FYI Miami: August 3, 2017
Below are some of the FYIs in this week’s edition. The entire content of this week’s FYIs and Insider sections is available by subscription only. To subscribe click here.
MIAMI PAY GAINS LEAD NATION: Compensation costs for private workers in Miami increased more than in any other major metropolitan area in the nation in the year ended June 30, the US Bureau of Labor Statistics reported Tuesday. The rise was 3.7%. Wages and salaries alone rose even faster in Miami, up 3.9% in the period, also the most in the nation. In the same period a year earlier total compensation here rose 2.5% and wages and salaries alone rose 2.9%. Nationally, total compensation and wages and salaries each rose 2.4% in the past 12 months. The nearest gain to Miami’s in total compensation through June was New York at 3.3% and in wages and salaries Seattle at 3.6%. Lowest among the big metros in total compensation was Washington, DC, with a 1.9% gain and in wages and salaries Philadelphia at 2%, the bureau reported.
CONSTRUCTION REVERSAL: Non-residential construction starts in South Florida nearly tripled in value in June from June 2016, according to figures compiled by Dodge Data & Analytics. The strong increase pushed total construction start value for the month up 58% in the tri-county area even while the value of residential starts was declining 10%. After long dominance of residential construction over non-residential, so far this year non-residential has forged ahead of a slowing residential growth. Non-residential so far this year has been 54% of total construction starts in the area. For the first six months of the year, residential starts in the area were down 26% while non-residential was up 55%, giving the area a total gain of 3% in construction start value for the first six months, according to the figures from Dodge.
LEFTOVER CITY DOLLARS: The City of Miami is expecting a budget surplus when the current fiscal year of 2016-2017 ends Sept. 30. Christopher Rose, Office of Management and Budget director, reported to city commissioners that his office is projecting a net surplus of about $27 million for the year. The city’s general fund budget is nearly $670 million. Mr. Rose said four departments are over budget to date: building, city clerk, grants administration and fire-rescue.
VENEZUELA’S GAS IMPACT: Unrest in Venezuela is contributing to rising gasoline prices in Miami, as prices have risen 6.2 cents a gallon in the week ended Sunday, according to GasBuddy price tracking service. The Miami average was up to $2.29 per gallon, a bit below the national average of $2.31, the service said. “The rise in oil has come due to unrest and concern over the political outlook in Venezuela, a major supplier of crude oil to the US, due as well to Saudi Arabia’s export cut to six million barrels per day,” said Patrick DeHaan, GasBuddy.com senior petroleum analyst. The price of gasoline in Miami was 4.2 cents a gallon higher than a year earlier.