Wednesday's Daily Pulse
Florida overtakes New York as second most-valuable housing market in U.S.
The total value of U.S. housing rose more than $2.6 trillion in the past year. The gains haven’t been evenly spread across the country. In California, which contains about one-fifth of the U.S. housing market, prices have declined since June 2022. But in Florida, the value of residential property has risen $160 billion in that period — pushing the Sunshine State ahead of New York in the national rankings. [Source: Financial Post]
Florida companies scored more than $21 million in Pentagon contracts
Defense contractor Lockheed Martin has been making good use of its dozen or so facilities spread across Florida. The Bethesda, Maryland, aerospace and defense giant recorded $6.3 billion in military contracting work in the Sunshine State in 2021.The $6.3 billion figure represents 29.1% of all military contracting in the state More from the Business Observer and the Center Square.
Commentary: Enhancing Florida’s clean-energy potential will create jobs, boost economy
Embracing and advancing Florida’s clean-energy capabilities not only helps mitigate the impacts of climate change on our state, but also enables us to create 21st-century jobs and build a stronger, more sustainable economy. National Clean Energy Week, Sept. 25-29, is a good time to reflect on the growing potential clean energy has to help strengthen communities throughout Florida and across the country. [Source: Miami Herald]
Florida businesses face scam risk in pandemic tax credit program
The Internal Revenue Service recently announced it would pump the brakes on the Employee Retention Credit which was designed to help businesses stay afloat during the pandemic. Experts hope it will ward off scammers who have used aggressive marketing tactics to make money off businesses that don't meet the program's narrow criteria. [Source: Axios]
Feds: Florida’s poor oversight of psychotropic meds put foster kids at risk
The use of powerful psychotropic and opioid medications in Florida’s child welfare system is supposed to be strictly regulated and documented. But a federal audit of 115 records of children prescribed those medications selected at random by the U.S. Department of Health and Human Services found lax record-keeping and multiple cases of child welfare workers failing to follow Florida regulations on psychotropic or opioid medication. [Source: Tampa Bay Times]
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ALSO AROUND FLORIDA:
› FIFA moving 100+ jobs to Florida from Zurich as legal department transfers to 2026 World Cup base [AP]
FIFA is moving more than 100 jobs from its Swiss headquarters to Florida, where a growing workforce is already working on organizing the 2026 World Cup. FIFA informed staff on Tuesday that its entire legal department and the audit, compliance and risk management teams will move from Zurich to Coral Gables near Miami — a city whose status on the global soccer map is growing after Lionel Messi’s move to play in MLS for Inter Miami.
› Why a global accelerator chose Kissimmee for its first Florida location [Orlando Inno]
Sunnyvale, California-based Plug and Play Tech Center CEO Saeed Amidi and his team are getting ready to start local operations on Jan.1, 2024. This comes after Osceola County commissioners approved a drafted agreement between the county and Amidi's company on Sept. 19. The next day, Plug and Play's VP of Corporate Partnerships Johannes Rott and Head of Semiconductors Rouzbeh Borhani already were on a flight to Florida to prepare the opening.
› In Miami-Dade’s toll wars, a new skirmish: severance packages for ousted executives [Miami Herald]
In the messy fight that shifted power over Miami-Dade’s toll roads from Miami to Tallahassee, a new skirmish is emerging: severance deals approved by the old toll board for top executives ousted by the current board. The Greater Miami Expressway Agency (GMX) is a state-backed board that last month took over the Dolphin Expressway and four other busy commuting routes generating more than $200 million in toll revenue each year.
› Pasco residents want rural character, natural resources, not rampant growth [Tampa Bay Times]
Often when someone proposes a new project in Pasco County, officials get an earful about how those nearby don’t want more development, more traffic and the loss of wildlife, trees and peace that drew them to the county in the first place. Those same sorts of responses also turned up as the county asked citizens over the last several months how they wanted to see Pasco grow in the future. The exercise was part of the county’s effort to update its current comprehensive plan through 2050.
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› Nationally acclaimed chef back in Sarasota County, working at Venice restaurant [Sarasota Herald-Tribune]
The former owner and chef of a since-closed Sarasota County restaurant that was once named one of the best in America has returned to the area, working at another local eatery. Steve Longet recently joined Côté France in downtown Venice as its executive chef. He and his wife Jessica previously owned fellow downtown Venice French restaurant Cafe Longet, which opened in 2016 and was named one of the Top 100 Restaurants in America for 2021 by online restaurant reservation and review service OpenTable.
› A new virtual museum helps visitors learn about Florida's civil rights leaders [WFSU]
The first virtual civil rights museum in Florida launched earlier this month. It features civil rights leaders from the early 1900s all the way into the early 60s. Two Tallahassee natives, Jackie Perkins and Delaitre Hollinger, created the virtual museum. It tells the stories of what the founders call "pioneers" in both education and civil rights. Perkins says the museum includes individuals from all walks of life regardless of race, color or religion.
› Bank aims to woo landlords with new $5 million Section 8 housing loan program [Business Observer]
A new loan program has been unveiled at St. Petersburg-based BayFirst National Bank with the intention of getting landlords to build more Section 8 housing. The program provides 80% financing on a 30-year amortization, meaning landlords will have a set amount to pay each month. BayFirst, a $1.08 billion-asset bank with locations in Hillsborough, Pinellas, Manatee and Sarasota counties, has pledged to get the program started with a $5 million investment.
› Avoid being house poor in South Florida? You’ll need to earn this much money [South Florida Sun-Sentinel]
The typical South Florida household — which could constitute a single renter, a young couple or a budding family buying their first home — must rake in $111,914 a year, otherwise their incomes are almost completely swallowed by housing expenses, or they are paying more than the widely recommended 30% of their income in rent. “That means on average, you’ll have more difficulty paying for things like homeowners insurance, renter’s insurance, automobile and health care insurance,” said Ken H. Johnson, a real estate economist at FAU’s College of Business.