¶ … economy changed in Miami Florida after the terrorist attacks on New York City after 9/11/01?
According to a recent study conducted by the Florida International University College of Business Administration and the Greater Miami Chamber of Commerce, Florida, after the 9/11 terrorist attacks is paying a high price for security for almost two years now, compelling companies to re-evaluate whether to continue doing business in Miami Florida and if so, then how to move about in making it a success (Robert, 2003).
Furthermore, the economic effect of increased Homeland Security measures along with the U.S.A. Patriot Act has been tremendously negative. According to the author of the study, FIU professor David Wernick;
There is a risk that key South Florida industries could be seriously undermined by mandates that drive up business costs, disrupt global supply chains and deter foreigners from vacationing or conducting business here while ultimately doing little to increase national security (Robert, 2003)."
The Initial results consisted of a study of 136 companies, including healthcare, trade, retail, hospitality; international banking and real estate found that the international commerce has been one of the industries that has been hit the most by increased security measures (Robert, 2003). While, the final results of the study released in a white paper and sent to Gov. Jeb Bush, the U.S. Department of Homeland Security along with the Florida congressional delegation suggested that the security policies has been now more economically practicable and business friendly (Robert, 2003).
Economy after 9/11
Cargo-intensive Customs inspections have increased from seventy-five per month before 9/11 to 1,200 in June 2003, which is growing wait times at the Port of Miami, according to survey responses by the Port of Miami Terminal Operating Company (Shannon, 2003). Moreover, ports have increased fees to help cover costs for additional docking time, security and overtime (Shannon, 2003).
While, officials with Tropical...
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