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Miami Beach’s economy continues to outperform expectations and reinforce confidence that we are a strong city to invest capital in. Our tourism and hospitality industry has reported exceptional numbers for the last three consecutive months, showing significant increases from just last year. Total resort tax collections increased year over year for January, December and November, by 5.1%, 7.0%, and 2.2 respectively. Miami Beach had particularly strong gains in food and beverage spending, with resort tax collections increasing for this category by 6.8%, 12.9%, and 19.8% respectively over this same time period.
These statistics reflect busy restaurants, thriving small businesses, and steady employment for thousands of workers in our city and across Miami-Dade County.
This economic momentum is further reflected in hospitality data as Miami Beach had the highest hotel room rates globally for New Year’s. This builds on a strong 2025 as Miami Beach was number two in the nation in average hotel room rate, only behind New York City. 2026 is off to a strong start in January with preliminary numbers showing an average daily room rate of $353, an 8% increase from last January. Moreover, occupancy reached as high as 93 percent during peak travel seasons.
These results confirm that a safe, clean, and well-run city attracts visitors who are willing to invest in quality experiences.
Strong revenues have allowed us to deliver what residents expect, prepare for the future, and give back. Our General Fund reserves now stand at a record $120.6 million, equivalent to three months of operating expenses. Our Resort Tax Fund reserves total $38.3 million, or six months of coverage. This level of preparedness ensures Miami Beach can weather economic uncertainty without compromising essential services. At the same time, we are delivering a meaningful relief to residents. The City Commission lowered the millage rate for the first time since 2018 and approved the return of $7 million in surplus funds to our residents—the first refund of its kind since 2005. Homesteaded property owners are receiving $500 relief payments because fiscal responsibility should benefit the people who call this city home.
Our arts, culture, and business ecosystem continue to grow. Events like Art Basel Miami Beach generate more than $500 million in countywide economic impact. New global brands and innovative local concepts in fashion, fitness, finance and dining are choosing Miami Beach.
Our strength was reaffirmed recently when Moody’s Investors Service maintained all of Miami Beach’s existing credit ratings, including an Aa2 rating with a stable outlook on our General Obligation bonds. Our resort tax, water and sewer, stormwater, and parking revenue bonds were also affirmed, all with stable outlooks. In simple terms, this means independent analysts view Miami Beach as a city that manages its finances prudently, plans responsibly, and is well-positioned to meet future obligations.
Miami Beach’s success matters beyond our borders. A strong Miami Beach strengthens Miami-Dade County and the State of Florida as a whole. We will continue leading with discipline and transparency. Good government is about delivering real results for the community we serve every single day.
