People flocking to Florida for low taxes, crime and exponential job growth, Miami mayor says
Mayor Francis Suarez shares Miami’s recipe for economic success
Miami Mayor Francis Suarez provided insight into the city's economic boom over the past year, while the economy at the federal level faces worries over record-high inflation.
On "Mornings with Maria" Thursday, Suarez said Miami’s macro story is "simple."
"We've kept taxes at a 1960s low. We have invested in our police," Suarez told FOX Business’ Maria Bartiromo. "We've kept our city safe and we've made it inexpensive to live there."
Suarez believes low taxes and low crime, combined with the nation’s first city-sponsored cryptocurrency "MiamiCoin", has created exponential job growth for the Miami area.
MIAMI MAYOR: CITY'S EMBRACE OF CRYPTO ‘NOT A FAILURE’
By November 2021, Miami-Dade County saw the unemployment rate improve by 4.5% from the previous year, nearly double the national average at 2.5%, according to U.S. Department of Labor data.
"We’ve leaned into innovation," Suarez explained. "That has now made us number one in the nation in tech job growth, number one in the nation in tech job migration, and we've moved over a trillion dollars in assets under management companies to Miami."
Instituting cryptocurrency into the Miami financial market has proved to be beneficial, Suarez said. Last March, Bahamian-crypto exchange company FTX bid $200 million to sponsor and rename the Miami Heat’s longtime home arena.
"It's brought multiple exchanges that have headquartered in Miami like eToro and Blockchain.com, which has created hundreds of high-paying jobs in our city," Suarez noted.
Suarez said he hopes to educate constituents and city leaders alike on "the power of crypto," suggesting the currency could mitigate income inequality.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
"When you see a situation where government spending is out of control, inflation is out of control, then people who have their money in a bank account are not earning any interest, their purchasing power is being diminished by the day," Suarez said.
"So they've got to find ways to be able to keep up with inflation to get a yield," the mayor continued. "Crypto provides that avenue."