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Thursday's Afternoon Update
What you need to know about Florida today
Florida’s new unemployment claims slip below 30,000, but COVID-19 still dogs the job market
Florida’s new unemployment claims took another weekly drop for the week ended Oct. 31 as fewer than 30,000 jobless workers filed for benefits. But the figures still remain well above pre-COVID-19 pandemic levels in early March. A total of 28,702 Floridians filed claims, a decline of 4,840 from the previous week’s filings of 33,542. Nationally, the figure for seasonally adjusted first-time claims was 751,000, a decrease of 7,000 from the previous week’s revised level of 758,000. More from the Orlando Sentinel.
Workers' comp rates could dip 6.6 percent
Florida employers could see an average 6.6 percent decrease in workers’ compensation insurance rates in 2021. The National Council on Compensation Insurance, which makes rate filings for the industry, proposed an average 5.7 percent decrease in August. But state Insurance Commissioner David Altmaier last week issued an order that did not approve the 5.7 percent cut and directed the organization known as NCCI to make a new filing with a 6.6 percent reduction. More from the News Service of Florida.
Hillsborough plans $4 million boost to tourism campaign
Hillsborough County is poised to double down on its tourism marketing amid the pandemic. After allocating two separate $1 million appropriations to Visit Tampa Bay from federal Coronavirus Aid, Relief, and Economic Security Act dollars, the county now plans to spend an additional $4 million of tourist tax dollars to try to lure visitors to Hillsborough via digital advertising, social media, podcasts and other techniques. More from the Tampa Bay Times.
Southern Grounds & Co. opening in Avondale
Southern Grounds & Co. hopes to open Nov. 9 in Avondale. It will be the Jacksonville-based coffee shop concept’s third location, and not the last. Mark Janasik owns the Southern Grounds business while the properties of the first three locations – Neptune Beach, San Marco and Avondale – are owned by Edward Skinner Jones. More from the Jacksonville Daily Record.
The frenzy over South Florida real estate continues — with no sign of cooling
Since August, homebuyers have been in a frenzy over South Florida residential real estate. And there’s no sign of slowing, according to the latest report on signed contracts from real estate brokerage Douglas Elliman. Broward County condos were the most sought, with the number of new signed contracts jumping by a whopping 85.9% between October 2019 and October 2020. More from the Miami Herald.
Industry Trends
Amid supply shortage, air conditioning industry maintains focus on serving customers
The list of problems COVID-19 has caused is long. Here's one more: An air conditioning equipment shortage with far-reaching implications for contractors, suppliers, businesses, builders and homeowners. “The equipment shortage is real, and it’s been going on for three months,” CoolToday/PlumbingToday President Jaime DiDomenico says. The list of issues the shortage has caused is also real, from delayed closings on new home sales to deep waiting lists for customers. It's impacted both new machine installation and repair calls.
» More from the Business Observer.
Sports Business
Tampa Bay hotels expect Super Bowl boom, despite a stadium capacity limit
Even if the crowd at Super Bowl 55 is reduced to just 20 percent capacity, the region’s hotels are expecting a desperately needed boost from guests that weekend. A quick online search for hotel rooms in Tampa the weekend of Feb. 7 shows options are sparse. It’s a good sign during a period when local occupancy rates have barely cleared 50 percent since bottoming out at the start of the pandemic.
» Read more from the Tampa Bay Times.
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