October 3, 2023

Friday's Daily Pulse

What you need to know about Florida today

| 6/9/2023

Citizens eyes rate double-digit hikes for Florida customers

With the state-backed Citizens Property Insurance Corp. continuing to see massive growth, regulators Thursday took up a proposal that would lead to double-digit rate increases for Citizens customers across Florida. The proposed increases would vary based on factors such as types of policies. But Brian Donovan, the chief actuary for Citizens, said during a hearing held by the Florida Office of Insurance Regulation that Citizens is recommending 12 percent increases for all homes that are primary residences and have what are known as multi-peril policies — the most-common type of coverage. [Source: News Service of Florida]

Business BeatBusiness Beat - Week of June 9th

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

Hollywood strike affects Florida writers, actors and economy

Florida may not be seen as a spotlight for big screen productions, but the writers and potential actors unions striking the big studios in Hollywood affect the Sunshine State. Florida is a right-to-work state, so those who work in the industry and live here aren’t typically part of these unions. Still, the current writer’s strike is already affecting the work they’re getting and the productions that were scheduled to come to the Tampa area. [Source: WFTS]

Shopify says Florida sees major benefits from entrepreneurs

A recent report from the e-commerce company Shopify says Florida is one of the top states to see the largest economic impact from entrepreneurs. That study says Florida entrepreneurs rank 8th in the country for how big of a contribution they are to their state’s economy. According to local entrepreneur David Ponraj, he isn’t surprised. “I think Florida gets it; I think Florida gets what entrepreneurship is about,” he said. [Source: Bay News 9]

Florida jobless claims hold steady

While jobless claims nationally leaped to the highest weekly total since October 2021, Florida last week showed little change in its pace of first-time unemployment applications. The U.S. Department of Labor on Thursday released a report that estimated 5,134 claims were filed last week in Florida, down from a revised count of 5,765 during the week that ended May 27. Over the past four weeks, the state has averaged 5,662 new claims. Since the start of the year, the weekly average is 5,711. [Source: News Service of Florida]


› Tupperware’s in trouble again with New York Stock Exchange
Osceola County’s Tupperware Brands has been notified by the New York Stock Exchange that it is out of compliance with its rules for listed stocks, following the company in April revealing it might not have enough cash to survive. At issue with the New York Stock Exchange is Tupperware’s average global market capitalization was less than $50 million over a 30 trading-day period and its stockholders’ equity was less than $50 million when last reported, a Tupperware news release said.

› Want $100K and free flights? Get a job at this Port Charlotte resort.
Employees at the Sunseeker Resort Charlotte Harbor will qualify for $100,000 retention bonus and free airfare on Allegiant Air. The Port Charlotte Resort’s parent company, Las Vegas-based Allegiant Travel Co., announced that these and other perks Wednesday are part of a retention and benefits package that will be available to the 1,200 employees it is hiring. As with everything, the extras come with strings and not everyone hired will qualify.

› Holland & Knight announces new leadership team
Holland & Knight is pleased to announce that Robert J. Grammig will become the firm’s Chair and Chief Executive Officer, and David C. Whitestone and Tiffani G. Lee will serve as Managing Partner and Deputy Managing Partner, respectively. The new leadership team will succeed Steven Sonberg, who has served as Managing Partner since 2008 and will step down after the end of the first quarter in 2024, concluding a 16-year term.

› Here’s how much money you need to afford the average rent in South Florida
Renters in South Florida need to make over $100,000 in order to rent comfortably in the tri-county area, according to a new study. In order to avoid paying more than 30% of their income toward rent, the average household would need to make at least a yearly income of $112,183 to afford the typical rent in South Florida, the study conducted by researchers at Florida Atlantic University, Florida Gulf Coast University and University of Alabama revealed.

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