FYI Miami: January 2, 2014
HANGAR DEAL PENDING: Miami-Dade Commissioners are to act in the new year on an agreement with Chile-based LAN Cargo airline to build a maintenance hangar at Miami International Airport that is ticketed to create 327 jobs in Miami-Dade. The commission’s Transportation & Aviation Committee last month sent the proposal to the full commission with a favorable recommendation on a 4-0 vote. The hangar would be built on the former site of a razed US Postal Service building stood. LAN is to pay the full cost of building the hangar and pay $134,165 a year rent for the first 30 years of the lease.
TOP 10 IN TRADE: Florida was the sixth state in the nation in export of origin merchandise for the first 10 months of 2013, according to new data from the US Census Bureau, ninth in the nation in final destination of imports and seventh in total international trade. With a value of merchandise exports of $50.6 billion and a final destination of imports of $60.1 billion, the state on its own had a trade deficit of more than $9.5 billion. The total value of Florida’s international trade for the 10 months was $110.8 billion averaging more than $11 billion in global trade monthly.
CONSTRUCTION ORDERS DIP: Despite the cranes towering over Miami’s skyline, future construction contract awards in South Florida fell 31% in November from the figures of November 2012, according to McGraw Hill Construction. Nonresidential orders were down 21% at just under $286 million, and residential construction orders were down 38% at just under $370 million. For the first 11 months of 2013, total advance orders rose 6% at $5.73 billion, with residential in the tri-county area up 19% and nonresidential down 9%. For Florida as a whole, advance orders were up 8% in November and 13% for the year.
MIAMI TAKES SILVER: No, not in any Sochi-area games. Through November 2013, Miami follows New York in hotel occupancy, coming in second with 79.2% to Gotham’s 83%. But compared to New York, which had a 4.7% decrease in occupancy compared to 2012, Miami’s 2.5% increase makes silver shine a little brighter. Miami comes in fourth in average daily room rate at $163.44 and revenue per available room at $129.40. Miami’s biggest competition in rankings, however, might not come from Gotham but perhaps from the city by the Bay. San Francisco saw the biggest percentage increases from 2012, with a 6.6% bump in occupancy, a 20.3% increase in average daily room rate and nearly a 30% increase in revenue per available room.