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Thursday's Daily Pulse
What you need to know about Florida today
Florida is the fastest-growing state in the nation, Census estimates show
It’s not your imagination: People really are flocking to Florida. The Sunshine State had the fastest-growing population in the country last year — the first time the state has taken the top spot since 1957, according to U.S. Census Bureau estimates released last week. The nation’s third-largest state grew by 1.9% from July 2021 to July 2022 — netting over 400,000 new residents to reach an estimated population of 22,244,823. [Source: Tampa Bay Times]
Agriculture industry looks to new technology to raise, harvest Florida crops
For generations, harvest time in Florida has brought an army of migrants to pick crops by hand, but now, fewer people want jobs picking. It's sending labor costs up and sending farmers looking for new technology to help raise and harvest their crops. "Artificial intelligence [AI] is the wave of the future in all kinds of industries, but especially in agriculture," said Scott Angle, the senior vice president for Agriculture and Natural Resources at the Institute of Food and Agricultural Sciences (IFAS) at the University of Florida. [Source: Fox 13 Tampa Bay]
A look back at the year in business in Central Florida
Tourist Development tax revenue in Orange County was up 46% in October 2022 compared to the last year. Tim Giuliani, CEO of Orlando Economic Partnership, said that signals the return of tourism which has led to more hiring. "Travel and Leisure, and hospitality has grown the most," he said. "But they were also set back the most by the pandemic." Also, since the beginning of the pandemic, Giuliania said there's more jobs in financial and professional services than in travel and hospitality. [Source: WMFE]
Three months after Ian, Florida relief numbers continue to grow
More than $4 billion in federal aid has been received by Florida state authorities and those affected by Hurricane Ian since it made landfall on Florida's west coast on Sept. 28. On the eve of the three-month anniversary of the disaster, the Federal Emergency Management Agency detailed that 847 million dollars went directly to homes affected by Ian in 26 counties. [Source: Insurance News Net]
South Florida's rents among the highest in the nation as price hikes continue
While rent fell between October and November in most parts of the U.S., they continued to climb in South Florida, according to a recently released rental index co-produced by Florida Atlantic University. According to the Waller, Weeks and Johnson Rental Index, South Florida rents climbed 0.35% to an average of $2,789, the 19th highest month-to-month hike in the nation. [Source: South Florida Business Journal]
ALSO AROUND FLORIDA:
› Electric vehicle makers bank on plugging into Miami’s love affair with flashy cars
Lucid Motors is one of the electrical vehicle makers hoping Miamians will be willing to pay at least that much for its growing line of ultra-luxury cars and SUVs. The most affordable version of the Lucid Air sedan starts at $87,400. The most expensive model starts at $249,000. And Lucid, which makes some of the priciest electric cars in the world, is just one of the many automakers selling $100,000+ electric vehicles to Miami buyers seeking more flash for their cash.
› Jacksonville saw many businesses open new locations in 2022
Businesses were busy this year with many new storefronts opening in 2022 all over Jacksonville and the surrounding area. Among them, New York-based Psycho Bunny is a cult-favorite brand now available in Jacksonville and known for its polo shirts, cashmere accessories and golf apparel. Here are some of the big ones that came to Northeast Florida this year.
› If a recession hits Tampa Bay in 2023, here’s how you can be ready
Ryan Reinert has noticed something lately. Over the last month and a half, he’s seen four or five times the number of lender referrals cross his desk at Tampa law firm Shutts & Bowen as he saw this summer. Reinert, a partner specializing in business bankruptcy, said that tends to be a sign more businesses are struggling with their loans, and may be looking at some sort of financial restructuring in the coming year. And it jibes with the notion that in 2023, we may be facing a recession.
› 2022 Big Deals: Orlando's Sunshine Corridor leads biggest economic development transactions
Orlando’s most significant happenings in 2022 included a number of the area’s biggest stakeholders working together on a mass transit project set to have huge economic benefits for the region. Miami-based intercity passenger rail owner/operator Brightline and Central Florida commuter train system SunRail joined forces with local government and business leaders to envision the Sunshine Corridor.
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