Miami Beach's Economy Thrives with Strong Tourism and Hospitality

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Miami Beach's economy has been outperforming expectations, with the tourism and hospitality industry reporting exceptional numbers for the last three consecutive months. The city has seen significant increases in resort tax collections and hotel room rates, reflecting busy restaurants, thriving small businesses, and steady employment. This economic momentum has allowed Miami Beach to build up its financial reserves, lower the millage rate, and provide $7 million in surplus funds back to residents.

Why it matters

A strong Miami Beach economy benefits the entire Miami-Dade County and the state of Florida. The city's success in attracting visitors and businesses, as well as its prudent financial management, serve as a model for other municipalities. This economic growth also allows Miami Beach to invest in its community, improve services, and provide relief to residents.

The details

Miami Beach saw year-over-year increases in resort tax collections of 5.1%, 7.0%, and 2.2% in January, December, and November, respectively. The city also had particularly strong gains in food and beverage spending, with resort tax collections increasing by 6.8%, 12.9%, and 19.8% over the same time period. Miami Beach had the highest hotel room rates globally for New Year's, and was number two in the nation in average hotel room rate in 2025, only behind New York City. In January 2026, the city's average daily room rate was $353, an 8% increase from the previous year, with occupancy reaching as high as 93% during peak travel seasons.

• Miami Beach's resort tax collections increased year over year for January, December, and November 2025.
• Miami Beach had the highest hotel room rates globally for New Year's 2026.
• In 2025, Miami Beach was number two in the nation in average hotel room rate, only behind New York City.
• In January 2026, Miami Beach's average daily room rate was $353, an 8% increase from the previous year.

What’s next

The city will continue to focus on delivering real results for the community, maintaining financial discipline and transparency, and ensuring Miami Beach remains a strong and attractive destination for visitors and businesses.