After a few less-than-ideal years, the Miami economy is bouncing back. In May, the unemployment rate dropped to an impressive 4.6 percent, marking a notable decrease from the 5.7 percent realized during the same time period in 2015, according to Bureau of Labor Statistics (BLS) data released on June 29, 2016. The Miami leisure and hospitality industry realized notable employment gains, increasing by 3.7 percent.
In 2015, a record 15.5 million people visited Miami, spending a total of $24.4 billion locally — a 2.3 percent increase from 2015 — according to data from the Greater Miami Convention & Visitors Bureau.
Miami Hotel Industry Nearing Its Peak
Hotel revenues and occupancy rates are starting to even out in Miami, causing experts to predict the industry could reach its peak in 2016, according to The Real Deal, a South Florida real estate blog. In 2015, more than 44 million people traveled through the Miami International Airport, which likely contributed to the 6 percent revenue per hotel room increase, reaching almost $153, noted STR data.
As of January 2016, an estimated 6,000 hotel rooms were either under construction or soon-to-be, according to the Miami New Times, which will undoubtedly bring many new restaurants, bars, clubs and pools that need to be staffed. More places to stay will encourage even more tourism to the area, as people can’t get enough of Miami’s incredible weather, gorgeous beaches and incredible nightlife.
Miami Hospitality Workers Earn Top Wages
A bustling hospitality industry doesn’t just mean big profits for Miami business owners. Hardworking hospitality workers also earn higher salaries in Miami than in many other cities.
In 2015, Miami made the BLS’s top 10 list for highest-paying metropolitan areas for bartenders. The mean annual salary for bartenders is $19,530, as of May 2015, but the Miami average salary for the job is $32,330.
Similarly, Miami hotel managers, defined by the BLS as lodging managers, also earn well above the national average for the job. The mean annual salary is $57,810 as of May 2015, but Miami hotel managers take home an average of $100,690 per year.
The Miami hospitality industry is truly an amazing place to be. Whether you’re an employer searching for top talent or a professional ready to take on a new challenge, RMG Staffing is here to assist. Contact us today to find out how we can make your future brighter!