Here's why Florida's economy is in better shape than others

The U.S. economy will continue a steady deceleration throughout this year, but so far, the Florida market appears to be in better shape than other states, according to University of Central Florida Institute for Economic Forecasting Director Sean Snaith. Florida’s tight labor market is driving wage growth and low unemployment, which is nearly a whole percentage point lower than the U.S. average unemployment rate at 3%, according to the Bureau of Labor Statistics. More from the Tampa Bay Business Journal and the South Florida Business Journal.

This hurricane season will be very different. Here’s why

The strong El Niño, responsible for Florida’s record cloudy winter is fading fast. While El Niño is expected to hang on through spring, La Niña is forecast to rapidly develop by summer. Colder than normal sea surface temperatures have already started to develop in the equatorial Pacific. NOAA’s Climate Prediction Center increased the odds for La Niña arriving for hurricane season in its latest monthly outlook. [Source: Click Orlando]

Is lower reinsurance the key to lower homeowners insurance?

A Florida commissioner has put forward a new proposal that aims to address the surge in premiums in the state. The initiative, put forward by Broward County Commissioner and former state senator Steve Geller, looks to lower homeowners’ insurance premiums by addressing reinsurance costs. More from Insurance Business Magazine and WPTV.

Arizona and Florida split over ongoing tomato tiff with Mexico

A decades-old dispute over tomato market prices and regulations continues to drive debate in the United States. The United States and Mexico represent two of the largest players in the world’s fresh tomato trade. In 2022, Mexico ranked as the world’s largest tomato exporter with US$2.7 billion in value, according to data from the United Nations Food and Agriculture Organization. [Source: Fresh Fruit Portal]

A Florida appeals court rejects calls for a rehearing in a legal battle over conservation funding

A state appeals court Friday rejected requests by environmental groups for a rehearing after it ruled last month that a legal battle about conservation funding was “moot.” The 1st District Court of Appeal, as is common, did not explain its decision for denying motions for rehearing. The long-running legal battle stemmed from a 2014 constitutional amendment that required setting aside a portion of real-estate documentary stamp tax revenues in what is known as the Land Acquisition Trust Fund for conservation efforts. [Source: WMNF]

ALSO AROUND FLORIDA:

› All-cash $22M home sale sets new price record for Northeast Florida [Florida Times-Union]
The first month of 2024 wasn't even finished yet when another Ponte Vedra Beach home smashed the record books for local sales prices — and not by a little bit either. Located at 349 Ponte Vedra Blvd., the five-bedroom, 6.5-bath oceanfront home sold for $22 million on Jan. 31, beating the previous record — a villa that sold for $19 million in September — by $3 million. That sale broke the record set in May by an unfinished home by $5.75 million.

› Here’s where Pinellas County commissioners stand on a Rays stadium deal [Tampa Bay Times]
It’s been nearly six months since local leaders and the Tampa Bay Rays announced they had a preliminary deal to redevelop Tropicana Field and the 65 acres around it. Since then, Pinellas County commissioners have been in a holding pattern. They’ll eventually vote on whether to spend $312.5 million in tourist tax dollars on the stadium itself; the county won’t have a say in the surrounding development.

› Endeavor Miami selects 10 startups for its Spring Scaleup Cohort [Refresh Miami]
Endeavor Miami announced 10 companies selected for its Spring 2024 Endeavor ScaleUp cohort. The entrepreneurship organization’s 5-month long ScapeUp Program for growth-stage companies offers mentorship, access to capital, and an extensive network of industry leaders and peers.

› Sarasota mayor: Quit bashing would-be developers, projects [Business Observer]
The underlying perception among some in the business community that Sarasota can be hostile, or at least difficult, to bring big development projects to fruition came to the forefront at a recent city commission meeting. This came primarily from Sarasota Mayor Liz Alpert, a city commissioner first elected in May 2015. (Sarasota has a mostly ceremonial mayor that rotates annually; city administration is overseen by a city manager who reports to the five-member City Commission.)

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› Central Florida university to offer degree in artificial intelligence [Orlando Sentinel]
The Florida Institute of Technology soon will offer a degree in artificial intelligence. University President John Nicklow said during a March 13 State of the University Address the university is developing a bachelor's degree with a focus on applied math, AI and data science. That degree would launch as early as this fall.

› FWC: Sea turtle nesting season has begun along Florida's coasts [WQCS]
The Florida Fish and Wildlife Conservation Commission (FWC) reminds is sharing the reminder that sea turtles are starting to nest on our beaches. Residents and visitors can play a big part in helping to protect vulnerable nesting sea turtles this spring and summer while visiting Florida’s coastal habitats.

› Iconic Pensacola Beach Gulf Pier close to reopening - and better than ever [Pensacola News Journal]
Repairs to the Pensacola Beach Gulf Pier on Pensacola Beach are nearly complete, just in time for the start of the summer tourism season. The nearly 1,500-foot-long pier needed extensive repairs after strong waves and winds from Hurricane Sally in 2020 dislodged the pier’s blow-out deck panels, damaged its railings and caused other damage during its tear through the Gulf of Mexico.

› Tallahassee Amazon Fulfillment Center shatters goals. It's now eligible for this much in tax incentives [Tallahassee Democrat]
After six months of operation, Amazon's new Fulfillment Center has surpassed its job creation and capital investment goals, opening the door for the company to receive $2.5 million in incentives promised to them by the Blueprint board. On Tuesday, Leon County commissioners will get an update on the economic and job impact that the online retail giant has had on the community since opening six months ago.