Florida jobless claims jump
First-time unemployment claims in Florida increased last week to the highest weekly total since Hurricane Milton crashed into the state in October. The U.S. Department of Labor on Thursday estimated 8,549 initial claims were filed in the state during the week that ended June 7, up from a revised count of 5,698 during the previous week, which was shortened by the Memorial Day holiday. [Source: News Service of Florida]
Business Beat - Week of June 13th
Get top news-to-know with Florida Trend's headline-focused video newsbrief, hosted by digital content specialist Aimée Alexander.
Census undercount could hurt Florida road funding
A report released by the nonprofit Florida TaxWatch says an undercount of Florida residents during the 2020 Census could result in less federal highway funds for the state. For the Florida Department of Transportation, $92.53 billion in federal funds for fiscal year 2021 were affected by the census count. According to the report, Florida was one of six states with a statistically significant census undercount. [Source: The Center Square]
Investors’ condo buying hits one of the lowest levels in 10 years
Investors’ condo purchasing has dropped to one of its lowest levels in the past 10 years — in a shift driven largely by their retreat from Florida, a new study shows. The analysis, conducted by real estate brokerage firm Redfin, examined county-level home purchase records across 39 of the most populous U.S. metropolitan areas dating to 2000. Investors bought about 8,500 condos in the first quarter this year, down 3% year over year to the lowest level in 10 years. [Source: South Florida Sun-Sentinel]
Uber accuses Florida group of orchestrating insurance scam
Uber Technologies has filed a federal lawsuit in South Florida against a network of attorneys, medical professionals, and rideshare drivers, alleging their involvement in a sophisticated insurance fraud operation that led to substantial financial losses for the company. The lawsuit outlines claims that the defendants colluded to deliberately stage car accidents, fabricate injuries, and pursue unwarranted medical treatment - all as part of a broader scheme to exploit insurance claims and initiate baseless legal actions. [Source: Insurance Business Magazine]
ALSO AROUND FLORIDA:
› Alachua County says Celebration Pointe in default of sports center contract
The apparent financial woes for the owners of Celebration Pointe — the upscale shopping and dining development west of Interstate 75 in Gainesville — are starting to pile up. Alachua County sent a notice of default to Svein Dyrkolbotn, principal owner of Viking Companies LLC, the owner of Celebration Pointe, notifying him of both monetary and non-monetary failures as it relates to the operation of the Alachua County Sports & Events Center.
› St. Pete home insurer, behind $30M in capital, starts selling policies
Patriot Select Property and Casualty Insurance Co. has begun selling homeowner insurance policies through Florida independent agents. The just formed St. Petersburg insurer, which is in the process of assuming policies from Citizens Property Insurance Corp., says in a statement that it is entering the market with both a industry high rating and the funds necessary to deal with claims from major storms.
› Liquefied natural gas plant proposed for site off Barge Canal on Merritt Island
The parent company of Florida City Gas is floating the idea of building a liquefied natural gas plant on a Merritt Island site west of Port Canaveral. Under one proposal, the plant would be built on undeveloped land that is owned by the port, not far from a residential neighborhood. LNG is used as a fuel on many newer cruise ships based at Port Canaveral and elsewhere, and also can be used in the space launch industry.
› Manatee County approves sharp increase in impact fees for growth, angering developers
Manatee County commissioners voted to sharply increase impact fees on new development to fund needed infrastructure improvements like roads, utilities, and emergency services needs that proponents say have been underfunded for years. The hike comes amid rising tension between county officials and developers over who should shoulder the cost of growth.
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› Who are the highest paid CEOs in South Florida?
It seems appropriate that the highest paid CEO in South Florida runs a company making air conditioners. Carrier Global CEO David Gitlin received $65 million in total compensation last year, making him the highest paid chief executive officer among publicly traded companies headquartered in Florida.
› ‘We face a crisis’: Broward gets fresh look at trash disposal and recycling plan
Broward County is running out of time to overhaul the way it disposes of its trash and recycling, and a host of government officials gathered Wednesday to talk about not letting another moment go to waste. “We face a crisis,” said Mike Ryan, mayor of Sunrise and co-chairman of the Solid Waste Authority of Broward County, a consortium of elected officials who have been working on ways to increase recycling and reduce the 5 million tons of waste Broward residents and businesses send to landfills and incinerators every year.
› Walmart expanding drone delivery to 2 Florida cities
Walmart said it's become the first retailer to scale drone delivery across five states. One of the five states is Florida, and the retailer is expanding its drone delivery service to several cities, including Orlando and Tampa. “As we look ahead, drone delivery will remain a key part of our commitment to redefining retail," said Greg Cathey, senior vice president of Walmart U.S. Transformation and Innovation.
› Resilient building pays off for Southwest Florida developers, communities
Developers who invest in structures that can adapt to the increasing likelihood of flooding, droughts and other environmental risks create greater value for themselves and their stakeholders, a study by the nonprofit Urban Land Institute found. Benefits include the ability to quickly recover and maintain business functions after a flooding event, attract investors and reduce insurance costs.