The migration continues.
The Miami Downtown Development Authority recently announced funding for eight companies that are relocating to Miami, bringing 684 jobs to the city.
The companies will receive $560,000 of funding through the DDA’s Follow the Sun campaign, which launched five months ago in a continued effort to bring startups and finance firms to the city. The initiative supports companies that will create at least 10 new jobs in Miami and gives them $500 per relocating employee (up to $50,000 per year and $150,000 over three years).
“Each week, we are learning of another technology or finance firm moving to Miami, and the business migration trend is showing no sign of a slowdown,” said Manolo Reyes, City of Miami Commissioner and Chairman of the Miami Downtown Development Authority, in a release. “The Miami DDA launched the Follow the Sun campaign to attract new jobs and stimulate economic impact, and the first five months of the program have outperformed our expectations. Downtown Miami’s newest businesses will create opportunities for local residents and existing companies, helping to strengthen our downtown economy even further.”
Details of the businesses are below. [Note: The business names are “confidential in accordance with Florida Statutes,” according to the DDA.]
Project Sunshine: New York financial services firm’s regional Miami headquarters will employ 215 people with an average salary of $200,000.
Project Gigantor: South Florida healthcare technology company relocating headquarters to Downtown will employ 75 with an average salary of $100,000.
Project Vigor: California health and wellness company opening regional headquarters will employ 50 with annual salary of $100,000.
Project Aristotle: Miami education technology firm opening new headquarters in Downtown with 60 employees earning $75,000 annually.
Project Deal Flow: Connecticut hedge fund will transfer 15 current employees and hire 15 new people with average salaries of $125,000.
Project Adoration: South Florida healthcare technology company expands national headquarters in Miami to employ 91 new people with salaries of $138,000 a year.
Project Penny: A financial technology firm expands in South Florida with 110 new jobs in Downtown with an annual salary of $120,000.
Project Sky: South Florida advertising and media technology firm expands in Downtown with 53 new jobs earning $109,740 annually.
“Miami has always been known for its great weather and low taxes, but the pandemic has awakened many companies and executives to the reality that they can operate their business from virtually anywhere,” explains Miami DDA Board Member and Pipeline Workspaces CEO Philippe Houdard, who Co-Chairs the agency’s Enterprise Committee. “From financial services firms and hedge funds, to technology firms and media companies, the businesses that have been approved for funding through our Follow the Sun program reflect the diverse set of companies moving to and expanding in South Florida in pursuit of talent, growth and savings.”