Translation Services in Miami – Economic Profile

With more than 5.4 million inhabitants in the metropolitan area Miami is the largest city as well as the financial and cultural center of the Southeastern United States. The “Gateway of the Americas” is an important center of finance and international business in the United States and the Hispanic world.

Thanks to its location the city holds strong ties to Latin America and is home to the headquarters of countless Hispanic and global corporations including Microsoft, FedEx, Kraft Foods, Burger King, Visa International, American Airlines, Telefutura, Telemundo, Espíritu Santo Financial, Norwegian Cruise Lines, Caribbean Cruise Lines, World Fuel Services, and Telefónica USA. In addition, downtown Miami features the densest concentration of international banks in the entire United States.

Important sectors of Miami’s economy include industries such as stone quarrying, warehousing, and tourism. Also called the “Cruise Capital of the World”, the port of Miami is not only a famous destination for cruise ship travelers but also a hub for international trade and container shipping. The city is also host to the National Hurricane Center. In addition, Miami has been experiencing an extensive boom in real estate and high-rise construction.

Miami features some important institutions of higher education such as Florida International University, University of Miami, Barry University, Miami Dade College, Johnson and Wales University, St. Thomas University, Keiser University, and Carlos Albizu University.

Miami’s population has been exploding and there has been an extraordinary population influx from Latin America. Today about 68% of its residents are Hispanic, and 22% are African American. The Latin American and Caribbean population is mostly represented by Cubans (34%), Nicaraguans (5.6%), and Haitians (5,5%). About 59% of Miami’s population is foreign-born and there are three official languages spoken in the city: Spanish (close to 67%), English (26%) and French Creole (5.2%). In addition, there are communities of German, Italian, Arabic, French Canadian, Portuguese, Russian, and Greek speakers throughout the city.

Miami’s economy is heavily shaped by its strong ties to Latin America; its global orientation as well as its ethnically diverse make-up have created an increasing demand for linguistic services, such as translation and conference interpreting. In addition, ethnic marketing is becoming more and more important when it comes to targeting the diverse population groups represented in the city.

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