News Archive

Florida Continues to Lead the Nation in New Income Migration

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.

Florida Passes Affordable Housing “Live Local Act”

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.

Foreign Direct Investment in the U.S. is on the Rise

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.

Florida Sees $7 Billion Revenue Bump

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.

Florida Tourism sees new Highs

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.

Food and Beverage Processors Adapt to Changing Conditions

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.

SECO Energy Foundation Announces Scholarship Program for Energy Industry Students

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.

Economic Census: What’s in It for Me?

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.