Brain Drain in Miami? More Like a ‘Brain Gain’

After reading The Miami Herald article, Brain Drain? Many young South Floridians seek brighter economic prospects elsewhere, I thought that South Florida’s opportunity for economic growth was being sold short.

Yes, times are still hard and uncertain, but this city is in the midst of an exciting and promising transformation and rebirth. And yes, it remains difficult for so many to find gainful employment, but the jobs are coming, and if not, there are more resources now than ever to create your own.

It’s not easy to find success in conditions such as these, but, then again, nothing worth doing ever is!

While the statement “South Florida is losing young people in droves,” can be disheartening, there is a much more encouraging and promising story to tell.

Because of my various roles in the community, I have a pretty accurate perception of the business climate in Miami, and even more as a young professional.

As for the brain drain we’re experiencing? On the contrary, I’d say it’s more like a brain “gain.” Miami has the perfect blend of attributes to attract bright young minds, and even long established corporate giants, to boot.

Jobs are coming to Miami in a diverse array of fields and industries, because of the beautiful climate and beaches, diverse cultural experience, proximity to emerging markets in Latin America, ultra-competitive tax rates, and access to an energized and ambitious workforce.

And the numbers show it. According to The Council for Community and Economic Research, Miami has a comparably low cost of living. On a 100-point scale, where 100 is the nationwide average, Miami came in at 104.6. New York was 220.7; Washington D.C. was 144.4; Los Angeles, 135.3; and Chicago, 114.4.

Of course, my favorite stat is the personal income tax rate – zero. Compare this to other major cities and you begin to realize you’re getting a significant raise right off the bat to stay or move here.

Some of the other cities’ tax rates are: New York, 6.9 to 12.8 percent; Los Angeles, 1 to 9.3 percent; and Atlanta, 1 to 6 percent.

But for a real, tangible example, look no further than the new 1450 building on Brickell Avenue. You’ll see some of the country’s largest banks and law firms are allocating significant resources and making long-term investments betting that Miami has the potential to become the “New Wall Street.”

In fact, a friend and colleague, Christian Chibras, of a local private equity firm, moved back to Miami from New York after three years of investment banking at a large bank because, he said, “New York is a mature market, while Miami presents a unique opportunity to grow with and influence an emerging business capital as well as an environment to develop my career with greater entrepreneurial control.”

In addition to the finance and legal industries, the other areas for opportunity are in technology and entrepreneurship. Bloomberg Businessweek recently listed Miami as the seventh city with the biggest growth in tech jobs in the country, with a 51 percent increase year over year.

As for entrepreneurship, many have realized that if they’re unable to find a traditional job, they can create one for themselves!

It’s incredibly inspiring to see all the innovative ideas being developed by aspiring entrepreneurs with the help of resources such as the University of Miami’s The Launch Pad, Florida International University’s Pino Entrepreneurship Center and Incubate Miami. And for many of these resources, you don’t even need to be a current student to apply.

Working in marketing and business development has allowed me the opportunity to get out in the community and attend many networking events where I’ve interacted with some of the community’s prominent business leaders. The common theme of discussion lately has been optimism and excitement for South Florida’s prospects.

I am the chair for the upcoming HYPE awards in March for the Greater Miami Chamber of Commerce. HYPE – Helping Young Professionals Engage – is the chamber’s committee focused on the development of young professionals. In this role I’ve seen firsthand the incredible things young people are doing in our community.

Whether they’ve recently entered the workforce, are giving back and volunteering to improve our community or started a new business, one thing rings true: Miami is a completely reenergized and booming city.

I’ve been lucky to see how truly passionate and committed our city’s young people are. As the marketing chair for the nonprofitHabitat for Humanity’s Young Professional Committee, I’ve been fortunate to volunteer with young people – whether imports like me (I moved here from Pennsylvania seven years ago) or Miami natives – working relentlessly to ensure that everyone in this great city has an equal opportunity to succeed, starting with having a satisfactory place to live.

It’s difficult to remain optimistic during relentlessly trying economic conditions. But rather than dwelling on the potential of a “brain drain,” or limited career opportunities, as a community we need to focus and highlight those examples of individuals who are creatively finding ways to navigate this economy and thrive.

Their stories can inspire others to keep working hard, and soon the success of their new businesses and the launch of their careers will help create additional jobs to uplift the entire community.

Michael Simmons, a University of Miami alum, is a marketing specialist with the accounting firm Kaufman Rossin

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