economy

The private passenger train service changed its schedule in October to add more trains and cars for commuters between its South Florida stations. More riders showed up as average fares fell.

Cheaper borrowed money to buy a South Florida home and condo helped bring buyers into the market in October. The median Miami-Dade condo sold for the lowest price in more than two years.

A small drop in international visitors to Miami-Dade County was driven by declines in trips from Colombia and Canada. Visits from New York and Chicago – the top two cities for visitors from other states – also fell.

The American Business Forum featured household names from the worlds of politics, business and sports at its event held in Miami. Talk was heavy about influences, workplace culture and President Trump —but light on current economic conditions for businesses.

Counties and cities borrow billions of dollars for all kinds of expensive projects. They pledge future property tax revenues to pay back their lenders. Gov. Ron DeSantis wants to reduce or eliminate some property taxes, leaving a lot of uncertainty of how the changes may impact local government bonds.

Reducing or eliminating most local property taxes is a top priority for Gov. Ron DeSantis as he enters the final year of his last term. Florida Keys Rep. Jim Mooney, a Republican, thinks lawmakers should focus their efforts on bringing down the cost of property insurance instead. “We don't get a lot of complaints about property taxes,” he said.

Home and condo sales show very early signs of recovery in September helped by a drop in mortgage rates and lower or, at least stable, prices. It’s too early to “definitively declare a shift in the overall trend,” but confidence by the state’s realtor group is rebounding.

The regional commercial real estate industry is holding up so far this year despite persistent worries about the value of offices, new apartment buildings and uncertainties about the impact of tariffs on trade.

It has been very profitable to own a South Florida home over the past 15-plus years. Long-term homeowners here are sitting on a mountain of profits, but if they sell, they also likely face a hefty tax bill. And that could be making the housing market more unaffordable for younger buyers.

The Miami region used to have the highest annual inflation rate in the country. As inflation pressures have cooled, price hikes have slowed, but they haven't disappeared.

In his quarterly message, Federal Reserve Bank of Atlanta President Raphael Bostic supported a lower interest rate for the central bank, but he did not commit to the timing of a rate cut.

Tourism is growing statewide, but air travel has slowed at South Florida's two major airports after record years. One reason is that fewer Canadians are coming. But cruise passengers continue crowding PortMiami and Port Everglades, while hotel tourism tax collection remains strong.