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STUDY SHOWS POWER OF SOUTH FLORIDA MULTI-NATIONALS

South Florida is home to almost 1,200 corporations from 56 countries. If their $203-billion combined revenue was measured as gross domestic product they would rank as the world's 46th largest eco

South Florida is home to almost 1,200 multinational corporations from 56 countries. And if their $203-billion combined revenue was measured as gross domestic product, they would rank as the world's 46th largest economy -- just behind Portugal and just ahead of Chile.

Yet South Florida's multinational sector is largely overshadowed by the glitzy tourism industry and the roller-coaster real estate market.

A new study by WorldCity Business Magazine with the backing of the Beacon Council, Miami-Dade's economic development agency, hopes to shed some light on the ''submerged'' multinational economy.

The study, which will be officially unveiled Thursday, found that at least 1,183 multinationals call South Florida home. And the top-20 multinational employers account for 180,000 local jobs.

''Whether it's a global headquarters like Burger King or a regional headquarters like HP Latin America, this study reveals the power and global reach of South Florida's multinational business community,'' WorldCity Publisher Ian McCluskey said.

Among the corporate ranks are 41 firms -- all with at least a regional presence here -- that recorded a billion dollars or more in annual revenue. Of those, 27 are in Miami-Dade, nine are in Broward and five are in Palm Beach County.

Topping the list are Office Depot, General Motors, Carnival Corp. and World Fuel Services -- all with revenue in excess of $10 billion. All have their global headquarters here save GM, which runs its Latin America, Africa and Middle East divisions from offices in Miramar.

MYTHS BUSTED

The report, titled South Florida Global Economic Impact Study, is one of the most comprehensive of its kind and might help dispel some South Florida myths, said Beacon Council President and Chief Executive Frank Nero.

Nero said that when he goes on trips around the globe to encourage companies to locate here one of the first questions is: ``Do you do business there?''

''Miami is not just a fun-and-sun capital,'' he said, but rather ``truly what we want it to be -- a global business center.''

While South Florida bills itself as the gateway to Latin America, its multinational community has a decidedly European flavor. After U.S. companies -- 659 of which have offices here -- come the United Kingdom and Spain with 59 each and France with 46.

When Airzone, a Spanish air-conditioning giant that has extensive operations throughout Europe and the Middle East, wanted to start a North American division in 2006, Miami was a natural choice.

Not only was Florida amid a building boom that promised lucrative contracts, ''but the language and culture are similar to ours, which makes it easier,'' said Airzone USA General Director Xavier Arias. ``Also, there are daily flights from [Spain] to Miami, which makes it very convenient.''

Airzone has three employees at its 1,300-square foot office in Miami -- but hopes to expand in the future.

To make the multinationals list, companies had to be operating in at least two nations and have a corporate presence here -- not merely a retail outlet. Compiling the data was not easy, said McCluskey. There is no central database where multinationals must register and most are under no obligation to disclose sales figures.

CORPORATE SECRETS

Of the 1,183 multinationals researchers identified in South Florida, only 728 provided revenue data. If that missing revenue were added to the total, the sector would likely be worth $250 billion to $300 billion, he said.

South Florida's strategic location at the center of Latin America, North America and Europe have made it an attractive choice for multinationals looking for a foothold in the region, but competition is fierce, Nero said.

New York, Houston and Atlanta have marketing budgets of $82 million, $40 million and $23 million, respectively, Nero said. Miami-Dade County, by comparison, has a budget of just $1 million a year to attract global headquarters.

That discrepancy shows that even the state's lawmakers are unaware of the power, and potential, of wooing multinationals, he said.

''We need more understanding by our elected officials of what's driving the economy,'' he said. ``I don't think the state understands you cannot market worldwide. . . with the resources we have.''