Multinational companies are managing more revenue from their South Florida offices
| Jun 8, 2011 12:00:00 AM
Multinational companies are managing more revenue from their South Florida offices, but doing it with far fewer local employees, a new study released Thursday shows.
The annual survey found South Florida multinationals managed operations with $221 billion in annual revenues in 2007, up 9 percent from a year earlier. Thats more money than the economic output of many Latin American nations.
But their payrolls in South Florida fell to about 128,000, down 29 percent, the survey found.
Coral Gables-based publisher WorldCity conducted the survey with economic development groups in Miami-Dade, Broward and Palm Beach counties to measure the impact of multinationals in South Florida, a gateway to Latin America and theCaribbean.
“What this study shows, graphically and powerfully, is the disproportionately large and significant role played by Miami and South Florida in the global economy,” said WorldCity President Ken Roberts.
The new survey found slightly fewer multinationals with South Florida offices: 1,146, down 3 percent. Most have offices in Miami-Dade County, but Broward hosts about 20 percent and Palm Beach County 5 percent.
The Broward Alliance and other economic development groups have been reaching out to multinationals to invest here, partly because their overseas reach brings extra benefits for airports, seaports and hotels and helps diversify business from the local market.
Their presence and activities have helped Miami-Dade fare better in this tough economy than most other counties in the nation, said Frank Nero, president of Miami-Dades economic development group, The Beacon Council.
The latest survey looked at 2007 revenues and does not yet reflect the impact of the global financial crisis.
Forty-five companies managed more than $1 billion in annual revenues from South Florida, led by General Motors. GMs headquarters for Latin America, Africa and the Middle East, based in Miramar, managed $18.9 billion in annual revenues.
After theUnited States, the top sources of multinationals in South Florida are the United Kingdom, Spain, France and onJapan.
Doreen Hemlock can be reached at email@example.com or 305-810-5009.
1,146 Multinational companies with offices in South Florida
*$221 billion Revenues managed by those companies in 2007*
54 Countries where those multinationals are based
Source: WorldCity, “The 2009 Whos Here: Multinational Economic Impact Study”
Photo: Juan Miguel Villar Mir, President of OHL, company from Spain with a relevant presence in Florida.