American workers who felt stymied by elusive economic gains over the past five years may finally get a boost to their pocketbooks. In early December, the Labor Department reported job growth during the previous month had been much stronger than expected and – better still – average hourly wages made their biggest gains since mid-2013.
The news from the jobs front coupled with falling gasoline prices are good signs we’re in a strengthening economy. In turn, that’s a boon for tourism and hospitality interests, as well as for South Florida’s three R’s – restaurants, retailers and real estate market, according to a report in the Miami Herald.
Chairman and CEO of Turnberry Associates’ Jeffrey Soffer should be encouraged by the news. Soffer’s company will launch its newest Sunny Isles Beach luxury condominium tower in early 2015. The 52-story Turnberry Ocean Club will be situated on the Atlantic Ocean and provide a private club atmosphere for its 154 residences, which are priced at more than $4 million. Turnberry Ocean Club is expected to build on the success of nearby Turnberry Ocean Colony.
Under Jeffrey Soffer’s leadership, Turnberry Associates also maintains a strong presence in South Florida’s hospitality scene, with Fontainebleau Miami Beach Resort and Turnberry Isle Miami leading the way. Both tourist destinations, along with their upscale restaurants, such as Stripsteak, Michael Mina 74 and BOURBON STEAK, can expect to benefit from this stronger economy.
Along with an earnings gain four times what had been expected, the Labor Department reported the number of hours worked also was up – meaning more money in the pockets of employees.
Definitely, good news all around.