.
“Even in middle of a global pandemic, in a business environment fraught with disruption and uncertainty, The Beacon Council stepped up to deliver for our community, our residents and our businesses,” said Miami-Dade County Mayor Daniella Levine Cava. “You play a vital role in building a more diversified and thriving economy for all Miami-Dade County residents – in fact this year you helped create a record nearly 5,000 new jobs and facilitated $230 million dollars of capital expenditure. Thank you to all the companies choosing to do business with and in Miami-Dade County. I look forward to continuing our work together to accelerate our recovery from the pandemic and shape Miami-Dade into an even more thriving global economy.
In addition to the number of job commitments, the average annual salary of these jobs also reached a record high at more than $120,000. This is about twice the average annual wage for jobs in Miami-Dade County, and goes on to generate a combined annual disposable personal income of $781 million for the employees in those 13,527 new jobs. In addition to paying for housing, insurance and other basic expenditures, these households will now have more money to spend on entertainment, restaurants, and other activities.
The increase in local economic activity driven by these 32 companies will increase Miami-Dade County’s Gross Regional Product (GRP) by about $926 million each year. Just shy of $1 billion of annual economic impact, the job commitments and investments secured by The Beacon Council over the last year stand to deliver long-term growth for our community.
“Breaking a 36-year record for direct jobs, indirect jobs, investment into our community, and an annual economic impact of almost $1 billion – and during a pandemic – is a clear indication that we are on the right track,” said Gary Goldfarb, Chief Strategy Officer of Interport Group of Companies, and 2020-2021 Chair of the Miami-Dade Beacon Council. “We are now a key player in many industries that did not consider Miami an option just a couple of years back. The future is ours; we just have to keep working at it.”
In looking closer at this year’s projects, 38% represent corporate headquarters including CI Financial, ACE Group, ACI Worldwide, Blockchain.com, North Equity, Barry’s, and Kaseya to name a few. The projects also resulted in a strong international presence from Argentina, Brazil, Canada, Israel, Italy, Spain and United Kingdom. Additionally, 63% of the projects were U.S. companies large and small that chose Miami.
“While 2021 continued to challenge even the best businesses, we at The Beacon Council helped Greater Miami capitalize on the unique opportunities the slowdown presented. We helped lure a record number of domestic and international business expansions and relocations, expanding our presence in targeted industries, such as fintech and cryptocurrency, investment and banking, healthtech, aviation, distribution and logistics, startups and innovation,” said Michael A. Finney, President and CEO, Miami-Dade Beacon Council. “The figures tell the story: An economic impact analysis, done in partnership with Miami-Dade County and the Regional Economic Modeling Institute (REMI), proved that the multiplier effect is driving real, long-term economic impact and wage-growth throughout South Florida. Last year wasn’t simply good for the county – it was transformational for the region.”
The Annual Meeting also highlighted the expanded roster of programs and services that The Beacon Council championed this past year, including Miami Community Ventures, a collective impact initiative designed to connect low income, structurally unemployed individuals to living wage jobs and career pathways; Small Business Xcelterator, an integrated business technical assistance initiative designed to provide comprehensive business growth and resiliency services to Black and Latinx small and micro-businesses in Miami-Dade County; and Project Opioid Miami-Dade, which mobilizes business, government, community, and philanthropic leaders to help address the overdose crisis in our community. The team also highlighted the launch of Opportunity Miami, a new platform meant to help catalyze a vision for Greater Miami’s economic future — and rally the community to create it together. You can find more on Opportunity Miami, the re-envisioning of One Community One Goal, here.
“As presenting sponsor of its upcoming annual meeting, we congratulate our partners at The Beacon Council on their success in helping our business community continue to get back up and demonstrate its resiliency,” said Irene White, senior director of External Affairs for FPL in Miami-Dade County. “FPL started right here in Miami, and we’re excited to see its growth as we help deliver America’s best energy value to our customers – electricity that is affordable, reliable and clean – and move our county and its vibrant businesses forward.”
Click here to download the 2021 Annual Report (which includes the full roster of 2020-2021 projects).
The Beacon Council’s 2021 Annual Meeting was made possible with the support of our Presenting Sponsor Florida Power & Light, in partnership with CareerSource South Florida, Boeing, and media partners WLRN South Florida and Miami Herald.
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About the Miami‐Dade Beacon Council
The Miami-Dade Beacon Council is the county’s official economic development partnership. Attracting and retaining companies that create high-value jobs and invest in our community, The Beacon Council is committed to driving long-term economic prosperity and inclusive growth for Miami-Dade County, its businesses and residents. We achieve this by marketing Miami-Dade as a world-class business destination; growing local companies and fostering entrepreneurs; and shaping Miami-Dade’s economic future. Established in 1985, The Beacon Council has attracted more than 120,000 new jobs and $7 Billion of new investment to Miami-Dade County. For more information, visit beaconcouncil.com.
