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TMiami Florida is on an economic upturn in a big way. As one of the hardest hit areas during the mortgage crisis things seem to have really turned around. At one time, the Florida condo market was on life support. Many people who had put down pre-build deposits simply walked away. Many builders and developers went out of business. The corner has been turned and Miami is heating up economically again.
One of the major industries in Miami is tourism. It serves as a port for many of the larger cruise lines and a destination for many Caribbean cruises. The Cuban and Latin community in the city make for a broad, interesting culture with a wide variety of ethnic diversity.
Miami is also a centerpiece of the financial industry. It houses many international corporate head offices, especially those companies who are creating a US presence from Latin America. The downtown section of Miami has one of the densest concentrations of international banks in the USA. Again, because of it's cultural ties to South America it only makes sense to be the center of trade.
Of course, like any city, especially one that was hit so hard during the recession, there are a large group of people who are just getting by. For these people, real estate speculation, the stock market and European markets don't impact their day to day lives. These people are simply trying to make it to the end of the month. The unemployment rate for the unskilled labor in the area is horrifyingly high. There are great opportunities for people with college degrees of very specialized skills, but those raised in poor conditions are still stuck in that cycle.
Hopefully, as Miami rises from the economic downturns ashes it will share it's wealth and lift the tides of all it's people.
One place that employees many people who don't have a college degree, at above average wages is the Port Of Miami. The docks are very busy with the tourist trade and import/export especially from South America. Many European companies also use Florida as their entry port into the American market. This port is among the busiest of all American ports of entry.
Like most other cities and states Miami and the state of Florida offer a wide array of incentives and tax considerations for anyone who would start or relocate their business here. One of the major reasons many entrepreneurs choose Florida and Miami Beach is because there is no local or state income tax. That's right. None! The corporate state tax is also much lower than most other states. Florida and Miami have setup areas where new businesses can be matched with funding, grants and other incentives.
There are numerous job placement agencies in and around Miami and Miami-Dade County. If you have a specialized skill or trade, or a college degree you can probably find a well paying job. Many companies are hiring. They are just hiring higher positions. If you don't have your GED or any marketable skills you will find that the bottom end of the wage scale is tough to live on. For example, did you know that Florida considers all hospitality staff to make a living wage through tips, so they set the minimum wage for food servers at $5.03 per hour. And that was only increased at the beginning of 2015. How can you make ends meet at $5 per hour. Obviously, some people make better tips than others.
If you are struggling financially then Miami might not be the best place to go looking for a job. However, you can't beat the view, the weather and the night life.
Miami Florida can be a great place to live if your finances and employment status permit you to thrive there! (or retire there)