According to the Biz2Credits annual ranking, Miami is currently the best city in America for small business growth. Miami was chosen to top the list because of its credit score, annual revenue, and businesses’ age in terms of months. Vice city is in the middle of a real estate and a construction boom because of the current thriving economy and low tax rates that have business owners moving down south. Miami is also the destination for the travel and tourism sector. The article below will try to cover why commercial architecture is on the rise in Miami.
International trade
Miami has grown to be an international shipping center because of its geographical location and the increase of Latin American immigrants. Business owners are moving to Miami because Miami International Airport tops the list for arriving cargo points for cargo flights from the Caribbean and South America.
Telecommunication and media
Business owners who concentrate on the media industry have the most extensive television networks like Telemundo. As the media industry continues to grow, so does commercial architecture to make way for the growth of the Latin community, says Tewes Design Group Miami Architects.
Finance
Commercial architecture is advancing in Miami, Florida because it concentrates on domestic and international banks. As foreigners enter the city, they can transact freely with their home currencies.
The other reason is that Miami offers a dynamic and climate-friendly environment accompanied by emerging opportunities and a multicultural workforce from the many industries available.
Tourism
Miami is vibrant and full of excitement, and that’s the reason why tourists flock to the city year-round, not only in the winter. The hotel and restaurant business is booming businesswise. When you need adventure, riding a cruise ship on the high seas, Miami is the go-to.
IT sector
The IT sector in Miami is growing at a high rate, contributing to high commercial architecture growth. Many buildings and structures are being constructed to cater to the rising level of office occupancy required. The office is needed to accommodate the small businesses that are coming to life.
With social distancing in place as a way of curbing the Covid-19, businesses, either small or big, are looking for more office space that will accommodate their employees. The search and need for more office space have led to the architecture industry stretching to meet office space demand.
How will the rise in commercial architecture affect the economy of Miami?
If a job opportunity has been created, the economy benefits from it in different ways. When more office space is required, the construction companies will have to look for more human resources to sustain the number of people needed to build the offices. The building will create job opportunities for many residents.
When job opportunities are created, then it means that the government will receive revenue in the form of taxes. There will be businesses opening like hotels to cater to the large number of tourists flocking into the city.
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