The Panama Canal is undergoing a massive expansion to allow bigger vessels to pass through. Since the Port of Miami is the closest U.S. Port to the Panama Canal, Miami is in a strategic position to benefit from the increase in America/East Asia trade.
The Port of Miami is building a tunnel to the Port, so truck traffic can bypass downtown Miami, and is seeking federal funds to dredge the harbor to minus 50-feet, which would make it one of only three ports that can handle the new, larger container vessels.
This increase in trade at the port will mean there will be new demand for warehouse space and housing for the estimated 33,000 new trade-related jobs that are expected.