Evidence of Permanent Decline in Construction

February 2, 2011 Leave a comment

Florida saw one of the heftiest declines in populations of illegal immigrants in the nation in the last three years, likely because of a drought of jobs, says a report released Tuesday.

In 2007, an estimated 1.05 million illegal immigrants lived in Florida. That total dipped to 825,000 in 2010, according to the Pew Hispanic Center, a Washington-based research organization.

via Jobs, Florida’s illegal immigrants disappear | The News-Press | news-press.com.

Filed under Business and Commerce

Bank of Coral Gables Still Needs Capital

January 31, 2011 Leave a comment

A $2 million capital infusion from its shareholders made up for a fourth quarter loss at Bank of Coral Gables, but the contribution was not enough to help the bank regain “well capitalized” status.

The $152 million-asset bank remained “adequately capitalized” because it could not meet the higher capital ratio requirements that regulators imposed on the bank in a March 2010 enforcement action.

The bank improved its Tier 1 capital ratio to 6.29 percent as of Dec. 31, from 6.67 percent as of Sept. 30. Its total risk-based capital ratio improved to 10.75 percent from 10.34 percent. However, regulators demanded that those ratios reach 8 percent and 12 percent, respectively.

If it wants to be considered a “well capitalized” bank and avoid further regulatory action, it looks like Bank of Coral Gables needs to bring in a larger piece of capital.

via Capital infusion not enough for Bank of Coral Gables | South Florida Business Journal.

Filed under Business and Commerce, Coral Gables

We’ve Heard this Before? Good Luck, Governor

January 2, 2011 Leave a comment

One may suppose that these efforts are mutually exclusive:  cut the budget, justify the money spent, cut taxes, help business expand, cut corporate and property taxes, pay for medicaid, pay pensions (already well funded by the state), all simultaneously.  Sound like an unattainable wish list if tax revenues fail to grow enough.

[Scott]…wants to place a freeze on new business regulations. He wants to phase out corporate income tax over the next seven years and  cut property taxes by nearly 20 percent. He also wants to expand Florida’s K-12 vouchers and charter schools.

Scott wants to solve Florida’s $3.5 billion  budget  deficit and will ask all  state agencies  to justify all the money they spend. He wants to save $1.4 billion  annually on Florida’s public employee pensions by requiring greater  worker contributions to the funds  and  by placing new workers into the 401(k) retirement plans. He wants  to cut Florida’s budget all the way back to its 2004 baseline.

via Florida government workers may have to contribute more to their pensions – Miami Labor Relations | Examiner.com.

Filed under Business and Commerce, Florida, Taxes and Fees

Consumers Cutting Credit Card Use

December 15, 2010 Leave a comment

Evidently, consumers are not taking on more debt and they are using cash rather than their credit cards.  This is not a good sign for business in Coral Gables and Miami.  Another reason for the city of Coral Gables to be just as conservatives as its taxpayers and consumers in managing their money. This is also bad news for big (too big to fail) banks.

Only 16.3 percent of consumers polled used credit cards over the Black Friday weekend this year, down from 30.9 percent last year and an all-time low, according to a survey by America’s Research Group and UBS.

Filed under Business and Commerce, Coral Gables, Economy

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