New and growing businesses are often in need of a business litigation firm to help them with the legal issues involved in starting out. And in Miami, that need is increasing, thanks to a high business growth rate that ranks in the top 10 in large metropolitan areas in the country.
In fact, a new study by the Miami Urban Future Initiative reported by the South Florida Business Journal found that businesses in Miami are growing at one of the fastest rates in the country.
Miami ranked eighth in annual business establishment growth among large United States metropolitan areas between 2010 and 2015. Miami’s 2 percent growth rate was more than twice the national average, according to the study.
However, Miami ranked 42nd in income growth, with an annual rate of just 1.3 percent during the five-year period studied.
The report also found that:
- Miami ranked eighth in population with 6 million people and 19th for population growth at 1.3 percent annually.
- Miami’s gross domestic product in 2016 was 12th at $288 million, while its GDP growth of 3 percent ranked 13th.
- The city ranked 18th among large U.S. metros based on its wage growth between 2010 and 2015, at 3.3 percent,better than the national average of 2.6 percent.
- The average size of businesses in Miami is smaller than the national average, according to the report. The city ranks last among large U.S. metros with an average of 11 employees, compared with 14 in New York, 17 in Washington, D.C., and 20 in San Jose, California.
The study was conducted by the Miami Urban Future Initiative, a joint initiative of Florida International University and Creative Class.
If you’re a business starting out in Miami or an established business in need of business litigation, PPK law first can help with all of your business law needs.