Archive for October, 2014

Spotlight on Business in Houston

October 30th, 2014

Since the discovery of oil in Houston, Texas in 1901, the city has relied on energy revenue for its growth and survival. That means that Houston followed the trends of energy prices, which took nose dives in the 1970’s, 1980’s and 2000’s. But each time, Houston was able to bounce back and open up new areas of energy exploration and refining that have allowed the city to grow. As time has gone by, Houston has learned to diversify its economy and a new Houston is starting to emerge from under the shadow of the energy industry.

Major Industries in Houston 

One of the industries that Houston has turned to for balancing out the energy sector is the chemical manufacturing industry. Today, the city of Houston and its associated industries produce almost 40 percent of all of the basic chemicals used by domestic and international industry. It is estimated that nearly 40,000 people in Houston area work in the chemical manufacturing and refining industry.

Along with energy and chemical manufacturing, Houston also relies heavily on the technology sector for jobs. The space exploration and engineering industry in Houston employs well over 17,000 people as scientists and engineers. The Houston economy benefits significantly from its abundance of high-paying jobs.

Key Economic Drivers in Houston

While Houston benefits greatly from advances in its energy and chemical industries, one of the prime economic drivers for the city’s economy is its growth in the service industries. Nearly 16 percent of the Houston working population work in insurance sales, real estate and personal finance. This number continues to grow and so does the revenue generated by these industries. Read the rest of this entry »

Spotlight On Business in Miami

October 8th, 2014

Overview of Business in Miami

In recent years, Miami has begun to attract major industries and corporations. The low tax rates of Florida make doing business attractive for corporations. In addition, the state also maintains numerous tax incentive programs that provide refunds for corporations that create jobs for residents. Logistically, businesses also find that opening an office in Miami makes sense. Because Miami is located on the coast, it is easy for corporations to engage in trade with foreign entities. The Port of Miami has enabled the cruise industry to thrive in the state.

Major Industries & Key Economic Drivers in Miami

In Miami, tourism makes up one of the most popular industries. Tourism is also a popular industry for greater Florida. Miami features prime beaches and real estate. In 2003, about nine million tourists spent over $10 billion on vacationing in Miami.

Another reason Miami continues to be a popular location for major corporations is due to its location as a port. The Port of Miami enables businesses to engage in international trade. Numerous port brokers and customs agents are located in the area to facilitate the process of international trade. There are also two free trade zones located in Miami, which are the Miami Free Zone and Homestead Free Zone. Over 252,000 employees currently work in the trade and transportation industries in Miami.

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