From sun and sand to code and capital: Florida's economy hinges on embrace of tech
Tourism, agriculture and construction have been the pillars of Florida’s economy for decades. But the Florida Chamber is pushing high-tech industries to join in on buoying the state’s $1.7 trillion-plus economy. Florida’s tech economy has grown in recent years. Aerospace has long been a bright spot, with the Space Coast legacy still going strong. Medical manufacturing is also in bloom, with Florida holding the No. 2 spot in both pharmaceuticals and medical devices. [Source: Florida Politics]
Florida Trend Exclusive
Florida Icon: Kay Rawlins
“I’ve traveled all over the world with my kids, and as soon as you get a soccer ball out, kids appear from all over the place. You don’t necessarily speak the language, but you figure out who’s on whose team, and then off you go and play, ” says Kay Rawlins, club Founder & SVP of Community and Social Impact, Orlando City/Orlando Pride. [Source: Florida Trend]
Health in the Golden Years: Florida slipping as top retiree destination
Florida remains a popular destination for retirees, but its influx has decreased by 40%. While Florida boasts warm weather and no income tax, it ranks lower than other states in livability because of factors like environment, healthcare and affordability. Transportation is an area for improvement, with most cities being car-dependent despite above-average local transit frequency. [Source: Pam Beach Post]
Tropical Storm Erin path shifts, but still forecast to grow into major hurricane
Tropical Storm Erin on Wednesday continued to push west through the Atlantic with it forecast to become the season’s first hurricane, growing to major hurricane strength by the weekend, according to the National Hurricane Center. As of the NHC’s 5 a.m. update, the center of Erin was located about 1,400 miles east of the northern Leeward Islands of the Caribbean moving west at 20 mph with maximum sustained winds of 45 mph. Tropical storm-force winds extend out 60 miles. [Source: Orlando Sentinel]
Underwater mortgages are climbing in Florida housing markets
Since the Pandemic Housing Boom fizzled out in the summer of 2022, some areas have experienced home-price declines from their peak. Negative equity is rising in some pandemic boomtowns, yet it’s still nowhere near 2009 territory. Even in boom-to-correction markets like Cape Coral, Florida, or Austin, only a small share of homeowners bought at the absolute top of the market in spring 2022. Most current homeowners in those areas either bought before or after the peak. [Source: Fast Company]
United in making Florida a leader in pediatric cancer care
Florida’s Specialty Hospitals for Children — Johns Hopkins All Children’s Hospital in St. Petersburg; Nemours Children’s Hospital in Orlando; Nicklaus Children’s Hospital in Miami; and Wolfson Children’s Hospital in Jacksonville — are united in a shared mission to ensure that no child in Florida ever has to leave our state for world-class cancer care. [Sponsored report]
ALSO AROUND FLORIDA:
› The ultra-rich own more second homes in Miami than in any other city on earth
Lavish houses, often second or third residences, dot much of Miami’s waterfront. These are increasingly the homes of the ultra-wealthy — those with net worths exceeding $30 million. They’ve flocked in such great numbers that Miami is now the top global city for second homes of ultra-high net worth individuals, a new report found. Some 13,200 such people, the most of any city on the planet, now keep a second home in the Miami metro area.
› Seminole agrees to hike taxes on gas, utilities
Seminole County will soon add five cents to the price of every gallon of gas sold in the county, a move made to help fill a multi-million dollar hole in the county’s budget and to pay for the increasing costs of mass transportation. Commissioners also agreed on Tuesday to hike Seminole’s public service tax on water and electric bills in the unincorporated areas from the current 4% to 10% to help pay for the sheriff’s office, fire department and parks.
› Carnival to offer short cruises on Port Canaveral-based Mardi Gras
Since Carnival Cruise Line’s Mardi Gras debuted from Port Canaveral in 2021, the ship has been taking passengers on Caribbean trips spanning a week or longer. Guests can enjoy shorter sailings on the ship for the first time starting in 2027. The Mardi Gras, Carnival’s first Excel-class ship, which features the first roller coaster at sea, will begin its new schedule of four- and five-night sailings to the Bahamas from Port Canaveral in May 2027.
› USF Bulls now seeking ‘CEO’ for athletics. But what does that mean?
The new title surely would spruce up any nameplate. Face it, “CEO of Athletics” looks far snazzier on a shingle than “athletic director.” Whomever USF hires to replace former AD Michael Kelly and navigate the Bulls through college sports’ formidable new terrain — a daunting topography of revenue sharing, agents and perhaps even collective bargaining — will bear that new handle. But what’s in that name?
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› Historic Boca Raton resort plans to add 8-story residential building to its property
The Boca Raton resort, a storied getaway whose history dates to the 1920s, plans to introduce a new offering: an eight-story residential building that rises 100 feet. The Boca Raton’s owner wants to redevelop part of the hotel’s property and construct a 76-unit “modern luxury housing opportunity” on a portion of the golf course and hotel site, according to city documents. The maximum height of this new building would be 100 feet, but where The Boca Raton is zoned only allows for buildings as tall as 85 feet.
› Pinnacle Financial Partners commits to Northwest Jax business corridor
The recent merger of two of the South’s emerging financial institutions will not slow efforts to beautify the Myrtle Avenue corridor. Pinnacle Financial Partners will continue to finance landscaping, façade enhancements and parking lot improvements for businesses in Durkeeville and Moncrief through a $1.17 million partnership with the city of Jacksonville. Jacksonville Today thanks our sponsors. Become one. Here’s how it works: Business owners apply through the city; Pinnacle pays for the enhancements; the city reimburses the bank.
› Arts groups push for Miami-Dade mayor to restore proposed funding cuts
Miami-Dade County Mayor Daniella Levine Cava is scrambling to address the local arts community after an announced restructuring and budget cuts to the county’s Department of Cultural Affairs. In the 2025-26 budget proposal, the Cultural Affairs Department would be eliminated as a standalone entity and instead would be consolidated into the Miami-Dade County Department of Arts, Culture and Library Services.
› Sarasota city water customers will pay new convenience fee in October
The city of Sarasota announced on Aug. 11 that it will launch a revamped online payment system for its water utility customers. A big plus of the new system, according to a city statement, is that “the online portal will offer a more robust customer account experience,” with the ability to view past bills and access a more detailed billing statement, with a breakdown of monthly charges. A negative, at least for some customers, is that there will be a new convenience fee added to their monthly bill.