Economy

(The Center Square) – A new report predicts Florida's explosive growth will slow in the next five years.

The second quarter report by the nonprofit Florida Taxwatch and the Regional Economic Consulting Group says that due to smaller population growth (net migration has decreased from 868 new residents each day to 801), employers will have more trouble filling open positions. 

The study predicts annual population growth, right now at 1.4% compared to 2023, will start to shrink each year until 2029, when it'll be at 1.1%. 

(The Center Square) – The Biden administration cut a $7 billion check on Friday to launch its vision for a hydrogen-fueled future.

The money augments $40 billion in private investment to build seven hydrogen hubs across the nation that will decarbonize transportation and industrial manufacturing, slashing 25 million metric tons of carbon dioxide emissions each year.

The amount “roughly” equates to removing 5.5 million gasoline-powered vehicles from the road, or just under 2% of the estimated 286 million operational cars in the United States.

(The Center Square) — The Sunshine State is quickly outpacing the rest of the country as a top solar energy installer, which looks to continue in coming years.

According to data from the Solar Energy Industries Association, Florida was ranked third in the country in 2022 behind Texas and California, installing around 12,000 megawatts of generation capacity since 2013, enough to power 1.51 million homes.

By Tom Gantert, Managing Editor | The Center Square

(The Center Square) -- U.S. production of crude oil reached the highest levels in 40 months as domestic production returned to pre-pandemic levels.

That's according to an Aug. 31 report released by the U.S. Energy Information Administration.

(The Center Square) — Despite being hit by Category 3 Hurricane Idalia, gas prices in Florida have decreased by five cents going into the Labor Day weekend.

The average gas price in Florida was $3.69 per gallon of regular according to the American Automobile Association, down from $3.75 last week but four cents more than last month. The national average is $3.83.

(The Center Square) — An extension of Florida’s red snapper season begins Labor Day weekend and could be one of the longest since the state took over management of the tasty game fish.

Gov. Ron DeSantis announced on Aug. 11 that the red snapper season would be extended by 17 days to 87 days, according to a statement released by the governor’s office.

Florida’s fall red snapper season runs every Friday through Sunday through the months of September, October and November, with open days on Labor Day (Sept. 4) and Thanksgiving (Nov. 23).

(The Center Square) – Following a major trafficking bust in Polk County where law enforcement officers rescued victims who’d been smuggled through the southern border in Texas and ended up in Florida, farther north in the Panhandle, the Bay County Sheriff’s Office announced the results of another operation targeting exploitation of minors and border-related crime.

The Center Square -- The Florida Financial Impact Estimating Conference released a report on July 13 finding that approval of the marijuana initiative would generate between $195.6 million and $431.3 million in annual state and local revenue if approved by voters.

The initiative would legalize marijuana for adults 21 years old and older. Individuals would be allowed to possess up to 3 ounces of marijuana (about 85 grams), with up to 5 grams in the form of concentrate.

(The Center Square) - The Economic Estimating Conference met on Saturday to discuss Florida’s booming economy, and some of the shortfalls that could happen in the future.

Florida has had a huge amount of growth, and its general revenue is expected to peak at $46.3 billion in fiscal year 2023, then flatten in 2024 to $45.3 billion.

The Center Square –- A group of Republican Senators have introduced the Middle Class Borrower Protection Act, legislation that would overturn a new federal rule that charges higher fees to certain home buyers with good credit and lower fees for buyers with worse credit.

“The average American has a credit score over 716,” said Sen. Mike Braun, R-Ind, who is helping lead the effort. “The Biden administration is making home ownership more difficult for everyday Americans by raising rates for most people with a credit score over 680 to subsidize riskier borrowers.”