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Wednesday's Afternoon Update
What you need to know about Florida today
State revenues beat expectations in May
Florida’s monthly revenues continue to top expectations, aided recently by an increase in tourism-industry tax collections, a new report from state economists shows. The Legislature’s Office of Economic & Demographic Research on Tuesday reported May general-revenue collections came in at $3.6 billion, topping a forecast for the month by $573.8 million, or 18.9 percent. “Most remarkable, almost 72 percent of the total gain for May came from sales tax GR (general revenue),” the report said. “For context, May 2020 was the lowest sales tax collection month during the entire pandemic.” More from the News Service of Florida.
Pandemic fueled record business openings wave in Miami
The Covid-19 pandemic fueled the greatest wave of business openings in Miami-Dade County history, a new report from the US Census Bureau reveals. As the pandemic developed last year, the number of new business applications in the county rose nearly 25% above the level of 2019, which was the record at that time for Miami, a community that has historically been a leader in business creation. More from Miami Today.
When Wall Street owns your house: Big investors become landlords, tighten Orlando housing market
While the portion of rental homes owned by large investors is barely a fraction of the market today, it is a rapidly growing sector with considerable implications for an already-stressed housing market. “A lot of it comes down to demand,” said Karl Pischke, vice president in the Orlando office of real estate consultants RCLCO. According to a report RCLCO released last year, demand for single-family rentals is likely to outstrip supply in the next 10 years. More from the Orlando Sentinel.
Sarasota-Bradenton tourism benefitting from Florida's economic recovery
Summers in Sarasota-Manatee are usually hot, muggy and slow. By the time May comes around, snowbirds have usually flocked back to their native northern lands, and other tourists are usually off on a European vacation or some other weeklong getaway while their kids are on summer break. But not this year. As Florida was one of the first states to reopen after the COVID-19 pandemic, the Sarasota-Bradenton area has seen a huge influx of travelers that has led to a tourism boom in the area. More from the Sarasota Herald-Tribune.
TIAA Bank cutting 21 more Jacksonville jobs
For the fourth time since December, Jacksonville-based TIAA Bank filed a notice saying it is laying off employees. In a July 2 letter filed under the Worker Adjustment and Retraining Notification Act, TIAA said it expects to cut 21 jobs as it closes its Elite Lender Services subsidiary. Elite Lender Services provides title insurance and related services to customers. More from the Jacksonville Daily Record.
Florida Trend Exclusive
Miami entrepreneur Evan Leaphart wants to teach kids about credit scores and finance — with a bigger mission in mind
A parent assigns chores — like “make my bed” or “clean up my room” — and registers them in the app. As the child completes the chores, the child’s Kredit Score improves over time. A missed chore, like a missed credit card payment, lowers the child’s score. Staying on schedule with chores — as with credit card payments — raises the score.
» More from Florida Trend.
Florida Dining
Sweet Pete’s announces opening of ‘Fizzies & Fare’ in Jacksonville
Jacksonville-based Sweet Pete’s says that the “sweet dining experience” called “Fizzies & Fare” will open soon at the building in Downtown Jacksonville where its candy shop is based. “Enjoy light bites, cover-the-top milkshakes, champagne cocktails, & more in a bubbly and whimsical space,” says sweetpetescandy.com. The menu describes its offerings as shareables, salads, sammies n’ such, dogs, sides ‘n extras and a lil’ fizzies menu.
» Read more from the Jacksonville Daily Record.
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