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Friday's Afternoon Update
What you need to know about Florida today
Florida & metro economics forecast: Pasta-bowl recession headed for Sunshine State
“The pasta bowl recession in Florida will not be pleasant like a trip to Olive Garden,” says Snaith, returning to the kitchen for his latest recession descriptor after coining the term ‘gravy boat recession’ in 2009, “but there will be several benefits of an extended period of slower economic growth.” More from UCF Today.
Two respected financial services firms choose Miami Beach for expansion plans
“Attracting more financial services and tech companies will create opportunities and lasting economic impacts as we diversify our economy and generate more high-skilled jobs,” shared Miami Beach Mayor Dan Gelber. With more than 400 employees, a16z backs bold entrepreneurs, investing in seed to venture to late-stage companies across industries including bio+ healthcare, consumer, crypto, enterprise, fintech, games, and companies building towards American dynamism. More from the Andreessen Horowitz.
Property insurers in Florida could face downgrades; Patronis warns of ‘financial chaos’
Insurance Commissioner David Altmaier and state Chief Financial Officer Jimmy Patronis questioned the ratings agency, Demotech Inc., and warned that such widespread downgrades could affect homeowners across the state. Property insurers are required to have adequate financial ratings for mortgage loans purchased by Fannie Mae and Freddie Mac. In letters to leaders of the mortgage finance giants and the director of the Federal Housing Finance Agency, Patronis criticized Demotech and the possibility that downgrades would lead to insurers not meeting the ratings requirements and, as a result, creating problems for policyholders’ mortgages. More from the Tampa Bay Times.
How little brown bugs have pushed Florida’s iconic citrus industry to the brink
Brothers Glenn and Mark Beck are fourth-generation farmers and have children who are willing and ready to become the fifth to farm the family’s land. But the Beck family’s legacy, like that of growers across the state, faces a formidable foe in the form of speckled brown bugs that pose a greater threat to Florida’s citrus crops than hurricanes, freezes, tornadoes and droughts ever have. Citrus greening, a disease caused by bugs infecting citrus tree leaves with an illness that erodes the fruit beyond repair, is ravaging crops. As production hits a new low, growers are scrambling for relief. More from the Orlando Sentinel.
Formula One commits $500K to Miami Gardens community partnership benefitting small businesses
Formula One is investing up to $500,000 to support small business owners in Miami Gardens, where its racing events will be held for the next decade. The organization announced the grant program last week. The program is being administered through the Community Fund of North Miami Dade, a subsidiary of the Opa-locka Community Development Corporation, which matched the Formula One contribution for a total $1 million grant sum. More from Florida Politics.
Sarasota History
‘Roosevelt’s tree army’ built Myakka River State Park
You do not have to drive too far to escape Sarasota’s madding crowd, the traffic circles, the long lines, the plethora of high-rise buildings, the search for a parking place, et. al. Treat yourself to a break from all the frenetic craziness. Take the short drive to the Myakka River State Park, a peaceful reminder of a now long-gone “old Florida.” A day trip there is akin to stepping into the tranquility of a Clyde Butcher wildlife photograph.
» More from the Herald-Tribune.
Environment
Florida Aquarium wants to make big splash in social, environmental justice
In what it says is a cutting-edge move for a zoological institution, the Florida Aquarium announced this week the hiring of a new senior vice president to oversee a push into social-justice issues and more concerted engagement with marginalized communities. Tony Rokita, who created social-responsibility programs now common across pro sports during three decades with the NBA’s Chicago Bulls, will fill the position beginning in September. Roger Germann, the Florida Aquarium’s CEO, said the plan to delve deeper into problems like environmental injustice and health inequity reflect a growing realization within the zoological community.
» Read more from the Tampa Bay Times.
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