Pandemic fueled record business openings wave in Miami – Miami, Florida

Miami, Florida 2021-07-06 23:18:08 –

Written by Miami today July 6, 2021


The Covid-19 pandemic has fueled the biggest wave of opening in Miami-Dade County history, a new report from the US Census Bureau reveals.

With the development of the pandemic last year, the number of new business applications in the county has exceeded 2019 levels by nearly 25%. This was the record of Miami, a historical leader in business creation.

Growth wasn’t limited to counties – the number of applications increased across states and countries, but Miami-Dade was the flash point of Florida’s new corporate explosion, and Florida led the country.

A report published last week shows that new business applications in Miami-Dade in 2020 increased from 85,902 in 2019 to 106,810.

Did that growth show resilience, creativity, entrepreneurship, the need for many businesses to shut down, or some official unemployed people joining the underground economy?

“All of the above,” said Professor Jerry Haar, a business development expert who is the Secretary-General of the Florida International University Business College in the Americas.

When evaluating a new company, Dr. Haar decides whether the founder will find and seize the opportunity in the market, or if he needs to start a company as needed to make a living. He said that was important.

Some business founders have undoubtedly seen the opportunity for residents to flow into the community from historically low interest rate borrowings, new money, and tax-intensive northeastern areas. Other unemployed people, for example, may have launched delivery services as an absolute necessity to earn a living, Dr. Haar explained.

Prior to the pandemic, Miami was the first nationally recognized for entrepreneurship and the creation of a company, Dr. Haar said, but with venture capital support for the community to sustain many new businesses. Approximately 40th in sustainability of new ventures due to lack of a pool of trained employees.

“I want to see how many of these new companies will be in about 36 months from now,” he said.

In Florida as a whole, new business applications increased by 26.8% last year, with just under 500,000 being the most common in the country. California is second in the nation with 436,730, followed by 384,118 in Texas. Only North Dakota and South Dakota saw a decline in new business applications.

Within Florida, Miami-Dade had an overwhelming majority of 106,810 new business applications in 2020. Broward was followed by 69,815, Palm Beach County with 41,202, Orange County (Orlando) with 40,053, Hillsborough County (Tampa) with 33,461, and Duval County. (Jackson Building) 22,460.

The census report is new, except that the types of businesses that are likely to be formed each year show small profits, while the types of businesses that are not likely to be formed show a significant increase. A pandemic that refused to explain the surge in business has taken hold.

Dr. Haar’s main question in Miami-Dade’s business development is whether all the factors that make many new companies successful in the long run are here.

Key factors are strength of education, quality urban mass transit, and affordable housing, none of which is considered a leader by Miami-Dade.

“What do we have?” He asked, “Does it contribute to the sustainability of entrepreneurship?”

Pandemic fueled record business openings wave in Miami Source link Pandemic fueled record business openings wave in Miami

Back to top button