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Evaluating Miami-Dade's Targeted Industries Using REMI Economic Analysis

Explore the effectiveness and relevance of Miami-Dade County's targeted industries (TI's). Is it time to update the list from the early 1990s? Discover how REMI economic impact simulations can provide valuable insights on job creation, labor compensation, and GDP. Learn how industries like Aviation, Logistics, and Life Sciences are ranked in terms of economic impact. This study aims to enhance the process of identifying and supporting industries for economic development in Miami-Dade County.

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Evaluating Miami-Dade's Targeted Industries Using REMI Economic Analysis

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  1. Using REMI for “Targeting” Industries Dr. Robert Cruz, Chief Economist Office of Economic Development Coordination Miami-Dade County, Florida cruzr1@miamidade.gov www.miamidade.gov/eap February 4, 2009

  2. Overview • Finding additional uses for REMI beyond economic impact analyses • Like most communities in Florida, Miami-Dade’s economic development agency has a list of “targeted industries” (TI’s). • List developed many years ago (early 1990s) as a result of Chamber of Commerce “brainstorming sessions” • County incentives are directed to TI’s • Do these TI’s still make sense? • Can the process of identifying TI’s benefit from a quantitative analysis of economic impacts? • We ran several economic impact simulations and focused on a few key outcomes – jobs, job quality, labor compensation, real income, and real GDP.

  3. Old Targeting Industries • Aviation • Professional Services • Life Sciences • Logistics • Financial Services • Film and Entertainment • Information Tech and Telecom • “Visitor” Industry • International Business • TI boundaries not exclusive • Aviation, Logistics, Tourism and Intl Biz overlap • TI includes several industries • Film and Entertainment • Need to fit the analysis into REMI sectors

  4. The Methodology • The So. FL Multi-regional REMI Model: 70 Sector Model with 7 Regions (counties) Plus Rest of Florida • 21 industries were selected – various sizes, largely “export oriented”, considered “good” industries to attract or grow, other criteria (State & Local Gov) • Simulations were run over 10 year period to focus on “short run”, “intermediate run” and “long run”. • Macro shock: 1000 increase in industry jobs.

  5. Industries Examined

  6. Jobs Impact at Year 3

  7. Considering Quality of Jobs

  8. High Paying Job Creation

  9. Aggregate Labor Compensation

  10. Gross Regional Product

  11. Summary of Rankings

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