Florida’s population boom drives bigger hurricane losses, despite tougher building codes

Florida leads the nation in strict building codes, and the decades of hard work have paid off in the increasing number of homes and buildings that survive each time a hurricane slashes the state. But a new report from Swiss Re, a major global re-insurance company, suggests that all those hard-won gains have been undermined by the explosion of growth along the coast. And that has likely helped fuel the skyrocketing price of wind-storm insurance across the state. [Source: Miami Herald]

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» 1 year after Hurricane Ian, central Florida homeowners are still rebuilding out of pocket

Business Beat - Week of September 29th

Get top news-to-know with Florida Trend's headline-focused video newsbrief, hosted by digital content specialist Aimée Alexander.

Enterprise Florida exiting

The doors are ready to close on Enterprise Florida, the business-recruitment agency long targeted by state House leaders. Members of the Enterprise Florida Executive Committee this week signed off on the dissolution of the agency’s board as of Sunday, as required by a bill (HB 5) approved by the Legislature this spring. Many of the agency’s responsibilities are shifting to the Florida Department of Commerce, with a new non-profit organization set up to work on international business recruitment. [Source: News Service of Florida]

Florida Trend Exclusive
Seeking protection

Three activist groups served notice to the U.S. Fish and Wildlife Service that they intend to sue to force the agency to invoke Endangered Species Act protection for the ghost orchid. The groups are the Institute for Regional Conservation in Hollywood, the Center for Biological Diversity and the National Parks Conservation Association. They say the orchid is threatened by poaching, habitat loss and degradation and by winds from intense hurricanes. [Source: Florida Trend]

State jobless claims decrease

An estimated 5,155 first-time jobless claims were filed in Florida last week, a decrease from the previous week and below the average for the year. The U.S. Department of Labor estimate came after a two-week rise in new claims. The state has averaged 5,321 claims over the past four weeks and 5,800 since the start of the year. [Source: News Service of Florida]

ALSO AROUND FLORIDA:

› Private equity firm buys Fort Myers retailer Chico's for $1 billion [Business Observer]
Fort Myers-based women’s retailer Chico’s FAS, after a tumultuous four-year period that included three CEOs, multiple reinventions of its customer approach and product assortment and the fending off of at least one potential hostile takeover attempt, has a new exit strategy: being acquired by a private equity firm.

› Supreme Court zaps Florida Power rate hike, wants justification for it [News Service of Florida]
The Florida Supreme Court on Thursday said state regulators did not adequately justify approval of a settlement that increased base electric rates for Florida Power & Light and ordered a new explanation. Justices, in a 4-2 opinion, sent a battle about the settlement back to the Florida Public Service Commission, saying regulators in a decision made in 2021 did not meet a legal requirement of showing why the agreement “is in the public interest and results in rates that are fair, just and reasonable.”

› Orange County Mayor Demings backs $560M for convention center, says other projects can wait [Orlandoo Sentinel]
Ahead of a special meeting Tuesday that may decide how future millions in tourist-tax revenues are spent, Orange County Mayor Jerry L. Demings affirmed his funding priorities Thursday in a memo to the board of county commissioners, and enlarging the Convention Center again topped his list. He favors pledging $560 million to expand the Pentagon-sized meeting complex on International Drive.

› Miami art university to close, leaving hundreds of students scrambling [Miami Herald]
Miami International University of Art & Design, along with its Tampa branch and six other Art Institute campuses, will shutter its doors, effective Saturday, leaving nearly 2,000 students and faculty members displaced and scrambling. The Miami campus, 1501 Biscayne Blvd. in the former Omni mall site, and its Tampa branch are two of eight Art Institute schools. The other six campuses are in Atlanta, Austin, Dallas, Houston and San Antonio in Texas, and Virginia Beach.

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› Report: Jacksonville uses green infrastructure to combat flooding [The Center Square]
Jacksonville, located on the Atlantic Coast, was affected severely by flooding caused by Hurricanes Irma and Matthew. Stormwater runoff into bodies of water near the city impacted water quality and infrastructure. To prevent or reduce future disasters, the city invested into green infrastructure alongside man-made infrastructure, reducing the stress on drainage systems and significantly lowering the risk of severe flooding — even during higher-than-average rainfalls.

› Miami Beach passes $942M budget in late-night hearing. What it covers, means for taxes [Miami Herald]
The Miami Beach City Commission gave final approval to a $942 million budget late Wednesday night, an increase of nearly 18% funded by rising property values and a bump in the millage rate. The budget incorporates new spending to address a host of hot-button issues, including traffic, homelessness and public safety during spring break in South Beach.

› Carnival opens bookings for cruises visiting its new Bahamas destination [Orlando Sentinel]
Carnival Cruise Line has a fleet of ships slated to visit its new Bahamas destination Celebration Key when it opens in 2025 including sailings from three Florida ports. The new destination on Grand Bahama will begin welcoming guests in 2025, and bookings are now available among nearly 400 sailings on 12 of its ships among eight U.S. home ports. That includes three ships from Port Canaveral, two from PortMiami and one from Jacksonville.

› Ybor City Gas Worx signs its first office lease [Tampa Bay Times]
Tampa’s Grow Financial Federal Credit Union will have a new headquarters in Ybor City. It’s the first business to sign an office lease in the Gas Worx project, according to a press release from development firm Kettler. Gas Worx, a joint partnership between Washington D.C.-based Kettler and local real estate investor Darryl Shaw, is planning to transform southwest Ybor City into a walkable and bikable community with housing, shopping and office spaces.