Florida developers are holding off on big projects as insurance costs surge

Rising insurance rates, combined with rising interest rates and inflation, are making many condo and apartment developers in Miami-Dade, Broward, and Palm Beach Counties unprofitable, according to developers. Insurance costs can exceed 8% of the total cost of some South Florida high-rise projects, according to developers; three years ago, insurance averaged around 2% of project costs. Many developers are being forced to postpone or cancel their projects entirely. More from Program Business and the Wall Street Journal.

Florida gas prices fall 6 cents to $3.34 a gallon average

State gas prices fell for the second consecutive week and reached an average of $3.34 per gallon of regular fuel on Monday, according to the U.S. Energy Information Administration. The average fuel price in Florida has risen about 11 cents since last month. According to the EIA, gas prices across the state in the last year have ranged between $3.12 on Oct. 3, 2022, and $4.85 on June 13, 2022. A year ago, the average gas price in Florida was $3.30 per gallon, representing a 1% annual increase. More from the Tallahassee Democrat.

Tampa Bay businesses hop onto TikTok as the social media app rises

As TikTok has grown beyond an app known for young people dancing to viral songs, it’s quickly becoming a platform where people get their information from — and some Tampa Bay businesses have taken notice. A Pew Research Center survey found news consumption on TikTok has increased 11% from 2020 to 2022, while the amount of American adults getting their news from social media sites like Facebook and Twitter have either stagnated or declined. More from the Tampa Bay Times.

Humana to lay off 150-plus employees as it shuts down Jupiter facility

Humana will layoff 157 employees as it shuts down a chronic-care facility for seniors in northern Palm Beach County. Those affected include SeniorBridge Jupiter's staffing pool of 149 caregivers, six field care manager nurses, one home care sales executive, and one care manager supervisor. "All affected employees have been notified of their separation dates and that their separation from employment will be permanent," stated Nate Bellinger, an associate vice president of Humana. More from the South Florida Business Journal.

Arizona company pays nearly $500 million for Florida properties

Cove Communities, an Arizona company that owns mobile home parks and 55 and over communities, has bought five properties in Florida, including one in Lakeland and one near Tampa. According to the commercial real estate research firm CoStar, Cove spent a combined $448 million on the portfolio. The five properties sold include the 55 and over manufactured communities StrawBerry Ridge Village in Valrico, a suburb of Tampa, and the Cypress Lakes Villages in Lakeland. The company also bought the Big Cypress Golf & Country Club, which is part of Cypress Lakes. More from the Business Observer.

Baptist Health Cancer Care: South Florida's cancer experts

Should a screening test lead to a cancer diagnosis, patients can seek treatment from Baptist Health Cancer Care. Miami Cancer Institute and Lynn Cancer Institute are partners in Baptist Health Cancer Care and have integrated their programs to become the largest provider of cancer services in South Florida. U.S. News & World Report has recognized Miami Cancer Institute and Lynn Cancer Institute as top healthcare facilities in the nation for cancer care. [Sponsored report]

Trend Mention

The Florida Rural Economic Development Summit The Florida Rural Economic Development Association (FREDA) is hosting Florida’s premier rural economic development event in St. Augustine, December 7-9, 2022—the Florida Rural Economic Development Summit. FREDA is a consortium of Florida’s 32 rural counties with a focus on providing and facilitating education, technical assistance, and advocacy services.