Latin America Pervades Economy, from Job Market to Banking, Real Estate

Latin America has become so integrated into Miami’s economy that, without it, everything here from the job market to banking and real estate to international trade would be a shadow of itself, according to new data and local professionals.

While that has insulated Miami from some of the troubles in the U.S. economy, it also makes the area vulnerable to economic downturns overseas. So far this year, however, that hasn’t been the case as Miami has recorded significant increases in housing prices, while registering a slight drop in unemployment.

Overall, international business, including the value of trade in goods and services as well as foreign direct investment, accounts for about 18% of Florida’s economy, according to a recently updated report on Florida’s international business by Enterprise Florida, the state’s economic development agency.

International trade in goods and services – along with employment by foreign-owned companies – is estimated to support more than 1 million jobs in Florida, the report shows.