Economy
A World Class Economy
Miami boasts a dynamic corporate landscape, unparalleled diverse workforce, pro-business tax framework, world-ranking educational institutions, and exceptional quality of life are only some of the reasons why businesses large and small, from mid-market companies to Fortune 500 leaders, have set up shop in Miami.
$219B
Total GDP
With a gross domestic product of $219 billion, Miami ranks first in Florida and fourteenth nationally. This remarkable economic output is comparable to that of Greece and is poised to surpass Denmark, showcasing Miami’s significance on the global economic stage.
$47,860
Median Household Income
The median household income in Miami stands at $47,860, showcasing a vibrant economic landscape. Notably, residents aged 25 to 44 enjoy a median income of $60,652, reflecting the city’s appeal to young professionals. With a strong wage growth of 7.4% in the past year, Miami is cultivating an environment for economic advancement and opportunity.
0%
Individual Income Tax
Miami benefits from a business-friendly tax environment, notably with a 0% individual income tax rate. This unique advantage attracts entrepreneurs and businesses alike, contributing to the city’s appeal as a prime location for investment and economic growth.
5.5%
Corporate Income Tax
Florida’s corporate income tax is 5.5%, lower than the national average of 4% to 12%. This attractive rate positions Miami favorably against states with higher taxes, like Pennsylvania (up to 9.99%) and New Jersey (11.5%), encouraging businesses to thrive in the region.