Florida’s Labor Market Continues Cooling Down at a Slow Rate

/ Categories: Research, Blog

This Florida TaxWatch blog examines labor market changes amid the Covid-19 pandemic, with a focus on the U.S. and Florida. It notes a national slowdown in job openings, with a stable 3.7% unemployment rate, contrasting with Florida's lower 2.9% rate and job gains in most sectors. The data suggests a cooling labor market, but not enough to significantly impact inflation. Despite Federal Reserve efforts to slow the economy, there are still more jobs than unemployed persons nationally. Experts no longer anticipate a recession, but inflation concerns persist, especially if the Federal Reserve changes interest rates.

Fiscal Year 2023: Florida's Continuing Success in Debt Reduction

/ Categories: Blog

The 2023 Debt Report for Florida highlights the state's strong financial standing, with a debt ratio below the 6% legislative target for the tenth consecutive year. Florida's debt and debt service have decreased, while General Revenue collections increased by $3.3 billion. Rating agencies affirmed AAA ratings and a stable financial outlook. The report details Florida's debt management strategies, including limiting debt accumulation and maintaining high reserves, contributing to a strong debt capacity and reduced future costs. Local government debt, however, remains comparatively high. The state's prudent financial practices are underscored, benefiting taxpayers and indicating a healthy fiscal future.

Extending State Group Insurance to the Florida College System

/ Categories: Research, Blog

Serving as the eyes and ears of Florida taxpayers, Florida TaxWatch annually reviews the state budget to prepare its Budget Guide, showing how hard-earned taxpayer dollars are spent. This year, consistent with a recommendation by Florida TaxWatch, line item 2923 of the 500-page General Appropriations Act appropriates $500,000 in nonrecurring funds to the Department of Management Services to contract for a comprehensive analysis to determine the fiscal impact and feasibility of extending the State Group Insurance Program (SGIP) to employees of the Florida College System.

 

Revisiting Housing Affordability in Florida - SB 102 Offers Good Solutions

/ Categories: Research, Blog

As Florida continues to grow, we must ensure that our state remains affordable for people to live, work, and play. Florida’s current population boom saw the state increase its population by nearly 15 percent between 2010 and 2020. The state added a little less than three million residents in under a decade. Florida is currently the fastest growing state in the nation, and we should increase our housing stock to meet these population pressures. 

Session Spotlight: Not Funding VISIT FLORIDA Would Hurt Tourism Promotion and Florida’s Economy

/ Categories: Research, Economic Development, Tourism, Blog

Tourism plays a major role in Florida’s economic strength. More than 142 million tourists are expected to visit Florida in 2023. In 2019, 131 million visitors spent nearly $100 billion, supporting 1.6 million Florida jobs that paid $57 billion in wages. The spending generated $12.7 billion in state and local taxes. Without the state and local taxes generated by tourism, each Florida household would have to pay as much as $1,420 in additional taxes just to maintain the current level of government services.

Unlocking Floridians’ economic potential through the Affordable Connectivity Program (ACP)

Opinion Editorial by Dominic Calabro, President & CEO of Florida TaxWatch

/ Categories: Op-Eds, Blog

The COVID-19 pandemic demonstrated the importance of access to reliable and affordable broadband Internet service in our daily lives, which makes available an almost limitless amount of information; provides a platform for education, health care, and commerce; and facilitates family connections, social communication, and idea sharing. What’s more, public and private agencies alike offer critical services and regular updates for citizens through online programs.

IDEAS IN ACTION: Be Prepared: Using Florida’s Natural Infrastructure to Combat Climate Change

Guest Column By Josiah Neeley

/ Categories: Research, Guest Columns, Blog

Florida has a diverse and beautiful natural environment, ranging from the Everglades to the beaches of the Florida panhandle. The state is also vulnerable to a variety of extreme weather events, such as flooding and hurricanes, which are projected to become more severe in the coming decades due to climate change. Protecting the state against these events could be a costly undertaking. Various proposals seek to minimize the risks through new infrastructure projects such as sea walls. But in deciding how best to adapt to extreme weather risk, Florida should be sure to consider using the state’s “natural infrastructure” to protect itself in a less costly and more sustainable way.

IDEAS IN ACTION: Florida’s Insurance Crisis—Brought by Lawyers

Guest Column By Josiah Neeley

/ Categories: Research, Insurance, Blog

Florida’s homeowners insurance market is in the emergency room on life support. Homeowners and insurance agents across the state struggle to obtain reasonably priced homeowners insurance. In 2022, the average annual premium for a homeowners insurance policy was $4,231, close to three times the U.S. average of $1,544, and nearly twice Florida’s $2,505 average just two years ago. In 2023, premiums are on track to climb even higher. The Florida state legislature held two special sessions in 2022 focused on making insurance more available and affordable. Although the meetings helped raise lawmakers’ awareness of the cause of the crisis and introduced measures to arrest further market deterioration, reasonably priced insurance is expected to remain hard to find in 2023.

Blog: Florida's Property Insurance Market

/ Categories: Research, Insurance, Blog

Florida has always endured a complex property insurance market due its unpredictable weather and proneness to hurricane catastrophes. Recent issues, however, have nearly pushed the market to the brink of collapse. With the combination of insurance company insolvencies, excessive litigation from fraud, and the recent devastation from Hurricane Ian, Florida’s crisis continues to worsen.