Florida lawmakers get closer to budget agreement

Nearly a month after leaving the Capitol without passing a budget, House and Senate leaders said they had reached an agreement that will clear the way for lawmakers to begin hammering out details of a spending plan Tuesday. The memos said the agreement includes a $900 million tax cut through eliminating a tax on commercial leases, a longtime priority of business lobbyists. It also includes what the memos described as $350 million in “permanent sales tax exemptions targeted towards Florida families,” $250 million in debt reduction and $750 million in annual payments into a state rainy-day fund. [Source: News Service of Florida]

Florida construction GDP tops $88 billion

The gross domestic product attributed to construction in Florida topped $88 billion in 2023, according to the Bureau of Economic Analysis. This means construction accounts for 5.5% of the state’s total GDP of $1.6 trillion. When broken down by metropolitan statistical area, nearly one-quarter of the construction GDP was in the Miami-Fort Lauderdale-Pompano Beach MSA. In fact, the Miami, Orlando and Tampa MSAs accounted for more than half the construction GDP in the state. [Source: Tampa Bay Business Journal]

More hurricanes are slamming the Gulf Coast. Is this the new normal?

Since the turn of the century, major hurricanes hitting the U.S. have had one key feature in common. Location. The Gulf of Mexico coastline transformed into a bullseye for major storms, which have taken aim from Corpus Christi, Texas, to Marco Island and destroyed communities in their wake. Eighteen hurricanes reaching Category 3 strength or higher have made landfall along the continental U.S. since 1999. All but one slammed into the Gulf Coast. [Source: Tampa Bay Times]

See also:
» Here’s a look at the 2025 hurricane season forecasts so far

Gas prices are on the rise in Florida

Florida gas prices are up as school winds down and the summer vacation seasons starts. North Florida remains the cheapest to get gas in the state, with several areas below $3. Naples and Palm Beach County are among the most expensive areas for gas. But prices are 2 cents lower than a month ago and nearly 44 cents lower than a year ago. “Oil prices have remained stable for the past two weeks,” said Mark Jenkins, spokesperson for the AAA auto club. “This should enable Florida gas prices to remain within the same 20-cent range they’ve cycled in for the better part of the past year.” [Source: Miami Herald]

Snapchat snaps back on Florida's 2024 law aimed at keeping children off some social media platforms

The company that operates Snapchat asked a federal judge this week to put on hold — or reject — a lawsuit filed by Florida Attorney General James Uthmeier alleging violations of a 2024 state law aimed at keeping children off some social-media platforms. The industry groups, which allege the law (HB 3) violates First Amendment rights, are seeking a preliminary injunction to block the measure. [Source: WUSF]

ALSO AROUND FLORIDA:

› American Dream mega-mall sued by Miami-Dade over years of construction delays [Miami Herald]
Stalled and years behind schedule, the planned American Dream Miami mega-mall faces a new problem: a demand for $5 million from Miami-Dade County over missed development deadlines. Once billed by county leaders as a historic economic opportunity, the 175-acre project by the owner of Minnesota’s Mall of America is now the subject of litigation by Miami-Dade over a broken agreement in which the mall’s developer promised to have development permits in hand by 2020 and a grand opening this year.

› Walmart rides wave of Florida growth with new round of store makeovers [South Florida Sun-Sentinel]
Retail discount behemoth Walmart is moving to solidify its position as a preferred shopping oasis for price-conscious Floridians, recently unveiling a new round of statewide store makeovers at 34 locations, including more than a dozen in South Florida. The national chain, based in Bentonville, Ark., says it is “re-imagining the in-store shopping experience” with bigger signs, better showcasing of merchandise, expanded departments, expanded online pickup and delivery services, and pharmacies with “new private screening rooms and privacy checkout areas” for immunizations, consultations and testing.

› Fidelity National Financial sues U.S. Treasury, FinCEN in federal court [Jacksonville Business Journal]
A Jacksonville insurance company is suing a top cabinet member of the White House and federal leader of financial crime enforcement over “wide-ranging and intrusive disclosure policies.” Last week, Fidelity National Financial and Fidelity National Title Insurance Company filed a federal suit against the United States Treasury Department, the Financial Crimes Enforcement Network (FinCEN), U.S. Treasury Secretary Scott Bessent and FinCEN Director Andrea Gacki.

› Is Orlando chasing Major League Baseball or just chasing the Rays? [Tampa Bay Times]
For more than 30 years, Orlando has been chasing the idea of being a baseball town. It’s easy to forget, but Orlando was one of four finalists — along with northern Virginia and winning bids from Tampa Bay and Arizona — the last time baseball voted on expansion in 1995. The world has changed, once-available public funding for a stadium has vanished and the architect of this audacious idea has passed, but Central Florida’s baseball fortunes may be more viable today than ever before.

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› Former Burger King HQ could be redeveloped after legal settlement [South Florida Business Journal]
The former Burger King headquarters complex in Palmetto Bay could be redeveloped into a mixed-use project if the Village Council approves a legal settlement with the property owner. The settlement includes the village agreeing to approve the site plan for the 79.6-acre site. It was the headquarters of Burger King until it relocated north to the Blue Lagoon area in 2002. The property last traded for $18.5 million in 2003.

› Coke Florida names new president, recruits former Mondelez exec [Tampa Bay Business Journal]
Coca-Cola Beverages Florida has named a new president after announcing its longtime President and COO Thomas Benford would be stepping down from the Tampa company at the end of the year. Incoming President Andy Hill is transitioning from his role as chief customer and commercial officer, a position he had held since late last year when he joined Coke Florida, the sixth-largest Coca-Cola bottler in the U.S.

› Immigration arrests surge in Central Florida. Could they max out Orange’s jail? [Orlando Sentinel]
The number of detainees held in the local jail for immigration violations so far this year is nearly 400% higher than last year, officials said. Before a panel of sheriffs and police chiefs last month, Orange Public Safety Director Danny Banks warned of the possible consequences of the surge of detainees — including some who had never before set foot in the county.

› Sarasota financial firm acquired by national wealth advisory company [Business Observer]
A Sarasota financial firm has been acquired by a Nebraska-based company. SRQ Wealth is now owned by Carson Group, a wealth advisory firm out of Omaha. Carson Group is a subsidiary of Carson Group Holdings LLC, which has $42 billion in assets under management. SRQ Wealth will continue to be led by Managing Partner and Senior Wealth Advisor Steve Martin along with his partners Karin Grablin and Justin Salemy.

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Florida budget standoff continues as state inches closer to its first-ever government shutdown