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Economic yearbook 2009
Miami-Dade / Monroe Yearbook 2009
Feeling the pinch now: Tourism, financial services and trade.
Businesses to Watch
» A new 10-year agreement with Norwegian Cruise Line guarantees the Port of Miami at least $98 million in port fees in exchange for priority access to two large-ship berths and $10 million in upgrades for cruise ship terminals to be completed over the next year to 18 months. NCL will sail its largest “freestyle cruising” ship, Norwegian Epic, from the port starting in 2010.
» Miami’s multinational companies will be the tugboats pulling it out of recession, and FedEx — with 1,500 employees at its Latin American and Caribbean headquarters here — is one of the largest.
Miami-Dade County
People to Watch
» Aviation Director Jose Abreu will try to keep passenger and cargo levels at Miami International Airport steady while supervising the continuing expansion of the county’s top economic engine, which has a $25-billion annual economic impact.
» South Florida “condo king” Jorge Perez has so far kept his Related Group on steady footing, but new luxury-level projects just being completed could be tough to close. At the same time, he and a private equity firm have partnered in a $1-billion fund to make bulk condo acquisitions.
Businesses to Watch
» As Jackson Health System, which saw 243,000 Medicaid patients last year, deals with an expected increase in uninsured patients and a possible $20-million budget cut, the hunt for a new CEO continues; the county’s public health system employs 12,000.
» Construction on Miami Beach’s New World Symphony orchestral academy’s $154-million Frank Gehry-designed campus is under way. When it’s complete in 2010, city leaders say it will be the biggest change to the landscape in years.
Monroe County
Monroe County depends mainly on its tourism industry, which will likely see visitor numbers drop 3% to 4% this year after falling in 2008, says hospitality analyst Scott Brush of Brush & Co. Adding to the county’s woes, a state-mandated 2010 deadline to have most of the county hooked up to advanced wastewater treatment systems is projected to cost another $350 million, with much of the cost to be passed onto businesses that cannot afford to pay. The county is hoping for federal stimulus money for the work, and business leaders are looking at ways to diversify the economy with more high-paying jobs. On the positive side, Brush says that with few new hotels or Ritz Carlton-type properties, the county “looks like it’s in pretty decent shape to recover pretty quickly as the recession eases.”
Person to Watch
» The debate over adding a penny to the lodging tax to fund additional marketing is one of many difficult issues Tourist Development Council Director Harold Wheeler will contend with as he looks for ways to sustain the Keys’ main industry, even as visitor numbers and room rates drop.
Businesses to Watch
» Developer Northstar Resort Enterprises has two major projects under way in Key Largo: A “green” 138-suite resort (managed by Kimpton Hotels) scheduled for 2011 completion and a 123-unit workforce housing project scheduled for 2010 completion.
