Florida Trend Exclusive

2022 Economic Outlook: A snapshot of Florida

Industries across the state are reporting robust activity — some are surpassing pre-pandemic levels of growth. See the numbers here and examine indiviual reports from Florida's six regions below:

Quick link to regional reports: Miami • Southeast • Southwest • Central • Northeast • Northwest

Orange juice prices rise after forecasting the smallest crop since 1945

The government’s agricultural forecaster said he expected the smallest Florida orange crop since World War II and embarked on a recovery of juice futures, which was already at its highest level in a few years due to a pandemic. The USDA announced last week that Florida is forecasting to produce 44.5 million pounds of 90-pound orange boxes this year. If the forecast is accurate, it will be the lowest yield since 1945. [Source: Wall Street Journal]

Roughly 1 in 8 Florida prisoners is in solitary confinement

While Florida Department of Corrections officials say they don’t use solitary confinement, they acknowledged in a statement to the Tampa Bay Times that some inmates are held in a restrictive form of housing without a cellmate. Experts, advocates and those who have been incarcerated have criticized the state prison system for using various forms of isolation that they say constitute solitary confinement. While some people may have cellmates in these prison units, they are confined to smaller cells with shorter amounts of out-of-cell time and fewer privileges, creating effects similar to those of isolation in an individual cell, experts say. [Source: Tampa Bay Times]

How much will Florida receive to fix its bridges under infrastructure law?

Florida will receive roughly $245 million to repair and improve its bridges over five years under President Joe Biden’s bipartisan infrastructure law, the Department of Transportation announced Friday. The state has 408 bridges in poor condition, according to the agency’s 2020 National Bridge Inventory report. Florida will receive $49 million in federal aid to replace and preserve bridges during the 2022 federal fiscal year, which lasts through September. [Source: Miami Herald]

Central Florida residents earn median of $4,700 in passive income per year, report says

A new report says Central Florida residents are tops when making a few thousand extra dollars through passive income per year. U.S. Census Bureau data shows Florida households are among the top earners, according to researchers at ChambersofCommerce.org. Central Florida resident earnings of $4,700 in passive income from households who receive it is higher than the national average median of $4,200. However, race factors heavily into who’s receiving the money. [Source: Orlando Sentinel]

ALSO AROUND FLORIDA:

› Private theater showings in Orlando offer convenience and safety [Orlando Sentinel]
Just when movie theaters were beginning to recover from the effects of the COVID-19 Pandemic, fears about the safety of heading to the multiplex have been sparked once again due to the spread of the omicron variant. Fortunately, Central Florida theaters continue to offer an option for those who still want to see the latest and greatest at the cinema but have concerns about large crowds in tight spaces: private theater showings.

› New Venture Miami tech leader talks boosting talent growth, diversity, crypto [Miami Herald]
In February 2021, amid surging interest in the Miami tech movement, Miami Mayor Francis Suarez created Venture Miami to help the city stay on top of developments. The group has functioned as an advisory team comprised of innovation leaders in the community, including Saif Ishoof, vice president for engagement at Florida International University, Krillion Ventures Managing Partner Melissa Krinzman, former Downtown Development Authority Senior Manager Kevin Ruiz and members of Suarez’s staff.

› At St. Petersburg MLK expo, Black business owners dream of expanding [Tampa Bay Times]
Antonio Seay wheeled his 6-year-old grandson around on a hand truck as his wife and daughters talked to visitors at Gibbs High School Saturday. The women in his family each have their own business they came to promote. He came as the muscle, Seay said. The Gibbs courtyard was filled with tents and tables of vendors like the Seay family, majority run by Black entrepreneurs, for St. Petersburg’s second annual “We are the Dream”: MLK Expo during the Martin Luther King Jr. Day holiday weekend.

› Sarasota-headquartered company has big year in 2021 certifying collectibles [Sarasota Herald-Tribune]
While real estate prices have soared in Sarasota-Bradenton because of the pandemic, the public's interest in collectibles has also surged, allowing a Sarasota-headquartered company to add more than 200 employees in 2021, according to a news release from Certified Collectibles Group. Certified Collectibles Group operates several companies that certify, grade or authenticate everything from stamps to Pokémon cards, coins and comic books.

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› ‘Fantastic’ or ‘an abomination?’: Giant $42M garage to rise in downtown Coral Gables [Miami Herald]
Coming soon to fast-changing downtown Coral Gables: A voluminous 10-story public parking garage covered in metallic panels and looming over the back of the low-slung Art Deco Miracle Theater, as if it’s about to devour the historic landmark. The city’s $42 million garage development plan, in the works in various controversial forms since 2013, is now a go. So is its newest, minimalist Modern design, which at least some longtime Gables residents and activists find jarring.

› Brevard's Charter Commission to consider plan to change how cap on property taxes works [Florida Today]
A special Brevard County panel has started tackling a hot-button issue that's likely to generate extensive political debate in the coming months, namely how revenue from property tax is computed. The first proposal to formally come before the 15-member Brevard County Charter Review Commission is one to change the wording of the county's Home Rule Charter related to Brevard's current cap on property tax increases.

› From abandoned airport to a major university, FIU remembers its first-generation mission [Miami Herald]
In the early 1970s, the abandoned airfield where Florida International University would grow its roots looked like a movie set for a dystopian horror film: The 344 acres had overgrown sawgrass, a rusted airplane or two and a control tower that stood sentry over the site in the far corners of Dade County.

› Laps of luxury: What upscale brands add to South Florida condos [South Florida Sun-Sentinel]
As well-heeled out-of-staters continue to flood South Florida, many are turning to brand names such as Porsche, Armani, Four Seasons and Aston Martin as they search for homes. The hotel brands have long been a big magnet for buyers who want a place with services ranging from spas to golf to high-end restaurants and recreation on the water. Now, developers see those brand names as a catalyst for sales at prices above-market rates, or as a means for speedier condo sales.