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Thursday's Afternoon Update
What you need to know about Florida today
Florida’s rebound from Great Recession strengthens
Florida’s economy is expected to continue to rebound in 2014 – albeit very fragilely – from the Great Recession of 2008 and 2009. Although the housing market has made significant progress, economists expect it will take many more years to recover what was lost when the market collapsed. More at Miami Today.
State to spend $2.8 million on 'Welcome to Florida' signs
By fall 2015, drivers crossing the Florida state line will be greeted by majestic archways towering over palm trees and tropical-looking foliage on Interstate 95 and Interstate 75. Similar signs are also planned for Interstate 10 at the Florida-Alabama state line, say state officials, who are spending $2.8 million on the gateway signs. More at the Orlando Sentinel.
Miami Heat wants 10 more years on its arena deal
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Business Profile USARAD
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The Miami Heat and Miami-Dade County are negotiating a 10-year extension of the deal that lets the team play at AmericanAirlines Arena and receive about $6.5 million a year in hotel taxes to subsidize operations. More at the Miami Herald.
Medical marijuana supporters one step closer to legalization in Florida
Medical marijuana supporters have collected enough signatures to make the 2014 ballot. The group pushing the constitutional amendment has collected more than 1.1 million signatures. It takes nearly 700,000 signatures from registered voters in order to qualify for the ballot. More at WTXL and the Tampa Bay Times.
J.C. Penney closing 33 stores, two in Florida
J.C. Penney Co. announced that it will close 33 stores as part of a strategic turnaround. The company, which is expected to cut 2,000 positions, said the closings should result in an annual cost savings of about $65 million. More at the Wall Street Journal and the Orlando Sentinel.
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Convention Business
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