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We in South Florida – and the Brickell community in particular – have been hit harder by this recent housing downturn than most across the United States. Foreclosures are rampant; prices for the average family home are still high; and rental prices are becoming an unfair burden on young professionals. This, coupled with the economic downturn we are all feeling, will leave us in South Florida with many challenges. Luckily, as the Gateway to the Americas, our local economy is both resilient and comparatively hedged against strictly national downturns. We have a thriving tourist industry that more Americans will seek to take greater advantage of as travel abroad becomes more costly and air travel becomes increasingly unpredictable. I know that if we are able to control our housing crisis and stay focused on our robust local business community, we will continue to be the powerful player in the global economy.
A Key factor in our community’s economic growth is the completion of the Miami River maintenance dredging and environmental cleanup project. After years of tremendous effort by Miami-Dade County, the State of Florida, and the elected officials in Washington, D.C., the project is nearing its completion. The dredging and environmental cleanup of the Miami River is needed to restore the rivers federal navigable channel to its designated 15-foot depth. The effects of the projects completion are tremendous. Once completed, larger vessels and mega-yachts will be able to better access this important waterway. As a result, the Miami River will be an important conduit for increased trade, commerce, and local employment. In addition, the removal of contaminated sediments from the Miami River will greatly improve the natural environment of the River’s offshoots and Biscayne Bay. Working together with my colleagues in the South Florida delegation, we have secured over $42 million in federal appropriations to the project. State and local governments have contributed an additional $34 million, leaving us only $10 million away from completing the project. I am committed to working with my colleagues in the Senate and House of Representatives to secure the funds needed before the July 31, 2008 funding deadline to complete this important and much needed project.
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