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Relative Strengths and Weaknesses of the Regional Economies for Miami
To: Florida Director of Regional Economic Development
Subject: Relative Strengths and Weaknesses of the Regional Economies for Miami
U.S. Office of Management and Budget defines Miami-Fort Lauderdale-West Palm Beach as a Metropolitan Statistical Area comprising of Palm Beach, Bronward, and Miami-Dade counties. The three counties are the most populous in Florida. The three counties together with others like Indian River adds to the metro making Mimi metropolitan are the most populated area in Florida and 8th in USA. Based on the per capita income in this area, the region was ranked 141 in 2013. Between 2008 and 2013, the region capital personal income changed from $43793 to $45377. This represented a 3.6% growth in per capita personal income, which indicates improvement in the standard of living in the area given that per capita personal income serves as the most comprehensive indicator of individual economic stability and wellbeing (Frechtling & Horvath, 2009). Owing to the high population in the area, and economic diversity, the following assessment presents cross industry economic outlook.
While there exist many methods and techniques used to evaluate the relative strength of local economy, and evaluate competitive position, the present assessment will focus on location quotient and shift share analysis. The two techniques provides tools to assess diversity and relative strength and industry characteristics of the local economic base. Even though the two techniques try to quantify changes in the industrial employment and measure them relative to the established benchmark economy like the one for the nation, the two techniques can produce different results concerning employment rankings which necessitate caution in interpretation. The industries assessed are within the structure of the US OMB NAICS coding system. The NAICS system categorizes industries and economic activities in USA at varying levels of aggregation which range from broadest detail to the most detailed level. The evaluation proceeds in three main steps (Frechtling & Horvath, 2009). First the study looks at the general characteristics of the Mimi economy, then the concept of location quotient is described. The different industries are analyzed using the location quotient method. Afterward the concept of shift share analysis is looked at. Finally the summary and recommendations are given.
Overview of Miami Economy
Generally, much of the Miami metropolitan economy is developed through tourist business with the economy dominated by strong trade and service sector and relatively weak manufacturing sector. In comparison to other regions these economy features still differentiate the local economy even though the tourism sector is not monolith as it was in the past. Through the time the economic structure has undergone substantial changes and changed area from regional service center and domestic tourism to…………………………