Miami's advantages also include a high concentration of banks and businesspeople. However, the survey noted that there is cause for hope because there are regional initiatives like Computer Equity Miami that seek to increase accessibility to tech education for all of its citizens. The report states that "Miami must attract more students interested in tech." The San Francisco Bay area has significantly more prestigious universities that develop technology talent, according to the study on education. Other challenges for Miami's expanding technology sector, according to Moody's, include the impact of climate change, South Florida's transportation infrastructure, the underrepresentation of minorities in higher-level positions, and concerns about educational standards. In contrast to the San Francisco Bay area and other well-established technology centers, South Florida has a very small proportion of the total number of tech jobs.Īccording to Chen, only 3% of jobs in South Florida are in the high-tech sector, compared to 23.5% in the San Francisco area. In California, STEM salaries pay an average of $48,899 annually. STEM jobs in Florida typically pay $40,081 a year. Their increase in South Florida was only 0.9%.Īs of August 13, the typical STEM job nationwide paid $53,428 per year. San Francisco saw a 1.9% increase in STEM earnings. The average salary for STEM workers nationwide increased by 6.8% in 2021 compared to the previous year. This continued pattern has allowed the office landlords in Miami-Dade County to raise rent demands faster than the national average, including in San Francisco, California.Īccording to the survey, incomes for STEM (science, technology, engineering, and math) workers in South Florida have not increased as much as asking rents in Miami-Dade. According to the survey, businesses from New York are increasingly choosing to relocate to Miami due to high taxes, building/office costs, as well as housing.įor instance, the report stated that the fintech business FundKite moved its headquarters from New York to Miami "because it has become a solid hub for the financial industry and has a lot of good expertise and manpower accessible."
Miami has the potential to develop into a prosperous tech center, according to Lu Chen, a senior economist at Moody's and co-author of "The Growing Power of Tech on Miami's Commercial Real Estate Market."įintech companies have found The Magic City to be the most alluring. According to recent research from Moody's Analytics, a division of New York-based Moody's Corporation, the expansion of Miami-Dade County's finance and technology sectors significantly boosted the region's office market throughout the pandemic leaving the potential for Miami to replace Silicon Valley.