Rod Miller, President of The Beacon Council

Invest: met with Rod Miller, president & chief executive officer of the Miami-Dade Beacon Council, to discuss its efforts to foster sustainable, inclusive growth in Greater Miami. He highlighted key achievements, target sectors, and future economic strategies, delving into The Beacon Council’s initiatives and partnerships with educational institutions.

What have been the significant achievements and milestones for The Beacon Council over the last year or so?

The past year has been one of transition for The Beacon Council, primarily because we have a new CEO. I’ve been here for two years, and whenever there’s new leadership, things tend to change. One of the most defining shifts we’ve made this past year is revamping our mission and launching a new strategic plan. The Beacon Council was originally created in the mid-’80s, during a challenging period for Miami-Dade County. In 1985, County. In 1985, The Beacon Council was formed as an outgrowth of the Chamber of Commerce alongside the Greater Miami Convention & Visitors Bureau. At that time, the focus was simply on helping Miami-Dade County recover. Fast forward 40 years and Greater Miami has experienced unprecedented growth.

When I joined, I realized that growth had been the main metric of success, but I questioned whether Greater Miami’s growth was truly healthy. So, we redefined “healthy growth” as growth that’s sustainable, inclusive, and competitive. By sustainable, I mean steady growth — avoiding drastic peaks and valleys — so decision-making becomes more predictable. This also includes sustainability from an environmental standpoint, as risk and resilience are both our biggest challenge and our biggest economic opportunity. Inclusive growth means ensuring that Greater Miami’s massive expansion benefits everyone, regardless of where they live, their gender, or their race. It’s not enough to offer job opportunities; we need to provide access to prosperity for all residents, whether they live in Hialeah, Miami Gardens, or Miami Beach. Competitiveness means improving the fundamental quality of our economy. Our performance is often measured by job creation and capital investment, but we also want to ensure that the overall economic landscape is better year after year, even if we aren’t directly involved in every deal.

What tangible results have these shifts in your strategy generated?

Despite a slower market this past year — largely due to economic uncertainty and factors impacting global markets — we managed to hit nearly all of our targets. Remarkably, we saw the highest private investment in our history, with $806 million in new capital investment contributing $16.6M in annual tax revenue to our local economy. These achievements align with our new strategic plan, which focuses on four main pillars: Growing the Economy, Championing Miami, Investing in People, and Shaping the Future. To grow the economy, we’ve become more

targeted in the sectors and markets we focus on. For example, we’ve increased our goal for the number of local businesses we support annually from 200 to 336, recognizing that 80% of our market’s growth comes from existing businesses. We also want to champion Greater Miami by crafting a cohesive story about our growth that everyone can contribute to and rally behind.

Investing in talent is crucial, as the most important factor in business decisions is the availability of skilled workers. We’ve set a goal to increase the percentage of the population with at least a two-year degree or a higher education credential from 45% to 65% by 2040. Lastly, we aim to shape the future by tackling critical issues like affordable housing, and resilient infrastructure and supporting small businesses and entrepreneurs. We’re also implementing better metrics to track and deliver results, ensuring that we can measure our success and adjust as needed to create more jobs and opportunities for Miamians.

Which markets and sectors are you focusing on?

Historically, Greater Miami has been considered a second-tier market. Ten years ago, we competed for projects, but typically with cities that weren’t the top players. At the time, we could attract investment because of our workforce, location, and lower costs. However, as the cost of

living in Miami-Dade County has risen, we can no longer compete solely on price. Instead, we must compete on value. The reason Greater Miami has become so expensive is precisely because it offers so much value. We have world-class assets in PortMiami and Miami International Airport, and accessible, pro-business leadership — our approach to economic development leverages those strengths.

In terms of sectors, financial services has become a key focus. Greater Miami is the second most important international banking hub in the United States, after New York. The influx of private equity, hedge funds, and venture capital firms following the pandemic wasn’t something

we fully anticipated. Initially, many of them came here for a favorable tax environment or just to get a break during COVID-19, but they ended up realizing that Greater Miami is also a great place to do business. We’re focusing on growing our financial services sector and attracting more banks, hedge funds, and private equity firms. Another major area is the aviation industry.

Greater Miami is a hub for companies like American Airlines, which has 14,000 employees in the region. We also have other major players like the International Air Transport Association (IATA), and we’re helping these companies expand by building more facilities and creating more job opportunities.

Tech has seen the most significant growth, expanding at a phenomenal rate over the past decade. Greater Miami’s tech growth is interesting because it’s often integrated with other core industries, such as logistics, fintech, and tourism. So, while we continue to support the tech sector, we also see cross-cutting opportunities where tech can enhance these other industries.

Healthcare and life sciences are also priority sectors.

Internationally, Spain and Brazil are two of our primary focus areas. We have more than 400 Spanish companies in Greater Miami, making Spain our largest international investor, followed closely by Brazil. We’re also cultivating relationships with Japan, the U.A.E., and Israel, where we’re seeing growing interest. We’re heavily focused on climate-related industries and as a convener, partner, and thought leader, we are bringing the right people to the table to drive meaningful collaboration, foster innovation, and shape a thriving economy. 

How is The Beacon Council collaborating with local institutions to create a robust talent pipeline?

One of the things we’re proud of is our partnership with Greater Miami’s educational institutions. We’ve formed the Academic Leaders Council, which includes the presidents of the University of Miami, Florida International University, Barry University, St. Thomas University, Miami-Dade College, and the Superintendent of Miami-Dade County Public Schools. We meet at least once a quarter, if not more often. These institutions recognize that they must produce graduates who are not only well-educated but also prepared to lead in their respective industries, whether that’s in the private sector, government, or nonprofits. Greater Miami is unique in that 54% of our population was born outside the United States, making us one of the most diverse cities in the country. Our education system has had to adapt to teach students from a wide variety of academic and cultural backgrounds. This has resulted in an education system that excels at educating immigrants and people of color, which is one of our hidden strengths.

How do you envision the future of Miami-Dade County as both a thriving business hub and a vibrant community over the next decade?

We’re at an inflection point. We’re still a young economy, full of potential, dynamic, and just getting started. In comparison, older, more established cities like New York or Chicago are like middle-aged people — they’re more entrenched and less able to pivot. We have limitless potential, but we’re also at the beginning of our journey, and we need to make critical decisions about who we want to be. Over the next 10 years, I see Greater Miami becoming the most dynamic market in the U.S. and perhaps the Western Hemisphere. We’ll have world-class infrastructure that sets the bar for the 21st century, a highly skilled workforce, and an entrepreneurial ecosystem that’s unmatched. Our global connectivity, especially with markets like Latin America and Europe, will continue to grow, and Greater Miami’s diversity and immigrant-driven entrepreneurial spirit will remain our greatest strengths. The Beacon Council will continue to play a vital role in shaping this future. We’ll keep focusing on sustainable, inclusive, and competitive growth, making sure that everyone in Greater Miami has the opportunity to thrive.