Miami’s New Vision as a Global City seeks to expand Economic Opportunity

The Miami Urban Future Initiative is a joint initiative with FIU’s College of Communication, Architecture + The Arts and CCG sponsored in part by The John S. and James L. Knight Foundation,  which will lead new research and mapping on economic, occupational, creative and technological assets in Miami, in partnership with renowned experts, to provide necessary data, evidence and strategy to grow a more inclusive, creative economy for a 21st century global Miami. Miami has reached a crossroads. Its economy – historically based on tourism, hospitality, transportation, and real-estate development – has deepened, diversified, and become more creative and idea-based, as banking, media, arts, education, and new technology-based industries have assumed a larger role. The region now finds itself at a critical inflection point.

While growing, Miami’s creative class — those who make a living by using their minds in arts & design, science, technology, law, & medical industries or academia, media, management, & finance — only make up 25% of the workforce, a much smaller share than regions like Washington, D.C. (44.6%),  Chicago or& L.A. (31.5% each). Miami also suffers from challenges arising from a rapidly growing urban center. This Initiative will develop additional research about Miami’s creative economy and divides, while working across the business, civic, and academic communities to shape a constructive, future-oriented dialogue.

Through this Initiative, they hope to provide the thought leadership and awareness required to guide Miami’s evolution as a global city through data-driven research and assessments of the key trends shaping the region, disseminate this information and inform the broad strategic vision for the region’s private and public stakeholders through ongoing local convenings and briefs and bring global thought-leaders and practitioners to bear on thinking about the region’s future through high-level events and convenings on issues important to Miami and global cities.

More than two decades ago, Alejandro Portes, now at the University of Miami, and Alex Stepick of FIU dubbed Miami as a “city on the edge,” with many assets and many challenges. The region’s transformation, they added, was a story of “change without a blueprint.” Miami has seen one of its greatest growth waves since that time, benefiting from the strategic action of visionary stakeholders, groups, universities and colleges, and mayors since. It is now time to renew the region’s commitment to a regional strategy and to engage a broad region-wide conversation about a more inclusive prosperity that takes into account the mounting realities and challenges that face the region today. The time to act is now: if it misses this opportunity, the region risks losing the economic advantages it has achieved.

To this end, FIU’s College of Communication, Architecture + The Arts and Creative Class Group (CCG) created the FIU-Miami Creative City Initiative, an ongoing collaboration to better understand the forces that are shaping the future of Miami. Their aim is to build upon the strong foundation created by the region’s political, business, academic, and civic leadership and organizations over the past several decades to help identify the key things Miami can do to position itself as a more innovative, creative, inclusive, and prosperous global city and region.

Miami Urban Future Initiative Research Report: Miami Ranks 6th Among Large U.S. Metros on the New Urban Crisis Index

Miami’s rankings on the various equity metrics include:

  • Income Inequality. Miami ranks second among large U.S. metros in terms of income inequality.
  • Wealth Segregation. Miami ranks tenth among large U.S. metros according to its segregation of the wealthy, a measure of the residential segregation of households with incomes of $200,000 or more.
  • Overall Segregation. Miami ranks sixteenth among large U.S. metros on the Segregation Inequality Index, a combined measure of economic segregation and both wage and income inequality.
  • Housing Unaffordability. Miami ranks among the twenty least-affordable metros in the world in terms of its “median multiple,” or ratio of median housing prices to median household income.
  • Concentrated Poverty. 14 percent of Greater Miami households and one in five families with children lived below the poverty line.
  • Middle Class Decline. In Miami, the middle-class share of population declined from 51 percent in 2000 to 48.5 percent in 2014.

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