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Miami’s economic future is a talent and sustainability game.
Undoubtedly, many factors will define the jobs and economic growth of the years ahead. But, peering out over the horizon, the bet here is that it’s on the playing fields of talent and sustainability that Miami’s future will be won. That’s the argument I made in a recent op- ed published in The Miami Herald.
First, the global economy is transitioning to net zero. That is, to an economy adding no more greenhouse-gas emissions into the air than it removes. It’s a shift so big that it will be “the mega-trend of our lifetimes, and really our children’s lifetimes too,” Vijay Vaitheeswaran, Global Energy and Climate Innovation Editor at The Economist, recently said on an Opportunity Miami podcast. (You can listen or watch on Spotify, Apple Podcasts, or YouTube.) We are already seeing this change in the auto industry, but it will be in every part of our economy — from how we produce food, cool and heat our homes to where we get our energy or manufacture things.
It’s a change often framed as required to avoid an existential crisis — and it is. But it’s also one that will result in the business opportunity of our lifetimes. The places “that build great zero carbon companies and industries will be the ones that lead the global economy in the coming decades,” Bill Gates wrote in his book “How to Avoid a Climate Disaster.” Miami can be one of these places.
Second, all bets are off when it comes to where people choose to work and build their professional lives. COVID sparked a vast reevaluation, whether it’s what we do or where we live. People have the freedom to be where they want, like never before. And many are choosing Miami. Miami already ranks among the most diverse regions in the country. In Miami-Dade County, 54 percent of the population was born outside the U.S., and 85 percent is Black or Hispanic.
Taken together, Miami has the opportunity “to build a uniquely diverse, highly qualified and skilled workforce,” said Jamie Merisotis, CEO of Lumina Foundation, among the biggest private foundations funding post-high school learning. Merisotis spoke at our inaugural Opportunity Miami Live event in September with the Academic Leaders Council, composed of the presidents of Miami area colleges and universities, along with the superintendent of Miami-Dade County Public Schools.
Imagining a Miami with an economy that ranks among the most sustainable and a workforce among the most skilled and diverse is not far-fetched. Miami’s history is defined by reinvention. Consider the redevelopment of Miami’s urban core over the past two decades to revitalize neighborhoods like Brickell, Midtown, and Wynwood. Or the growth of Miami’s cultural life with the launch of Art Basel in 2002, four new museums (PAMM, Frost, ICA Miami, and Rubell), and three new performing arts centers (Arsht, New World Center, and Moss) opening from 2006 to 2019.
Or ten years ago, my former colleague Ben Wirz and I created and built the program at Knight Foundation focused on building a tech community in Miami. This includes funding the launch and growth of efforts such as Endeavor Miami, eMerge Americas, Miami Angels, and The Idea Center at Miami Dade College, among others. The bet was that talent and funding would become more mobile, creating opportunities for cities like Miami to emerge.
Or simply consider Miami before COVID and Miami now. The evidence is clear: Miami can change in big ways, and it’s done so over and over again. As a community, we have many challenges — from housing affordability and efficient transportation to income inequality. Many technologies will shape our future, too, including artificial intelligence, blockchain, and the metaverse.
But as Miami thinks about what’s next and how to distinguish itself in its next chapter of growth, the thinking here is that building a net zero economy and developing a uniquely skilled, diverse workforce are the areas to double down. There’s much work to do, but there’s a base to build up.
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