International Appeal Fueling Miami Recovery

While the situation in Europe bears watching, economists and business leaders say Miami's international appeal should continue to aid its recovery.

"Miami-Dade's economy is starting to pick up because of the global component," said J. Antonio Villamil, dean and research professor of economics at St. Thomas University's School of Business and president of Washington Economics Group.

David Seleski, president and CEO of Stonegate Bank, said recession in Europe could mean more business for South Florida. As their own economies falter, he said, wealthy Europeans will pour flight capital into Miami, not only buying condos but investing in businesses here.

If the crisis in Europe were to implode, said Francisco J. Cerezo, partner and chair of the Latin America practice with law firm Foley & Lardner, the whole country would be affected. But because Spain is a key player in Latin America, he said, "by association what happens with Spain's economy will be felt even more acutely in Miami."

Global Spanish companies with Latin American headquarters in Miami-Dade or doing business in Florida wouldn't necessarily leave, Mr. Cerezo said, "but economic activity could slow." As for South America, he said, Brazil continues to be very hot, and with the country hosting the World Cup in 2014 and the Olympics in 2016 that should continue for several years.

Economic groups from Latin America have outgrown their national boundaries and are expanding globally, he said — and "because those deals tend to be done in Miami, local financial institutions have a hand in them."

Miami's ties to Latin America give it a competitive advantage over the rest of the state, Dean Villamil said, due in part to its ability to sell goods and services — legal, medical, accounting, banking — to emerging markets as well as to major trading partners such as Brazil, Colombia, Peru, Panama and Chile.

The third positive factor, Mr. Nero said, is emerging trade with Asia, predicated on the widening of the Panama Canal to accept supertankers and infrastructure work at Port of Miami to be prepared for its reopening.

China is a significant consumer of natural resources, Mr. Cerezo said, and is buying into them in Colombia, Chile and elsewhere, which will have a positive economic influence in Latin America, and therefore Miami, for the foreseeable future.

Chinese property conglomerate Dalian Wanda Group's recent acquisition of US movie chain AMC Entertainment Holdings, he said, signals a new direction in China's appetite for global commerce.