Miami economy to get back on its feet after the recession

February 9th, 2011 - 9:51 pm ICT by Aishwarya Bhatt  

Miami, Feb 9 (THAINDIAN NEWS) The city of Miami is widely known for its tourist attractions and beaches. What most people don’t know is that Miami has a highly diversified economy.

The city currently has some 170 multinational companies in and around the outskirts of the city. The city aside tourism also gets high revenues from trade, manufacturing, services, real estate, and construction.

The city like most of the cities in the United States was hit hardest during the recent economic crisis. Several workers were left without job after some of the companies downsized. This has left the economy in the city with one of the highest unemployment rate in the United States.

The real estate sector was also affected. Most houses were left vacant after several people moved away from the city to get jobs at other places in the United States. This in turn pushed the housing prices to lower levels.

Some economists are still very optimistic that things will be moving back to normal pretty soon. Companies in the city are hiring again which many analysts believe will get the city’s economy back on track.

The city’s major employer remains the government.

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