Reso 2026-3963 - Laserfiche WebLink

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MIAMI-DADE COUNTY AREA & ECONOMIC OVERVIEW (Continued) Miami's appeal as a tourist destination is underpinned by its tropical climate, pristine beaches, world -class shopping, and vibrant nightlife, which attract visitors from across the globe. PortMiami, the busiest cruise port worldwide, significantly contributes to the region's tourism industry. The port handled a record -breaking 8.2 million passengers in the fiscal year 2024, solidifying its position as the "Cruise Capital of the World." The metro area also features the unique natural wonders of the Everglades and Biscayne National Parks, adding to the diversity of the destination's appeal. Miami hosts numerous events throughout the year that generate substantial demand for its hotel industry. Art Basel, an international art fair held annually in early December, is the largest event of its kind. Other notable festivals include Art Deco Weekend, the South Beach Wine and Food Festival, and the Ultra Music Festival, which occur in the first quarter of the year. The city also hosts several annual sporting events, such as the Orange Bowl college football game, the Miami Open professional tennis tournament, and NASCAR races at the Homestead -Miami Speedway. In May 2022, Miami hosted the inaugural Miami Grand Prix, marking the first race in a ten-year contract with Formula 1 and further cementing the city's position as a premier sporting event destination. Miami is also home to major sports teams, including the Miami Heat, Miami Dolphins, Miami Marlins, and Inter Miami CF. In addition, the area's upscale shopping districts, such as the Miami Design District and Bal Harbour Shops, appeal to luxury travelers. In 2024, a total of 28.2 million visitors (20.1 million overnight visitors and an additional 8.1 million day -trip visitors) traveled to the area. With this growing influx of visitors came additional spending, which also exceeded the prior year. Tourists spent an estimated $22 billion, an increase of 4% over 2023. Furthermore, the total economic impact of tourism amounted to $31.1 billion, a 5% increase year -over -year Domestic travel made up the bulk of Miami's visitation. Although business conferences are less of a driving force in Miami than in other major urban markets, group demand is supported by the Miami Beach Convention Center. The meeting facility contains 1.4 million square feet, including four exhibition halls, a grand ballroom, four junior ballrooms, and 84 meeting rooms. Miami's international appeal remains unparalleled. It consistently attracts more overseas visitors than any other destination in Florida, and the city regularly ranks among the top three destinations in the United States for international travelers. Miami has always been considered to be a gateway market that attracted nearly an equal amount of domestic and international visitors annually. According to the Greater Miami Convention & Visitors Bureau, Miami welcomed nearly seven million international visitors annually before the pandemic's impact on international travel, representing almost 30% of total visitor volume. 15 553