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Tuesday's Daily Pulse
What you need to know about Florida today
Here's why Florida's economy is in better shape than others
The U.S. economy will continue a steady deceleration throughout this year, but so far, the Florida market appears to be in better shape than other states, according to University of Central Florida Institute for Economic Forecasting Director Sean Snaith. Florida’s tight labor market is driving wage growth and low unemployment, which is nearly a whole percentage point lower than the U.S. average unemployment rate at 3%, according to the Bureau of Labor Statistics. More from the Tampa Bay Business Journal and the South Florida Business Journal.
This hurricane season will be very different. Here’s why
The strong El Niño, responsible for Florida’s record cloudy winter is fading fast. While El Niño is expected to hang on through spring, La Niña is forecast to rapidly develop by summer. Colder than normal sea surface temperatures have already started to develop in the equatorial Pacific. NOAA’s Climate Prediction Center increased the odds for La Niña arriving for hurricane season in its latest monthly outlook. [Source: Click Orlando]
Is lower reinsurance the key to lower homeowners insurance?
A Florida commissioner has put forward a new proposal that aims to address the surge in premiums in the state. The initiative, put forward by Broward County Commissioner and former state senator Steve Geller, looks to lower homeowners’ insurance premiums by addressing reinsurance costs. More from Insurance Business Magazine and WPTV.
Arizona and Florida split over ongoing tomato tiff with Mexico
A decades-old dispute over tomato market prices and regulations continues to drive debate in the United States. The United States and Mexico represent two of the largest players in the world’s fresh tomato trade. In 2022, Mexico ranked as the world’s largest tomato exporter with US$2.7 billion in value, according to data from the United Nations Food and Agriculture Organization. [Source: Fresh Fruit Portal]
A Florida appeals court rejects calls for a rehearing in a legal battle over conservation funding
A state appeals court Friday rejected requests by environmental groups for a rehearing after it ruled last month that a legal battle about conservation funding was “moot.” The 1st District Court of Appeal, as is common, did not explain its decision for denying motions for rehearing. The long-running legal battle stemmed from a 2014 constitutional amendment that required setting aside a portion of real-estate documentary stamp tax revenues in what is known as the Land Acquisition Trust Fund for conservation efforts. [Source: WMNF]
ALSO AROUND FLORIDA:
› All-cash $22M home sale sets new price record for Northeast Florida
The first month of 2024 wasn't even finished yet when another Ponte Vedra Beach home smashed the record books for local sales prices — and not by a little bit either. Located at 349 Ponte Vedra Blvd., the five-bedroom, 6.5-bath oceanfront home sold for $22 million on Jan. 31, beating the previous record — a villa that sold for $19 million in September — by $3 million. That sale broke the record set in May by an unfinished home by $5.75 million.
› Here’s where Pinellas County commissioners stand on a Rays stadium deal
It’s been nearly six months since local leaders and the Tampa Bay Rays announced they had a preliminary deal to redevelop Tropicana Field and the 65 acres around it. Since then, Pinellas County commissioners have been in a holding pattern. They’ll eventually vote on whether to spend $312.5 million in tourist tax dollars on the stadium itself; the county won’t have a say in the surrounding development.
› Endeavor Miami selects 10 startups for its Spring Scaleup Cohort
Endeavor Miami announced 10 companies selected for its Spring 2024 Endeavor ScaleUp cohort. The entrepreneurship organization’s 5-month long ScapeUp Program for growth-stage companies offers mentorship, access to capital, and an extensive network of industry leaders and peers.
› Sarasota mayor: Quit bashing would-be developers, projects
The underlying perception among some in the business community that Sarasota can be hostile, or at least difficult, to bring big development projects to fruition came to the forefront at a recent city commission meeting. This came primarily from Sarasota Mayor Liz Alpert, a city commissioner first elected in May 2015. (Sarasota has a mostly ceremonial mayor that rotates annually; city administration is overseen by a city manager who reports to the five-member City Commission.)
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