Research Library

Building Florida’s High-Tech Manufacturing Sector

Economic Development, Research
/ Economic Development, Research / 1 minute of reading

As the global manufacturing industry shifts away from classically portrayed steel and car plants to a modernized approach of high-tech manufacturing; companies, countries, and states find themselves looking for a way to best position themselves to benefit from the future of manufacturing. Florida finds itself in a unique position to capitalize on an existing project that could help the state become a world leader in high-tech manufacturing for years to come.

Budget Watch – Governor’s FY2016-17 Recommended Budget

Budget & Appropriations, Cost Savings, Research, Taxes
/ Budget & Appropriations, Cost Savings, Research, Taxes / 2 minutes of reading

Florida legislators received news this week that they will have $395.6 million less to spend on the next state budget than originally anticipated. Citing weaker corporate profits and adverse developments in the international economy, the state General Revenue (GR) Estimating Conference decreased its estimates of GR collections in each of the six years in its forecast horizon.

2016 Economic Preview

Economic Development, Research
/ Economic Development, Research / 2 minutes of reading

As we kick off 2016, Floridians can look forward to consistent growth in the Florida economy. As shown in the December 2015 Economic Commentary, Florida experienced strong job growth in 2015, adding nearly a quarter of a million jobs. Heading into 2016, Florida’s job market is widely expected to maintain its course as the Florida economy as a whole continues to strengthen. One of the most commonly used metrics to measure a state’s economy is the Real Gross State Product (RGSP), which measures the value of economic output for a given state, adjusted for price changes stemming from inflation or deflation. Florida’s RGSP is expected to grow 3.1 percent in 2016, which is roughly a half a percentage point higher than the United States.

Budget Watch – What is the Cost of Florida’s State and Local Government?

Budget & Appropriations, Local Government, Research, Taxes
/ Budget & Appropriations, Local Government, Research, Taxes / 1 minute of reading

Florida’s has historically held the reputation of being a low-tax state, and that is largely true, especially at the state level. But taxes do not tell the whole story of what government costs its citizens. Taxes, especially those reported to the U.S. Census Bureau, exclude a large amount of revenue paid into government co ers by citizens. And that non-tax revenue accounts for a much higher portion of government total revenue in Florida than in the average state. A better measure of the cost of government is “own source revenue,” which Florida TaxWatch has been tracking in its How Florida Compares series. Own source revenue includes all direct revenue except for intergovernmental aid, revenue from government-owned utilities and other enterprises, and social insurance funds. It includes non-tax revenue such as fees, charges for services, special assessments, impact fees and net lottery revenue.

Budget Watch – Governor’s FY2016-17 Recommended Budget

Budget & Appropriations, Local Government, Research, Taxes
/ Budget & Appropriations, Local Government, Research, Taxes / 1 minute of reading

Governor Rick Scott’s budget recommendations for FY2016-17 total $79.252 billion—an increase of 1.1 percent ($855.1 million) over current year spending. General Revenue (GR) spending of $29.260 billion would be an increase of 1.4 percent over the current year. The budget proposes to fund 112,823 state employee positions, 864 fewer than currently exist.

Thanksgiving and the Start of Holiday Shopping

Research, Taxes
/ Research, Taxes / 1 minute of reading

Thanksgiving for most people invokes images of family gatherings, turkey, and football. But for retailers, it invokes images of large crowds and dollar signs. Thanksgiving, Black Friday, and Cyber Monday are cash cows for businesses, particularly the retail and food industries. Those days are also important for Florida, as the state will collect a six percent sales and use tax on most of the retail goods purchased by shoppers and some grocery items, but will fail to collect lawfully owed taxes on many items purchased online during Cyber Monday.

Florida’s Fiscal Strength Ranked 5th Best Nationally

Research, Taxes
/ Research, Taxes / 1 minute of reading

A recent study by George Mason University’s Mercatus Center reviewed the fiscal health of the United States, breaking down each state individually for comparison across several standardized metrics. This Economic Commentary takes a look into some of these measurements, as well as examining other areas that affect Florida’s fiscal standing.

Challenges Facing Florida’s Community-Based Child Welfare System

Budget & Appropriations, Education, Research
/ Budget & Appropriations, Education, Research / 1 minute of reading

In this study, Florida TaxWatch evaluates the two primary issues contributing to, and subsequently worsened by the increased demand on the system: workforce instability and increasing need for services. The study concludes by recommending that the state examine options that improve service accessibility and availability and enhance workforce stability.

Extending the Manufacturing Machinery & Equipment Sales Tax Exemption

Economic Development, Research, Taxes
/ Economic Development, Research, Taxes / 1 minute of reading

Given the diverse economic benefits provided by manufacturing, it is in the state’s best interest to continue to foster growth in this sector, and Florida lags behind compared to other Southern states. But while most Southern states provide broad tax exemptions for manufacturing equipment, Florida’s most important exemption to encourage capital investment in manufacturing will sunset in April 2017. The analysis in this report demonstrates that extending the exemption could provide a significant economic benefit to the state, and its manufacturing industry.

Budget Watch – 2016-17 Legislative Budget Requests

Budget & Appropriations, Corrections/Judicial, Education, Energy & Environment, Health Care, Research, Retirement, Transportation
/ Budget & Appropriations, Corrections/Judicial, Education, Energy & Environment, Health Care, Research, Retirement, Transportation / 2 minutes of reading

Florida’s state government agencies have requested $77.835 billion in funding from the Legislature for FY2016-17, which is $1.2 billion (1.6 percent) more than these agencies are expected to spend in the current year. The total request is made up of $29.481 billion in general revenue (GR) and $48.354 billion in trust funds. The GR request is an increase of $854.5 million (3.0 percent). The latest revenue estimates forecast $31.653 billion in GR will be available for FY2016-17 meaning that the agency requests would leave GR reserves of $2 billion.

Stemming Florida’s Physician Shortage

Health Care, Research
/ Health Care, Research / 1 minute of reading

Despite advances in delivery methods, new medical schools, and its emergence as a global medical destination, Florida’s healthcare system is facing a significant challenge, as the demand for doctors in the state of Florida is outpacing the current supply. This issue affects not only Florida’s healthcare system, it can also have repercussions on the economy.

Reducing the Business Rent Tax

Cost Savings, Economic Development, Research, Taxes
/ Cost Savings, Economic Development, Research, Taxes / 2 minutes of reading

A reduction in the BRT would be broad-based, benefiting a large number of businesses. All businesses that rent commercial real estate pay the sales tax on those rents, regardless of their profitability or financial shape. Reducing the sales tax would help be a significant help to struggling companies. It would also help new businesses, who may find that other startup costs rule out purchasing real estate as an option.

Economy Heating Up in South Florida

Economic Development, Local Government, Research, Tourism
/ Economic Development, Local Government, Research, Tourism / 2 minutes of reading

Over the past few years Florida’s economy has been on the rise, finally shaking off the economic pain from the great recession. This positive growth has helped stimulate development in South Florida in particular. In a recent survey, more than 80% of small businesses in South Florida reported that they expect to meet or exceed their 2015 revenue targets. And the economic growth is not limited to small businesses; the South Florida Region has also seen a growth in sectors such as construction, financial services, innovation, and more.

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