A recent article in South Florida Business Journal stated that the combined revenue of South Florida's top 100 private companies increased from $57.68 billion in 2006 to $64.6 billion in 2007. This 12% increase came even as we registered tremors from the real estate downturn and economic growth slowed nationwide.
These results are based on companies reporting their 2007 earnings to the South Florida Business Journal.
While certain real estate and construction-related companies showed revenue declines, three of the five largest gainers, in terms of percentage revenue, were real estate or construction related.
Kast Construction Co. posted revenue of $95 million in 2007, up from $30 million in 2006. General contractor, James A. Cummings Inc., continues to build government facilities including local schools and parking facilities and ranked second in percentage of revenue growth at 150%. The highest grossing development company is the Related Group: No. 9 on the list-even with a drop in revenue from $1.4 billion to $1.25 billion.
The top five companies in terms of overall revenue are:
•1. JM Family Enterprises, Deerfield Beach based automotive company with $12.2 billion in revenue.
•2. Miami based beverage distribution giant, Southern Wine and Spirits of America, with an 11% revenue gain from $7.5 to $8.3 billion.
•3. Miami's Brightstar Corp., cell phone distributor and manager of wireless supply operations, enjoyed a 32% jump from $3.6 to $4.8 billion.
•4. West Palm's OxBow Corporation, an energy, minerals and commodities firm grew revenue 146% from $1.4 billion in 2006 to $3.4 billion in 2007 while making two major acquisitions during this same period.
•5. Florida Crystals Corp, or Flo-Sun, our local sugar giant, grew 20%: $2.5 to $3 billion from 2006-2007.
And a curious entry on the list is Aero Toy Store LLC. This private jet, helicopter and yacht sales company saw 65% revenue growth, earning $838 million in 2007. South Florida Business Journal speculates that Aero Toy Store's success may indicate South Florida's continued ability to attract wealth, in spite of a struggling economy.
This is all encouraging news. And I'm pleased to pass it on.
If I can meet any of your luxury real estate needs, please call 954.382.3665, or email Julie@premierestateproperties.com. Don't hesitate to visit www.LuxuryRealEstateFtL.com to view my exciting Fort Lauderdale listings.
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