Written by Stephanie Brito
The retirement days in Miami are over. South Florida is where you come to start a new life.
Take a look at the Wynwood art district, walls of street art coupled with new small businesses, coffee shops, and breweries. Wynwood represents South Florida’s evolution.
Like the rest of South Florida, Wynwood isn’t occupied by retired elderly people, which Miami was once notorious for in the Cocaine Cowboys era. Factors that have contributed to Miami’s burst of culture include a growing social, music and art scene. The only way to facilitate this growth is through businesses that have opened up opportunities for recent college graduates to gain employment and create a young adult social scene.
This is crucial for Miami because it has one of the highest rates of emigration in the 25-34 year old demographic. Startup businesses have boomed in Miami.
Miami’s diverse population and its cultural ties with Latin America welcomes investors from that are able to foster new businesses. Latin America, hoping to fill the tech void in their region, has turned to Miami to create a tech hub through heavy investments.
As a whole, venture capital investments in Miami–money given with the intention to grow startups–have tripled between 2010 and 2013, from $103 million to $369 million, according to VentureSource. By securing more businesses, college graduates obtain access to entry-level jobs and will be encouraged to stay in Miami.
Trips to cultural hubs like Wynwood, PAMM, and concert venues cost money and young adults with jobs are able to visit and help these hubs grow. A disposable income gives young adults, who make up about 13.9 percent of the total population of Miami-Dade County and about 12.5 percent of Broward County’s population, more power over their older counterparts in what type of businesses open, such as breweries, coffee shops, etc.
Concert venues that have been a part of South Florida’s scene for years, such as Culture Room and Revolution Live, along with big name venues like the BB&T Center and the American Airlines Arena, help create a community of young adults with similar music tastes.
The growing music scene in South Florida draws big names in the mainstream and indie scene to drive down to Miami as part of their tour. Prolific concertgoers tend to go to similar shows and similar venues, creating a community of concert-fanatics and an overall fun environment in South Florida–one that grandpa and grandma may not fit into anymore.