FYI Miami: February 17, 2022

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.

TOURISM REVIVAL: Florida attracted nearly 30.9 million visitors during the final three months of 2021, the second consecutive quarter of drawing more tourists than in the comparable period of 2019 before the coronavirus pandemic slammed into the state, Gov. Ron DeSantis said Tuesday. The estimate could bring the overall number during 2021 to 122.3 million, less than the record 131.069 million in 2019 but 54% above pandemic-ravaged 2020. Domestic travelers accounted for 94% of visitors in the fourth quarter and 96% for the year. “Once our international visitors are able to get back here, look out,” said Dana Young, president and CEO of the state tourism-marketing agency. 

REALTY TAX SLIP: Soaring real estate transactions boosted state economists’ estimate of so-called “doc” stamp tax collections on transactions for the current fiscal year 8.3% – but not for long, “as affordability increasingly becomes an issue.” Their report projects doc stamp tax revenue will fall 20.4% in 2022-2023 and says it could take two more years before a slow rebound. They also point to an anticipated increase in interest on 30-year fixed mortgages, from a historic low average of 2.8% in 2020 to the Mortgage Bankers Association’s anticipated 4.3% in 2023, further making homes less affordable. “These changes will be sufficient to chase some potential buyers from the market – as well as bring an end to the purchasing by buyers attempting to beat the increase – leaving dampened sales activity in their aftermath,” the report said.

ELECTRIC BUSES: County commissioners at a transportation committee meeting resolved to authorize an easement so Florida Power and Light Co. can install, construct, operate and maintain electrical facilities to serve new electric bus charging stations at the Department of Transportation and Public Works (DTPW) Coral Way Bus Maintenance Facility. A 2019 contract county contract authorized Proterra Inc. to provide up to 75 40-foot electric buses and install charging stations at the Coral Way facility. “The award of this contract will allow DTPW to begin transitioning its bus fleet from traditional diesel fuel buses to electric buses,” says a memo from Chief Operations Officer Jimmy Morales. “The installation of additional electric power service at this bus maintenance facility is necessary to operate the electric bus charging equipment and requires the conveyance of an easement to FPL to allow for such installation.”

GAS PRICE DIPS: Average gasoline prices in Miami fell 1.1 cents per gallon last week to average $3.47, according to GasBuddy. Prices in Miami are 20.4 cents higher than a month ago and 97.7 cents higher than a year ago. The national average rose 4.6 cents in the past week, to $3.47. The national average is up 16.5 cents from a month ago and 97.2 cents higher than a year ago.