Sumter County Economic Development promotes economic well-being and supports our businesses as they create, retain, and expand jobs and invest capital that facilitates Sumter County’s growth and enhances the wealth and quality of life for our community
The most recent income migration figures from the Florida Chamber of Commerce show that Florida remains the number one state for income migration. Over the last year, Florida gained an estimated $39 billion in net income migration. This breaks down to about $4.5 million per hour. According to the Florida Chamber’s most recent data, this is an increase of about 65% over the previous year. This income migration will help push Florida to become a top 10 global economy by 2030, a Florida Blueprint mission, which also includes becoming the best state to work, live, and raise a family.
The “Live Local Act” was signed into law on March 29th, 2023. The Act, in part, provides 711 million to affordable housing programs, including 252 million for the longstanding State House Initiatives Partnership, 150 million annually to the State Apartment Incentive Loan, and 100 million for the Hometown Heroes program. This bill provides tax incentives for developers to build affordable housing and help increase the supply of affordable housing in Florida. Florida’s current population is estimated to be 22.7 million, and Florida’s population is projected to reach 26 million by 2030.
Year-end foreign direct investment numbers for 2022 show a strong interest in expansion inside the United States. For many reasons, countries like Japan, Germany, and the United Kingdom are investing in the United States. The top reasons are business climate, efficient freight options, and solid transportation infrastructures. Transportation infrastructure is critical since the COVID pandemic shattered supply chains. Supply chains are still backed up across the globe, and companies are turning to the U.S. as the solution. Sumter County is a great distribution hub with many possibilities, like I-75, the Florida Turnpike, US 301, SR 44, and more, all running through Sumter County.
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Despite market concerns, economists added more than $7 billion to the state’s general-revenue forecast for the current and future fiscal years. Tourism is a significant economic driver in Florida’s revenue bump, and Florida is experiencing record tourism numbers. Tourism projections were upped by $3.66 billion for the current year and $2.73 billion for the next fiscal year. The new forecasts have a mild recession built into the model, while the prior forecasts did not, yet Florida sees revenue gains.
An estimated 137 million people visited Florida last year according to the most recent numbers by Visit Florida. This is a 12.9% increase the number of visitors from 2021 and a 5% increase in the number of visitors from 2019, according to The Villages Daily Sun. In 2021, Florida visitors contributed $101.9 billion to Florida’s economy and supported over 1.7 million Florida Jobs, according to Visit Florida. Visit Florida also mentions, for every $1 the state invests in Visit Florida, $3.27 in state tax revenue is generated.
Supply chain issues, rising transportation costs, and labor shortages are among the challenges facing the food and beverage industry. The increased demand in e-commerce that the pandemic brought on has led food and beverage processors to rethink their business models. However, the food and beverage processors that want to update their model are having a tough time finding construction materials and labor to renovate their facilities. Many food and beverage processing facilities are looking for new land to develop but are finding it difficult because of the increased demand for land.
The SECO Energy Foundation proposes $36,000 in scholarships for students interested in pursuing STEM (Science, Technology, Engineering, and Mathematics) related careers in the energy industry. Scholarships are funded by the newly established SECO Energy Foundation, a 501c3 program previously known as Pennies from Heaven…..The 2023 SECO Scholarship Program may award up to 12 recipients to receive a $3,000 scholarship each, subject to the Foundation Board of Directors’ approval. Scholarship winners may also be eligible for ongoing financial support and/or internship opportunities from SECO Energy throughout their studies.
The 2022 Economic Census survey mailout started last week and many may be wondering how this data being collected benefits them.
The economic census measures employment, payroll and revenue by service or product across the nation’s businesses — invaluable information for overall business strategy and everyday decision-making by governments, economic development organizations and business owners.
The 2022 Economic Census now underway is conducted in 2023 and collects and publishes data for the 2022 reference year. The statistics it collects will cover 19 economic sectors that encompass 910 North American Industry Classification System industries. Businesses asked to participate should respond by March 15.
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A new algorithm is set to further bolster the credibility of the Florida Automated Weather Network (FAWN), a system that farmers count on for such data as temperature, humidity, wind and rain.
Among other improvements, the technology will send an email to FAWN technicians, letting them know when readings are out of a normal range, said Rick Lusher, director of the UF/IFAS-run system. It will also review historical meteorological data in a matter of minutes – rather than days – to check if readings are outside normal parameters.
Riverview Apiaries owner Jake Mitchem knows well the benefits of selling his local honey at farmers markets.
Mitchem is a regular vendor at the Brownwood Farmers Market and also participated in the Lady Lake Farmers and Crafts Market and the Fruitland Park Farmers Market…
Florida added the third-highest number of manufacturing jobs in the country since 2021, according to data from the Bureau of Labor Statistics.
Florida added about 37,000 manufacturing jobs between January 2021 and May 2023. Manufacturing jobs grew by 10% locally in the last five years.
The 2023 Back-to-School Sales Tax Holiday begins on Monday, July 24, 2023, and ends on Sunday, August 6, 2023. There will be a second Back-to-School Sales Tax Holiday starting Monday, January 1, 2024, and ending on Sunday, January 14, 2024. During this period, certain items will not include a tax; for example, things like clothing, school supplies, learning aids, and personal computers will be included in the sales tax break. However, certain restrictions apply; for example, the computer must be under $1,500, or clothing pieces must be $100 or less to receive the tax. If you want more information on what qualifies for the tax, please click the link below.
2023 Back-to-School Sales Tax Holiday
