Miami, Florida Economy

Paper Summary:

This paper explains that because of the 9/11 terrorist attacks Florida is paying a high price for security as companies reevaluate whether to continue doing business in Miami, and if they do remain, what they must do to be successful. The author believes that the economic effect of increased Homeland Security measures, along with the PATRIOT Act, has been tremendously negative, especially in the international commerce industry. The paper states that the Miami economy, as compared to other areas of the U.S., has been slow to recover because of its dependence on sales tax and tourism dollars.

From the Paper:

"Yearly equal to $2 billion is generated by foreign-based real estate purchases in Florida, while, the average foreign visitor spends $230 per day on retail, according to the study. A response from Miami-based Star Supply officials was that they witnessed sales drop up to 50 percent at a recent local footwear expo and credited the reduce speed to new visa regulations that banned Latin American buyers from attending. "We are accustomed to having buyers come to us in Miami. With the new travel policies, we will have to go to our customers and look for new markets outside the Americas," a representative of Star Supply said in the survey. "It is not only bad for us, it's bad for the local economy.""

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