Florida’s conomy still strong, but storms—real and political—loom
Florida’s economy remains on solid footing despite rising threats—from hurricane season to Capitol Hill chaos—according to University of Central Florida economist Sean Snaith in his latest quarterly forecast. “There are storms brewing that could shake up both the U.S. and Florida economies,” Snaith says. “But the Sunshine State, once again, is better positioned than most to weather what’s coming.” [Source: Flagler News]
Florida Fourth of July road travel expected to hit new records this year
Fourth of July travel is already underway, and AAA says it’s going to be a record-breaking year. AAA projects that 72 million people will travel “at least 50 miles or more from home” over the week-long period, an increase of 1.7 million travelers compared to last year. Among those travelers are more than 4 million Floridians who are expected to hit the road this Fourth of July. More from Spectrum News and WESH.
Florida cuts state hurricane reinsurance funding, reinsurers brace for impact
Florida has slashed its hurricane reinsurance funding, leaving insurers with fewer financial safety nets when disaster strikes. Under House Bill 5013, the state’s backing for hurricane-related reinsurance took a major cut. The law lowers the cumulative transfer limit from the General Revenue Fund for the Reinsurance to Assist Policyholders (RAP) program – shrinking it from $2 billion to $900 million. [Source: Insurance Business Magazine]
Are migrating retirees contributing to rising Sun Belt housing costs?
Every state has seen an increase in retirement-aged residents, mostly due to their existing populations aging. However, those who relocate for retirement are most likely to move to the Sun Bel, with Florida seeing the greatest influx of older movers. These trends raise the question: are migrating retirees driving up the cost of housing in Sun Belt states? The data points towards no. [Source: APM Research Lab]
Florida adopts revised plans to improve water quality
The Florida Department of Environmental Protection adopted plans to reduce pollution to Florida's rivers, springs and estuaries on Friday. Florida's Clean Waterways Act required the agency update the plans by July 1. The documents identify sources of nitrogen and phosphorus including agriculture, septic tanks and urban fertilizers and set long-term goals for reducing their impacts. [Source: WUSF]
ALSO AROUND FLORIDA:
› CMX Cinemas files for bankruptcy. What that means for its 16 Florida theaters
Miami-based CMX Cinemas, which operates 16 theaters across Florida, has filed for Chapter 11 bankruptcy protection. The owners of CMX Cinemas previously filed for Chapter 11 bankruptcy in April 2020 due to the COVID-19 pandemic, but successfully emerged from bankruptcy protection in December of that year.
› Will politics lead New Yorkers, businesses to move to Boca Raton? Mayor Singer supports it
The New York City mayoral election won’t take place for another four months, but Boca Raton Mayor Scott Singer already is encouraging people and businesses to relocate if they’re dissatisfied. “I think people are looking for good governance and communities like Boca Raton,” Singer said. Singer also emphasized his belief that Boca Raton has “the ability to accommodate businesses of all sizes,” welcoming not just new residents but more business, too.
› Van Wezel panel reworking recommendations about venue’s future use
A panel appointed by the Sarasota City Commission to recommend alternate uses for the Van Wezel Performing Arts Hall, if and when a new venue is built, is taking a little more time to complete its report to commissioners. Committee members have not developed specific recommendations for alternate uses, but are sharing some of the ideas that were submitted during the last two years of meetings, including an extreme sports venue, immersive experiences like the recent Van Gogh exhibit, or adapting it into a museum or science center.
› Florida company wins Washington ferry contract over local bidder
For the first time in more than 50 years, a Washington ferry will be built out of state. Governor Ferguson awarded the contract, worth $714.5 million, to Florida’s Eastern Shipbuilding Group for three new hybrid electric 160-car ferries. This bid came in 6% below the state’s expected cost.
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› New Florida law allows state to remove derelict boats
A new Florida law allows the Florida Fish and Wildlife Conservation Commission to remove derelict boats without owner consent under certain conditions. The legislation aims to address persistent issues of abandoned vessels, especially after hurricanes such as Ian, which left waterways cluttered with damaged boats.
› CareerSource to close Rockledge office, reduce staffing due to federal funding cuts
CareerSource Brevard Flagler Volusia — the agency that helps job-seekers find work and helps employers looking to fill job openings — is facing federal funding cuts, and will be closing its Rockledge office later this year to save money. The Rockledge office on Barnes Boulevard serves as a career center for people looking for jobs. It also is the agency's local administrative office — an operation that will move to a CareerSource site in Daytona Beach when the Rockledge office closes.
› Restoration of Coral Gables City Hall on the way
Coral Gables City Hall restoration design efforts are now going to be completed in one continuous phase. City commissioners voted Tuesday to move forward with one long phase to start seeing renovation results at City Hall. Divided into two subphases, the first part includes building assessment, recommendations report, schematic drawings, and a detailed cost estimate.
› Central Florida Zoo marks 50th anniversary with discounted tickets
On July 4, 1975, the Central Florida Zoological Park, sitting on 106 acres of land leased from Seminole County, first opened its doors to a crowd of 10,000 people. Though some of the original attractions and animals are no longer at the zoo, the footprint remains largely the same. “There are families that have been coming here for two, three or four generations,” said Richard Glover, the zoo’s CEO. “This has been part of their life for so long that it’s really neat to hear what the zoo means to them.”