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Old 01-15-2014, 12:42 PM
 
Location: Washington D.C. By way of Texas
20,516 posts, read 33,544,005 times
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Quote:
Originally Posted by Cleverfield View Post
Those were the Winter Olympics. A number of smaller cities have hosted those. But to my knowledge no small cities have hosted the summer Olympics. Those tend to go to big, important cities. Like it or not, Atlanta is the most cosmopolitan, international city in the South, even if other cities might have more wealth. Their airport has among the highest number of international flights in the US. I think that attests to their global pull.
Los Angeles has held the Olympics twice. Two more than New York. Does that mean New York is not a cosmopolitan and international city? The Olympic argument is flawed. St. Louis held the summer Olympics. Barcelona metro is smaller than Atlanta metro.
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Old 01-15-2014, 01:10 PM
 
Location: San Francisco
2,079 posts, read 6,115,292 times
Reputation: 934
Quote:
Originally Posted by Spade View Post
Dallas is in the next tier after the Bay Area and Seattle for tech. It's always been an IT hub. Financially, I would say that's regional.
New news to me. Always thought Austin was the tech stronghold in TX and sort of in that tier behind SF/SV, Seattle, and NYC.

For finance, working in the sector indirectly (PE real estate), never viewed Dallas as a big finance hub either. For banking, for instance, if you bank energy, you go to Houston. If you bank tech, you go to SF. If you bank gaming and certain tech industries, as well as entertainment, you go to LA. If you want to bank life sciences and healthcare firms, you go to Boston. If you bank industrials, you go to Chicago. Almost any sector can bank out of NYC.

To me, Atlanta and Houston are much more finance heavy than Dallas, Houston taking the cake simply because of the nature of its economy. Atlanta has more commercial banks (and larger), has the ICE, and even has Invesco, the parent company of Invesco Real Estate headquartered in Dallas. There is a larger IB presence in Atlanta, and still a larger presence in Houston. Though economically, Dallas and Atlanta seem quite similar - global powerhouses for Global 500 and F500 HQs. Very diverse economies that ride the macro global and US economic cycles, but no one industry that stands out.

Houston is a "category killer" with energy. It rides energy cycles and serves as a global focal point for that entire, massive and important growing global sector. In real estate, when you buy an apartment building in Houston or an office building, in a sense, you are literally making a bet one way or the other on the energy sector and perhaps even on the price of oil.

Similarly, SF and the Bay Area serves as the focal point for tech, though tech is a little more spread out nowadays than "energy" ever will be. A bet on SF multifamily can be seen as a bet on the tech industry, and its movement into the city from the Valley and on its general expansion. If tech and social media valuations collapse and VC funding shrinks, you can bet that office building developers, recent buyers, and multifamily buyers and developers will be hung out to dry in similar fashion to the Dot Com bust in 2000.

Certain cities are global powerhouses in one dominant industry.

What nobody can say about Miami or SoFla in general is that it is an economic powerhouse. In fact, GDP per capita is actually extremely low for a city its size. Dismally low. And cost of living is considerably higher than in peer cities Atlanta, Houston, and Dallas. That means it functions more like a developing country with a "service-industry" economy and heavy tourism (like Rio for instance), than a developed western country city with an advanced "service" economy (like any of the other peer cities in its group).

When you buy real estate in Miami, you are betting on tourism and flight money from countries such as Brazil and Argentina. You are betting that the city will continue to grow in appeal to wealthy foreign investors. You are not betting on a growing middle class and growing LOCAL wealth base, which comes with rising incomes and lower unemployment. On these grounds alone, the economy in Miami and SoFla is not as strong as it is in major peer wealth/economy centers in America, such as DC, SF, Houston, etc. The investor class attracted to Miami is also quite different from those attracted to Miami's peers. Not to sound bitter or snide, but it's my understanding that while many smart people reside in Miami and invest in the region, that quite frequently there is a large group of "newbie" investors or lowest common denominator types, even those with seemingly lower moral stands, in the area (whether it be on the corporate services side, the legal side, the real estate side especially, or the banking side). Just what I've heard.

Last edited by jsimms3; 01-15-2014 at 01:19 PM..
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Old 01-15-2014, 01:39 PM
 
Location: Miami/ Washington DC
4,836 posts, read 12,008,156 times
Reputation: 2600
Quote:
Originally Posted by BLAXTOR View Post
LMAO. An inferior laborers poor minimum wage unintelligent city like Miami is at the same level as DC, SF, and Boston. It's pecking order in that tier is actually higher than Boston's.

Hahahahahahahahahahaha.

This is rich. I don't think I've laughed as much in previous GAWC updates.
I am just going to ignore the ignorant comments and just point out again that this ranking is based on connectivity. The Airports, (Miami is one of the top 5 aviation centers in the world) Seaports, International Financial Sector (second largest in the U.S.) International Business HQs, Immigration, Telecommunications Networks (NAP of the Americas, Data Center Colocation | Verizon Terremark), Media and on and on is what does place Miami on a list with DC and San Fran. Like I stated earlier Miami is the de-facto business and media capital of Latin America. If you think a whole continent to the south, the Caribbean and Central America are not important than fine. But in reality its a pretty important part of the world.

No one is saying Miami is more important than D.C. or San Fran or even Houston and Dallas, especially domestically. If they are they don't understand this ranking. But when looking at Miami's connectivity to the world there is no doubt Miami belongs as one the top in North America and the world.
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Old 01-15-2014, 01:39 PM
 
213 posts, read 388,577 times
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Dallas has always been a financial hub being home to the 11th district federal reserve bank and headquarters to a lot of regional and local banks as well as Comerica and others. No it's not the leading financial hub of the nation but definitely the leader in the Texas South central region. Dallas is a logistics and telecommunications hub with a strong IT presence.

Houston is definitely the energy banking capital along with NYC. Houston also is a big player in international banking, wealth management, and a regional banking hub for the Gulf Coast region. While not only being the energy capital of the world, Houston is also a manufacturing, shipping, healthcare and aeronautics hub.
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Old 01-15-2014, 03:30 PM
 
202 posts, read 320,282 times
Reputation: 316
I originally thought in 08 or 10 whenever this was made last it was a descent list with the exception of Houston still being below Dallas somehow but now with this one I'm fully convinced the people who make this list are the biggest trolls in the business, logistic, and geographical world
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Old 01-15-2014, 03:50 PM
 
Location: Grand Forks, ND
274 posts, read 705,953 times
Reputation: 255
Quote:
Originally Posted by FlyMIA View Post
The Airports, (Miami is one of the top 5 aviation centers in the world)
No it's not. It MIGHT be one of the top 5 in North America.

Quote:
Originally Posted by FlyMIA View Post
Like I stated earlier Miami is the de-facto business and media capital of Latin America
Not even close. That belongs to cities like Mexico City and Sao Paulo.

Your post completely ignores the glaring issue that other posters pointed out. Miami is similar in size to Houston and Dallas, but is much smaller economically.
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Old 01-15-2014, 04:36 PM
 
7,132 posts, read 9,136,869 times
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Well, if they are regional independent businesses, how does that make you a world player?
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Old 01-15-2014, 04:41 PM
 
215 posts, read 379,171 times
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Quote:
Originally Posted by GatsbyGatz View Post
Miami and Atlanta are higher ranked than Houston/Dallas? Uh...
Yep, this was my first thought too.

They are not on par with SF, DC and Boston for importance.
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Old 01-15-2014, 05:21 PM
 
Location: Miami/ Washington DC
4,836 posts, read 12,008,156 times
Reputation: 2600
Quote:
Originally Posted by jaboyd1 View Post
No it's not. It MIGHT be one of the top 5 in North America.
Maybe I should have said top 10. But I personally can't think of many which are more important. I am not talking about just passenger airline things. I am talking cargo, flight training, aircraft maintenance, aircraft sales, private, general and commercial aviation. It is a huge business down here.
Quote:
Originally Posted by jaboyd1 View Post
Not even close. That belongs to cities like Mexico City and Sao Paulo.
Culturally with the Media Brazil would be a bit separate from the rest of Latin America due to the language issue. While those cities are larger, and have more business, they are larger Miami is still the place they meet, Miami is still the place many of the wealthy from Latin America put their money and Miami is still where a very large amount of multinational companies place their Latin American Hqs.
Quote:
Originally Posted by jaboyd1 View Post

Your post completely ignores the glaring issue that other posters pointed out. Miami is similar in size to Houston and Dallas, but is much smaller economically.
That is all fine and dandy. And you are right Dallas and Houston do have larger economies. But you are completely ignoring my points. This survey is not only about size of the economy or size of the city or amount of company HQs, it is about connectivity for the 3rd-4th time.
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Old 01-15-2014, 05:45 PM
 
202 posts, read 320,282 times
Reputation: 316
Quote:
Originally Posted by FlyMIA View Post
That is all fine and dandy. And you are right Dallas and Houston do have larger economies. But you are completely ignoring my points. This survey is not only about size of the economy or size of the city or amount of company HQs, it is about connectivity for the 3rd-4th time.

I've always thought Houston wasn't that far behind in terms of connectivity to the Latin American world. At least that's what I've always heard because of it's position on the Gulf
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