FYI Miami: November 21, 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.

LOWEST FLORIDA JOBLESS RATE: The Miami three-county metropolitan statistical area had Florida’s lowest unemployment rate in October at 2.9% as the state’s jobless rate remained at 3.3% for a seventh consecutive month. The state Department of Commerce on Friday estimated 369,000 Floridians qualified as out-of-work in October, up 1,000 from September, while private-sector employment fell by 38,200 jobs. The 3.3% state unemployment was up from 3.1% in October 2023 but lower than last month’s national rate of 4.1%.

AREA LIVING COST DOWN: South Florida’s cost of living rose 2.7% over the 12 months ended Oct. 31, well below the 7.4% jump in area costs for the same period a year earlier and far under the 9.6% increase for the period ended Oct. 31, 2022. The last time the 12-month rise was so small for the period was a 1% increase in 2020. The cost of food for the Miami-Fort Lauderdale-West Palm Beach region rose 2.2% during the period, according to data from the US Bureau of Labor Statistics, though prices for fruits and vegetables rose 7.7% just from August to October. Meanwhile, the cost of energy in the region fell 9.2%.

VEGAS TO THE RIVER: Boge Group, a Las Vegas-based lending consulting firm that helps customers acquire low-interest funding, has leased office space and plans to move to a new Miami headquarters in the fourth quarter of 2025. “Miami has truly become a global city, with a business-friendly environment, exceptional quality of life, and a range of exciting office spaces to choose from, each offering unique perks for teams,” said Andrew Imbesi, CEO of Boge Group, in a prepared statement. The company has leased 14,287 square feet in the Offices at River Landing, part of mixed-use River Landing Shops & Residences offering residential, retail, and offices spaces on the Miami River.

A RICKENBACKER PLAN: A draft of a master plan for the Rickenbacker Causeway, the only link of Key Biscayne with the rest of Miami-Dade County, is to be presented in Key Biscayne’s Community Center on Dec. 4. The county’s Department of Transportation and Public Works and Village of Key Biscayne staff will deal with the village’s hot-button concern at 6 p.m. in the community center’s Lighthouse Room. Objectives, according to an announcement, are to improve traffic flow, reduce traffic congestion during Virginia Key events, separate bicycles from pedestrian traffic, and develop high-quality environmentally resilient facilities. The announcement does not mention repair or replacement of the Bear Cut Bridge.