WEEK OF THURSDAY, JUNE 25, 2015
A Singular Voice in an Evolving City DOWNTOWN & BRICKELL
6% fewer units in construction as condo launches slow, pg. 13 SPANISH FIRM PICKS MIAMI: VIMAC USA, a Spain-based engineering company specializing in railroad construction, electromechanical, civil and hydraulic projects, has opened its US headquarters in Miami, according to the Beacon Council, which assisted VIMAC. The company was referred to the Beacon Council by Enterprise Florida. VIMAC, which has offices in Colombia, Romania and Saudi Arabia, will add 12 above-average-paying jobs and $1 million in capital investment within three years, according to the Beacon Council. Beacon President and CEO Larry Williams said the influx of Spanish-based companies entering the American market through Miami has made Spain the top direct investment market here. “As a major hub for shipping and merchandise distribution, Miami is the optimal choice for our entrance into the US market,” said VIMAC USA General Manager Carlos Garzon. “We’re confident in the business and growth opportunities that this thriving region will bring to our company.”
WWW.MIAMITODAYNEWS.COM $4.00
Port tunnel reduces trucks in downtown 80%, pg. 16
THE ACHIEVER
BY CATHERINE LACKNER
ISRAELI ENTREPRENEURIAL PACT: Miami Dade College and Tel Aviv University plan to sign an agreement to promote cooperation between entrepreneurs in Miami and Israel. The ceremonial agreement is to initially provide for Israeli tech gurus and start-ups to travel to Miami for a conference this winter to build relationships with local investors, designers, and digital marketing firms. Tel Aviv University faculty also are to travel to Miami to serve as visiting professors. Leandro Finol, executive director of The Idea Center at Miami Dade College, said the agreement leaves the door open for future collaboration between the two entrepreneurial communities. The signing ceremony, originally scheduled for today (6/25), was postponed until the Israeli delegation can travel to Miami. The US State Department was recovering Tuesday from a technical issue and had stopped issuing travel visas, according to its website. MIA BAGGAGE SECURITY: Kansas City-based Burns & McDonnell has been selected to lead the design and engineering for the $160 million baggage screening upgrade at Miami International Airport. The project will include a 70,000-square-foot baggage security and screening facility for the central and south passenger terminals, as well as upgrade and replace baggage handling equipment in the existing terminals to more efficiently manage and operate the new screening facility. The project’s design work is underway. Construction is expected to begin within 12 months and be completed in the third quarter of 2018.
Brian Siegal
Photo by Marlene Quaroni
Guiding the region’s American Jewish Committees The profile is on Page 4
Financial sector jobs hit all-time high in county BY SUSAN D ANSEYAR
Financial sector jobs in Miami-Dade hit an all-time high last month at 78,500, up 800 from April and 500 above the December 2006 record – figures economists say are positive but not necessarily a trend. Three months is the minimum to determine a trend, said Tony Villamil, principal of the Washington Economics Group. However, he said it wouldn’t surprise him if this positive development continues through the third quarter. All drivers point toward financial sector job growth, he said, including increasing construction for which banks are hiring mortgage lenders, credit analysts, those with real-estate experience and compliance officers to address new regulations; the inflow of high-wealth persons who need wealth management services; and the pickup in the overall county economy. “Financial services usually follow economic activity,” Mr. Villamil said. “Financial services are there to provide what’s needed for a growing economy.” According to the US Bureau of Labor Statistics, Miami-Dade gained 3,500 jobs in
AGENDA
Flaw stalls revamping on Flagler
finance from May 2014 to May 2015, up 4.7%. Financial jobs had fallen from their 2006 peak of 78,000 to 64,800 by January 2010. Now, the sector has rebounded. Mr. Villamil said he expects financial jobs to keep growing even if interest rates rise by the expected .25%. That’s a very mild step up from what is essentially zero now, he said, and won’t derail expansion. Although he hasn’t yet scrutinized these recent numbers, Jaap Donath, Beacon Council senior vice president for research and strategic planning, said year-over-year analysis is a much better indicator of job growth than one month, which could be good for many reasons but be followed by less success. In his monthly reports for the Beacon Council, Dr. Donath said, he focuses on the bigger picture, looking at overall payroll jobs in all industries. Many are interconnected, he said, and tied in with the domestic and international economy. “The overall financial sector, which was hurting after the recession, has been steadily picking up steam,” Dr. Donath said. “We look at all subsets and see job growth in
insurance, banking, financial services.” Take care in viewing data from just one month, cautioned Manuel Lasaga, president of StratInfo and a faculty member in finance Florida International University’s Business School. Financial sector job expansion has been positive compared with recent years, he said, but not as strong as in other expansion cycles. “The expansion trend has been uneven but generally positive,” he said. “It’s gathering momentum, with the main growth in the insurance sector and brokerage houses.” Financial sector jobs are probably growing in real estate services too, he said, but that’s not a separate data entry for MiamiDade as it is for the state. Banks downsized staff after the recession, Dr. Lasaga noted, but financial opportunities are growing with the economy. Lending grew 13% in the first quarter at Miami-Dade banks compared with 11% statewide, he said. “But the job number for banks has not changed that much, which means they’re expanding their business but keeping their costs down.”
A flaw in design drawings has sidetracked a long-awaited rebirth of Flagler Street from Biscayne Boulevard to the Dade County Courthouse as a pedestrian-friendly promenade. Told of the snafu, Downtown Development Authority directors vowed to push forward. “Our biggest concern is that this doesn’t drag out,” Vice Chair Neisen Kasdin told the group Friday. “The task force will have weekly reports on this. We don’t want to fall behind.” The plan aims to make Flagler a pedestrian magnet like Ocean Drive and Lincoln Road in Miami Beach or Miracle Mile in Coral Gables. It’s fueled by $6 million each from the city and county and $1 million from Flagler businesses. But plans allowed too little drainage, forcing a change order, authority sources said. As many entities are involved, the sources said, they don’t know who made the error or who discovered it. One bright spot is that MiamiDade’s $6 million is approved and will be funded, said Eric Riel Jr., authority team leader. The design’s railroad theme highlights Henry M. Flagler’s achievement in pushing the Florida East Coast Railway into Miami in 1896, connecting the fledgling city with the world. Movable gates like those at rail crossings would close the street for special events. Shade trees and bike racks would flank cafes serving on widened sidewalks. The revamp has been years coming – the authority spurred the current version in 2011, but downtowners long have complained about patchwork remakes that left uneven sidewalks and streets. The city in 2014 OK’d a 4,205linear-foot assessment district at $237.81 per foot for the upgrade. The work was estimated to take up to 18 months, and in April FHP Techtonics won the construction contract with a bid that with a contingency could hit $9.7 million.
COUNTY WILL ADD SEWERS IN 28 COMMERCIAL AREAS ...
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SALE OF GROVE GARAGE TO DEVELOPER ALMOST DONE ...
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PORTMIAMI CHARTS COURSE TO ADD CRUISE CAPACITY ...
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JOB GROWTH, TOURISM PULL RETAIL SECTOR FORWARD ...
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VIEWPOINT: GO-SLOW GOVERNMENTS BUILD HURDLES ...
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LATIN AMERICAN MAYORS GET OUR GOVERNANCE TIPS ...
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TARGETING JOBLESS, SHRINKING CONSTRUCTION POOL ...
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GROWING MIMO AREA TARGET OF NEW PARKING STUDY ... 18