Miami News Update: August 15, 2024
Miami International Airport continues to see a significant surge in passenger traffic, with numbers soaring higher than ever before. In May alone, the airport experienced an impressive 11.3% increase in passenger traffic compared to the same month in 2023. This growth trend has contributed to an overall 11% rise in total passenger traffic for the year, building on the record-breaking 52.3 million passengers served in 2023, a 3.2% increase from the previous year’s record of 49.4 million.
The airport’s success in attracting travelers is evident in the figures, with a total of 24,349,965 passengers passing through its gates in the first five months of 2024. As the fall-winter holiday season approaches, historically known for peak travel periods, the airport is poised to see even more passenger traffic. Notably, international travel has been leading the growth parade, with a 12% increase year-to-date, while domestic passengers have also shown a healthy rise of 10.3%. International passengers currently make up 43.7% of the total passenger count, emphasizing Miami’s status as a global travel hub.
In other news, Miami Lakes has received a notable upgrade in its issuer default rating on bonds, moving from ‘AA+’ to ‘AAA’ thanks to its strong financial position and backing from the city’s electric utility tax revenue. Fitch Ratings highlighted the town’s commitment to repaying bonds through its electric utility tax revenue, combined with a cash-funded debt reserve fund to provide additional security. The town’s low unemployment rate and high educational levels, with 40.3% of residents holding a bachelor’s degree or higher, were also cited as factors contributing to the upgrade.
Meanwhile, Coral Gables has seen its capital improvement bonds receive an upgraded rating from Fitch Ratings, elevating the city’s status from ‘AA+’ to ‘AAA’. This upgrade reflects the city’s impressive taxable values per capita, high educational attainment, and low unemployment rates. Fitch commended the city’s prudent financial practices, particularly its commitment to funding pension contributions above the actuarially determined level, which has helped reduce carrying costs and enhance fiscal flexibility. While population growth in Coral Gables has been slow, with a gradual increase in residents from 48,575 in 2022, the city’s strong financial foundation bodes well for its future.
In a welcome development for residents and commuters, gas prices in Miami have seen a significant decline in recent days. According to GasBuddy, the average price of gasoline in Miami dropped by 12.4 cents per gallon in the past week, reaching $3.33. This represents a notable decrease of 20.8 cents from a month ago and 40.7 cents lower than the prices a year ago. The national average price of gas also fell, dropping by 3.2 cents to $3.41 per gallon, down 11.6 cents from last month and 42.5 cents lower than a year ago.
With Miami’s airport experiencing record levels of passenger traffic, local municipalities receiving positive ratings upgrades, and gas prices decreasing significantly, the city’s economic landscape is showing signs of strength and resilience. As Miami continues to attract visitors, bolster its financial standing, and provide relief to residents through lower gas prices, the future looks promising for the Magic City.