FYI Miami: February 8, 2018
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.
COMPENSATION COSTS LAG: Compensation costs for private industry workers rose less in Miami than the national average in December and far more slowly than the Miami increase in December 2016, the US Bureau of Labor Statistics reported this week. The cost of compensation for private workers here rose 2.2%, compared with 2.6% nationally and 3.4% in Miami in 2016, the bureau’s figures show. Nationally, the largest growth in a major metropolitan area was 6.9% in Seattle, home of Amazon, which is seeking a second corporate headquarters elsewhere in the nation. The lowest increases in the nation were 1.4% in both Atlanta and Minneapolis. In terms of wages and salaries alone – which make up the largest share of compensation costs – Miami saw a 2.3% year-over-year increase, below the 2.8% national average gain. The largest national increase in wages and salaries was San Jose, CA, up 3.6%, the bureau reported.
MIAMI CIRCLE REPLICA: Plans to construct an above-ground replica of the Miami Circle for public viewing are frozen in time. The Miami Circle, at the mouth of the Miami River in Brickell, is where the Tequesta Indians are believed to have built the circle that measures 38 feet and consists of 24 holes, surrounded by other smaller holes. The 2,000-year-old structure was discovered in 1998, was then re-buried for its preservation from the elements, and in 2016 state officials entertained the possibility of creating a 3-D life-size replica artifact. “This is not in any of the official plans. It’s not off the table, but we’re not actively pursuing this,” Mark Ards, the Department of the State’s marketing director, told Miami Today last week.
HISTORIC MACY’S ON FLAGLER: Plans for what will happen to the downtown Macy’s at 22 E Flagler St. are still being drawn. On Jan. 4, Macy’s announced the store will close. The store was previously considered historic and a landmark in the downtown area. Elliot Zeitune, director of leasing at Aetna Realty, which is handling the building, said the owners of the property and the land are still discussing what they plan to do with the property but will make a decision in the next few weeks.
BUSINESS MISSION TO CHINA, JAPAN: To promote global business, Miami-Dade Mayor Carlos Giménez and Commissioner José “Pepe” Diaz are traveling to the People’s Republic of China and Japan on a mission to help to push the county as a global gateway. Mr. Gimenez and Mr. Diaz will go on the trip from March 16-28 and hope to have mission participants come as well, a county release said. Mission participants will have the opportunity to meet with high-level business officials, businesses and much more. Details: Manny Gonzalez, email@example.com or (305) 375-1879.