Sunshine State on brink of recession, says noted economist

The Sunshine State is on the cusp of a recession — if it hasn’t already started. That’s the opinion of Sean Snaith, an economist who serves as director of the University of Central Florida’s Institute for Economic Forecasting, in his quarterly forecast. However, the impact of a downturn won’t be as severe as the housing market collapse of the late 2000s or the pandemic shutdown of 2020. “Florida can’t escape a recession,” Snaith says in a news release. “But we won’t suffer like we did during the previous two." [Source: Business Observer]

Business Beat - Week of FEbruary 10th

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IRS tells some Florida taxpayers to wait to file returns

The IRS is suggesting that individuals who received a special tax refund or payment in the state of Florida in 2021 should wait to file their 2022 tax returns. This is because 19 states, including Florida, offered various programs that provided inflation relief payments or refunds, and the IRS is uncertain about their taxability. [Source: WESH]

Snowbirds have flown south again, but they're not sure how much longer they can afford it

Canadian snowbirds have resumed their travels to hot and sunny locales like Florida, but they’re worried they may not be able to afford such a lifestyle for much longer. Almost three quarters of Canadians over the age of 50 who live in warmer climates for part of the winter say they are worried about the current state of the economy impacting their lifestyle. That comes as everything gets more expensive in Canada and abroad amid elevated inflation and higher interest rates, meaning piggy banks further to stretch than they did a few years ago. A weak Canadian dollar isn’t easing the pain.[Source: Financial Post]

As record rocket launches crowd airspace, the FAA fights to limit travel disruptions

Most of last year’s missions launched from Florida, straining airspace in a state that already has a unique air traffic control challenge: the Sunshine State has drawn more and more travelers in recent years and faces frequent thunderstorms several months a year. Airlines operated 722,180 flights to, from and within Florida last year, marking a faster recovery to pre-pandemic flying levels in the state than the national average. [Source: CNBC]

ALSO AROUND FLORIDA:

› A small drop in rent prices seen in South Florida [South Florida Sun-Sentinel]
South Florida saw a small month-to-month decline in rental prices — an encouraging sign of the market starting to moderate as frustrated renters still deal with an affordability crisis. Rents in the region dropped from November to December by about .14%, according to the latest Waller, Weeks and Johnson Rental Index. It’s the equivalent of $18, a small adjustment, but still welcome news for many renters.

› Red Cross name, logo to come off historic Jacksonville Beach lifeguard station [Florida Times-Union]
he historic Jacksonville Beach Lifeguard station will be donated to the city of Jacksonville Beach, and its familiar American Red Cross logos will be removed. That agreement was approved during a City Council meeting Monday and comes after months of back and forth between the city and the Volunteer Life Savings Corps, which had long used the building for lifeguard services.

› George Santos spent 9 months in Orlando, but doing what? [Orlando Sentinel]
Infamous New York Republican congressman George Santos is caught in the middle of seemingly endless lies and investigations into his background, businesses, and campaign spending. But one of the biggest question marks about his past is his time in Orlando. In contradictory interviews, he said he was either running a business or building a business that employed four of the 49 people who died in the shooting that left 49 dead and dozens more injured.

› Tampa global shipping, logistics companies Boasso, Quala to merge [Tampa Bay Times]
Two large Tampa shipping and logistics companies have reached a deal to merge, forming a single company with around 3,400 employees worldwide. Boasso Global and Quala — which both specialize in the transportation of bulk liquids, from whiskey and beer to commercial cleansers — on Thursday announced that they would join forces in the first half of 2023 in a deal between the private equity firms that own them.

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› Safe & Green moving its HQ to Miami [Jacksonville Daily Record]
About a year after moving its headquarters to Jacksonville, Safe & Green Holdings Corp. is leaving for Miami. The company, which converts shipping containers for use as buildings, said in a Jan. 31 news release it sees “expanded growth and a favorable business environment” in Miami. “While we had a great experience with Jacksonville, we’re excited to make the move to Miami,” CEO Paul Galvin said in the release.

› Home hunting below $200,000? These Miami-Dade areas have cheapest prices [Miami Herald]
It might feel like mission impossible to buy a home on a budget in Miami-Dade County, given the community’s hot real estate market over the past three years. The Miami Herald identified five areas with the lowest median sales prices in Miami-Dade for 2022, based on data gathered by Analytics Miami founder and real estate market analyst Ana Bozovic and the Multiple Listing Service.

› Seven Pines named one of the nation’s top five master-planned communities [Jacksonville Daily Record]
The National Association of Home Builders named Seven Pines, under development at southeast Butler Boulevard and Interstate 295 in Jacksonville, one of the Top 5 Master-Planned Communities in the Nation. ICI Homes and David Weekley Homes are jointly building in Seven Pines. Prices begin in the high $600,000s. The community will have a 34-acre central park, walking trails, water amenities, community pools and a 7,900-square-foot clubhouse.

› ReadOut Literary Festival in Gulfport celebrates LGBTQ voices [Tampa Bay Times]
The sixth annual ReadOut Literary Festival in Gulfport is a celebration of LGBTQ literature — and this year it’s something of an act of defiance as well. The free festival, a combination of live and virtual events featuring more than 80 authors in a variety of genres, will be presented Feb. 17-19 by the LGBTQ Resource Center of the Gulfport Library, with support from Florida Humanities.