December 8, 2023

Thursday's Daily Pulse

What you need to know about Florida today

| 9/21/2023

New study warns of ‘climate insurance bubble.’ Is that driving costs up in Florida?

Florida already has deep property insurance problems. A new study and a string of recent financial and industry reports suggest it could get even worse for the state. If rising risks from hurricanes and other climate-drive disasters make insurance too expensive for people to buy homes, or banks to give mortgages to homes in vulnerable spots, it could set off a spiral of declining demand and declining property values. [Source: Miami Herald]

A disturbance near Florida could get serious, and Hurricane Nigel is quickly on the move

Hurricane Nigel still brings the strongest winds in the Atlantic Ocean, but the two other systems have more potential for affecting United States and Caribbean life over the next week. What the hurricane center describes as “a large area of disorganized showers and thunderstorms” off Florida’s east coast threatens to become something more serious. Whether it does or not, it will affect weather for the east coast of the United States. [Source: Miami Herald]

Florida banks post decreases in assets, net margin

Florida’s banks performed slightly worse in the second quarter of 2023 relative to the first, a new report shows. Every quarter, about two months after the quarter closes, the Federal Deposit Insurance Corp. publishes an updated Quarterly Banking Profile that provides a high-level overview of financial performance at insured institutions. The report provides perspectives on income and performance ratios at both the national and state level. [Source: Business Observer]

Florida malaria cases: Why an outbreak returned to the U.S. this summer

All in all, eight Americans caught malaria from mosquitoes this summer — seven in Florida and one in Texas. Of these, seven people were hospitalized. The cases were the first American, mosquito-borne malaria cases in two decades, since an outbreak in Palm Beach, Florida in 2003. To be clear, these cases were unique because they were “vector-borne.” In other words, the patients caught malaria from a mosquito, rather than from a transfusion of blood or a contaminated needle. [Source: Discover Magazine]

Newly approved Florida rules could cut price of prescription drugs

New rules approved by officials in Florida this week are designed to increase accountability from pharmaceutical companies when it comes to drug pricing. Gov. Ron DeSantis announced Monday that he and the Florida cabinet approved rules that will allow the implementation of provisions within Senate Bill 1550, the Prescription Drug Act. This bill requires prescription drug manufacturers to disclose reportable prescription drug price increases. [Source: The Center Square]

Wolf Branch Innovation District

The Wolf Branch Innovation District is a planned 850-acre mixed-use employment center located in Lake County, Florida on State Road 46 near the Wekiva Parkway. The vision for this corridor is to create job and educational facilities within the community, making Lake County and the City of Mount Dora an even better place to live, work, play and do business. [Sponsored report]


› Fuel infrastructure startup plans $750M in trio of terminals across Florida
St. Petersburg-based transportation infrastructure and distribution firm Belvedere Terminals has announced a $750 million investment in developing multiple fuel terminals in Florida for storage and supply. A press release didn't provide details as to the source of the funding or any financing, or a timeline on the projects.

› Gateway Jax launches plans for development that could reach $2 billion
Gateway Jax announced plans Sept. 20 for a $500 million mixed-used development in the North Core area of Downtown Jacksonville that includes apartments, a grocery and retail space, the first phase of a project that could grow to 22 acres and a more than $2 billion investment over the next decade.

› Live Oak poultry and crop damage to ‘impact global market’
As the rest of Florida moves on after Hurricane Idalia, Suwannee County remains devastated. The areas impacted the most house chickens and crops, specifically peanuts and hay. Officials are worried about the recovery response and hope to receive outside help. Chicken houses in Live Oak, Florida, were destroyed by wind and debris, but the silent killer came from power outages.

› A beloved Miami market faces an uncertain future. What to know about what’s coming
New development is replacing Coconut Grove landmarks, piece by piece. The market, amid lush almond and live oak trees, feels almost immune from encroaching development. But the market’s history is also part of a larger story of a changing Coconut Grove.

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