State economists cautiously optimistic about future
When Florida lawmakers return to the Capitol next week to begin their annual session, they will have more money than anticipated. State tax collections, buoyed by rising consumer spending, were up almost 400 million dollars in November. State economists, even with inflation, are cautiously optimistic about the future. Florida’s November revenue collections were 398.8 million higher than economists predicted. It follows a nearly year-long trend of larger than expected tax collections. [Source: WJXT]
Florida’s grad rate rises with test rules waived again
Florida’s high school graduation rate remained above 90% last year but nearly 16,000 teenagers earned diplomas in 2021 because the state waived testing requirements amid the pandemic, state data released Tuesday showed. In Central Florida, the Seminole County school district, as it historically does, posted the highest four-year graduation rate at 95.5%, a one percentage point increase from 2020. That ranked it third-best in the state, behind only Columbia and Lafayette county schools and tied with the Wakulla County school district. [Source: Orlando Sentinel]
Florida Legislature to convene next week without COVID-19 restrictions
Legislative leaders are monitoring the spike in coronavirus cases across Florida but haven’t made plans to reimpose restrictions on public access that were used during the 2021 session. With the 2022 legislative session starting Jan. 11, people will be allowed to roam most of the Capitol complex and address lawmakers in person. [Source: News Service of Florida]
Inflation, hiring challenges among Central Florida's 2022 trends to watch, economists say
Many of the trends that have played an outsized role on the Central Florida economy will continue in 2022. The state as a whole should see recovery continue into the new year thanks to strong consumer balance sheets and positive business optimism, Abbey Omodunbi, senior economist with PNC Bank, told Orlando Business Journal. Among the biggest risks however will be the continuation of the Covid-19 pandemic. [Source: Orlando Business Journal]
Future of claims involving confiscated properties in Cuba may lie with U.S. Supreme Court
A petition to the U.S.. Supreme Court to weigh in on the interpretation of the Helms-Burton Act might decide the fate of several claims by Cuban Americans who seek compensation for property confiscated in Cuba six decades ago. The petition, filed in December, asks the court to review the interpretation of the term “acquire” in the context of the law. In practice, that will decide whether heirs of the original property owners also have the right to sue companies doing business with those properties in Cuba. [Source: Miami Herald]
ALSO AROUND FLORIDA:
› FedEx to build regional headquarters in Panama City; will service area from Pensacola to Tallahassee
FedEx plans to build a new distribution center in Panama City to service the region from Pensacola to Tallahassee, economic developers announced on Tuesday. According to the Bay Economic Development Alliance, the new 251,000 square-foot FedEx Ground facility will support 208 jobs and will be built in the Port Panama City-owned Intermodal Distribution Center on Highway 231. Construction has begun and the facility is set to open in the fall.
› Landmark resort reopens as The Boca Raton, a blend of 1920s glamour and 21st century playground
It’s been nearly a century since the Roaring ‘20s, but the owners of Boca Raton’s fabled resort, now dubbed The Boca Raton, are close to capping a $200 million renovation that pays homage to the life, times and Mediterranean style of architect Addison Mizner, who designed the original circa-1926 resort, but also plays to the city’s upswing.
› Orange County hotel tax collections pass $25 million in November
Hotel-tax collections, considered a measure of Orlando’s tourism health, soared over $25 million in November, the second-highest November collection on record, said Orange County Comptroller Phil Diamond, whose office keeps track of the receipts. The revenues generated by the county’s 6% tax levied on hotel rooms and short-term lodgings grew by $3.6 million over October’s collections and was about $700,000 shy of collections from pre-pandemic November 2019, when Central Florida’s tourism industry was breaking visitor records.
› Tampa Bay is Zillow’s hottest housing market for 2022
Zillow named the Tampa metro area the top housing market in the nation going into 2022, according to the real estate firm’s annual analysis. Tampa Bay rose the ranks from fourth last year to take over Austin, Texas, for the top spot. Austin fell to 10th in the rankings. Zillow economists expect Tampa’s home values to rise 24.6 percent in 2022, according to a press release.
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› Sun King to open Florida taproom in 2022 (first outside Indiana)
Indiana-based Sun King Brewery is headed south this winter and opening up a brewery and taproom in Florida – its first outside of Indiana. Sun King Sarasota will take over the location of an existing 5,000-square-foot brewery and tap room located at 1215 Mango Ave. The plan is to open in the summer.
› Hollywood moving company ordered to pay $13 million for misleading customers
The mastermind of one of South Florida’s notorious moving company networks must pay a heavy price for his deceptions. Ohad Guzi has been ordered to pay $13 million after a federal judge found that he controlled a company that misled customers by using the name and trademark of a reputable international competitor on a website set up to generate sales leads.
› Tampa Electric to expand solar in south Hillsborough
Tampa Electric’s run to harness the sun is continuing in southern Hillsborough County. Tampa Electric, a subsidiary of TECO Energy, is seeking permission from the Hillsborough County Commission to turn nearly 105 vacant acres at U.S. 41 and Big Bend Road into a solar farm. As a precursor to development, the utility needs a change to the county’s comprehensive land plan.
› Torburn Partners of Illinois buys Sarasota Square mall for $19 million
The oldest indoor shopping mall in Sarasota County has a new owner, a little over a year after the property went into foreclosure. The Sarasota Square mall at U.S. 41 and Beneva Road was purchased for $19 million last fall by Torburn Partners of Northbrook, Illinois, Sarasota County records show. Torburn, which also purchased the mall's Macy's building in May for $5.55 million, now owns the main mall structure, which includes Costco and AMC Theatres.