By Julio Fuentes
Florida’s economy is thriving, so much so that the state is consistently outpacing the nation across several key metrics, including job growth. This remarkable strength is due in large part to our world-class innovation, excellent business climate, and the more than 600,000 Hispanic-owned businesses that contribute more than $90 billion to the state’s economy. A significant factor in Florida’s economic success, however, is less known and often overlooked: the United Nations.
While the UN may seem like a distant body headquartered in New York, it is critical in maintaining the global ties that make Florida businesses successful. The most direct impact that the UN has on Florida businesses can be seen in procurement contracts. While the U.S. pays just over $2.1 billion in assessed dues to the UN, the country receives $2.36 billion back in contracts, more than any other country. In 2022, more than $38 million in contracts – a 70% increase over the prior year – were awarded to businesses in Florida, supporting jobs across the state.
Florida ranks among the top ten states for contracts received, and according to data from the Better World Campaign, Florida’s 25th and 26th Congressional districts are among the greatest beneficiaries. That is a remarkable, yet unappreciated statistic. And while these contracts directly benefit businesses in terms of revenue, there are less visible ways that the UN benefits our local economy.
Florida has one of the nation’s highest concentrations of Hispanic populations, and the number of Hispanic-owned businesses here helps to ensure that the state can compete in the international marketplace. These businesses are more likely to operate in multiple languages, which is key to expanding international trade and unlocking new, growing markets, such as Latin America. This is also critical in working with an organization like the United Nations, which needs to collaborate across borders and languages to solve some of the world’s most pressing issues.
As the second largest foreign trade zone network in the nation, Florida’s economy relies on the flow of goods and passengers from around the world. Hispanic-owned businesses support that. At the same time, the UN helps ensure these businesses can thrive. UN agencies like the World Trade Organization and the International Trade Centre establish fair trade practices and resolve disputes, ensuring that businesses involved in export and import activities can engage in global commerce with confidence. That is critical for every business in the state – not just those that directly trade with other nations, but the thousands of businesses that are interconnected.
The UN is also tasked with enforcing regulations in areas that are outside of national borders, such as the sea. PortMiami is the closest U.S. port to Latin America and the Caribbean, and its success relies on Florida’s Hispanic-owned businesses that can seamlessly conduct operations in Spanish and English. Today, the port generates a $61.6 billion economic impact for Florida.
That is a direct result of both the strength of Florida’s Hispanic-owned business community and the UN’s work to standardize and promote fair trade across international waters.
With over 11.5 million international visitors coming to Florida each year, global stability and international cooperation is paramount to protecting, strengthening, and growing our economy. As the leading international organization working to maintain peace, the UN is charged with resolving and reducing the risk of conflicts that could disrupt trade or tourism. The UN also offers the U.S. a platform to expand our cultural impact, fostering curiosity about – and a desire to visit – states like Florida. And with the state’s push to grow tourism from Mexico, Hispanic-owned businesses – particularly those in the hospitality sector – will be critical in fostering new tourism from Latin America.
As Florida continues to strengthen its position as a global trade hub, the strength of the Hispanic-owned business community and the state’s collaboration with the UN remains crucial in sustaining and enhancing our economic prosperity. By recognizing the importance of the UN and supporting its mission, we can strengthen Florida’s position on the world stage and ensure a brighter future for generations to come. On behalf of the hundreds of thousands of Hispanic-owned businesses in Florida, I urge our Members of Congress to continue supporting funding for the UN, which directly benefits Hispanic-owned businesses and local economies across the state.
Julio Fuentes is the president and CEO of the Florida State Hispanic Chamber of Commerce.
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