Economy of Miami

Miami is a major television production center, and the most important city in the U.S. for Spanish language media. Univisión, Telemundo and TeleFutura have their headquarters in Miami, along with their production studios. Since 2001, Miami has been undergoing a large building boom with more than 50 skyscrapers rising over 400 feet (122 m) built or currently under construction in the city. Miami's skyline is ranked third most impressive in the U.S., behind New York City and Chicago, and 19th in the world according to the Almanac of Architecture and Design. During the mid-2000s, the city witnessed its largest real estate boom since the Florida land boom of the 1920s. During this period, the city had well over a hundred approved high-rise construction projects in which 50 were actually built. In 2007, however, the housing market crashed causing lots of foreclosures on houses. This rapid high-rise construction, has led to fast population growth in the city's inner neighborhoods, primarily in Downtown, Brickell and Edgewater, with these neighborhoods becoming the fastest-growing areas in the city. The Miami area ranks 8th in the nation in foreclosures. In 2011, Forbes Magazine named Miami the second most miserable city in the United States due to its high foreclosure rate and past decade of corruption among public officials. In 2012, Forbes Magazine named Miami the most miserable city in the United States because of a crippling housing crisis that has cost multitudes of residents their homes and jobs. The metro area has one of the highest violent crime rates in the country and workers face lengthy daily commutes.

Miami International Airport and the Port of Miami are among the nation's busiest ports of entry, especially for cargo from South America and the Caribbean. The Port of Miami is the world's busiest cruise port, and MIA is the busiest