FYI Miami: August 22, 2024

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.

STATE VISITORS A RECORD: Florida had 34.2 million visitors in the second quarter, up 1.7% over the second quarter of 2023 and a record high for that quarter, state figures released last week show. Some 38.1% of visitors came by air, with 29.2 million boardings at Florida airports, up 5% from the second quarter of 2023. Orlando was the state’s busiest airport with 7.5 million boardings, up nine-tenths of a percent, while Miami International Airport’s second-place 7.1 million was up 9.3% from the same period last year. Domestic visitors accounted for 92.1% of the total, with 5.8% from overseas and 2.2% from Canada. Both domestic and foreign visitor totals rose 1.8%.

PERSONAL SAVINGS SLIDE: State economists, in a panel known as the Revenue Estimating Conference, have long expressed concerns about the personal savings rate of Floridians. Consumers socked away cash early in the covid pandemic, but now the savings rate has dropped. “Not everyone, but a significant number of people, have now run through any savings they’ve had,” economist Amy Baker, coordinator of the Legislature’s Office of Economic & Demographic Research, said last week. “They’re starting to max out on their credit cards, and they still face prices that are still high, and we’re not caught. We’re not calling for disinflation anywhere in our forecast. So, they’re being challenged. We’re cognizant of that.”

ETHICS RULES UPDATE: The Florida Commission on Ethics is updating rules to carry out a new law involving ethics complaints against public officials. The commission published notices last week about a rule-making process for the law, which passed during this year’s legislative session. The ethics law added more-stringent requirements for people who file complaints. “In particular, the rules will be updated to reflect that an allegation in a complaint will be considered legally sufficient for investigation by the Commission on Ethics only if it is based upon personal knowledge or information other than hearsay,” one of the notices said. “Also, the rules will be updated to reflect that candidates for public office who are the subject of an ethics complaint may petition for an award of attorney’s fees.”

GAS PRICES FALL: Average gasoline prices in Miami fell 1.3 cents per gallon last week to $3.31, GasBuddy’s survey finds. Prices are down 8 cents from a month ago and 48.5 cents from a year ago. The national average fell 4.2 cents in the week to $3.37, which is down 11.4 cents from a month ago and 47.8 cents from a year ago.