Wage Growth and Talent Attraction in the Pandemic Labor Market

/ Categories: Research, Economic Development

Amid a tight labor market and the ongoing “great resignation,” companies are pursuing creative and concerted efforts to attract and retain talent. Especially for service industries wrestling with existing labor shortages, recruitment methods have included sign-up bonuses, tuition reimbursement, free coding classes, and of course, higher wages. These strategies have produced higher pay for many workers and signaled a reversal from the lackluster wage growth in the years leading up to the pandemic.

A River (No Longer) Runs Through It

/ Categories: Research, Energy/Environment

This timely public policy debate centers on whether the dam and reservoir should remain in place or whether the dam should be breached to restore the natural flow of the Ocklawaha River. The “full retention” alternative would essentially maintain the status quo, while the “partial restoration” alternative would restore the river flow to near preconstruction conditions with limited removal of existing structures at the lowest cost. For each of these two alternatives, Florida TaxWatch examines the recreational,  economic, and environmental impacts.

Manufacturing a Transformational Shift—Expanding Florida’s Workforce Development Through Sector Strategies

A Summary of the 2021 MakeMore Manufacturing Summit

/ Categories: Research, Economic Development

FloridaMakes is a statewide, industry-led, public-private partnership operated by an alliance of Florida’s regional manufacturers’ associations. Since its inception in 2016, FloridaMakes has had an economic impact of $2.6 billion with almost 17,000 jobs created and/or retained. The pandemic underscored the important role Florida’s Manufacturing sector plays in providing products that are crucial to public health and safety, national security, and the continuity of many other industries.

Aging in Place—The Economic and Fiscal Value of Home and Community-Based Services

/ Categories: Research, Health Care

Similar to demographic trends across the U.S., Florida will encounter a rapid increase in the number of elderly residents requiring long-term care and services. Florida’s 65 and older population is anticipated to grow by 52.1 percent over the next two decades from 4.4 to 6.7 million elderly residents. A variety of continuum of care options exists to accommodate the impending rise in long-term healthcare utilization, ranging from nursing homes to home and community-based settings. Not only do these options differ in their public costs and quality outcomes, but the COVID-19 pandemic has spotlighted the importance of physical risk and exposure to infection when considering what long-term settings exist. Due to the projected growth in Florida’s elderly population over the coming decades, it will be critical to expand resources across the state’s entire continuum of care.

New General Revenue Estimates Add Another $4.0 Billion to Amount Available for the Next Budget

/ Categories: Research, Budget/Approps

With state coffers already swelling, the General Revenue Estimating Conference (REC) met on January 21, 2022, to develop the state’s new forecast for general revenue (GR) collections. This is the revenue estimate that the 2022 Legislature will use for the new FY2022-23 state budget. The REC increased its estimate for GR collections by $3.3 billion in the current year (FY2021-22) and by $704 million in FY 2022-23. This means lawmakers have another $4 billion available to spend. Florida was already in its best fiscal shape in history.

THE GREAT IMBALANCE: INFLATION’S INFLUENCE IN THE COVID-19 ECONOMY

/ Categories: Research, Economic Development

INFLATION IS HARDLY A NEW PHENOMENON EXCLUSIVE TO THE COVID-19 PANDEMIC; however, for decades preceding the pandemic, price increases were a subtle and often unnoticed component of the economy. The last time inflation posed a serious and prolonged threat to economic growth—in the early 1980s—Ronald Reagan was the president, the Iranian Hostage Crisis had ended, and Indiana Jones: Raiders of the Lost Ark made its theater debut. The early 1980s signified the end of what economists called “The Great Inflation” period in U.S. history.

The Impacts of Lawsuits Against Local Governments for Business Damages

/ Categories: Research, Corrections/Judicial, Local Government

The 2022 Florida Legislature is debating two pieces of legislation that add to the process of passing local ordinances and provides additional rights to businesses and residents who wish to challenge those ordinances. This Session Spotlight takes a detailed look at SB620/CS/HB569 & CS/SB280/HB403.

Closing the Digital Divide-The Expansion of Broadband Internet Service to Unserved Areas of the State

/ Categories: Research

The COVID-19 pandemic has demonstrated the importance of access to reliable and affordable high-quality broadband Internet service to our daily lives. Communities that currently lack access to the affordable, reliable, high-quality broadband Internet that is necessary for full participation in education, health care, employment, social services and government programs, and civic life are at a marked disadvantage without that access. To help ensure that all Florida communities have access to reliable and affordable high-quality broadband Internet service Florida TaxWatch recommends the following:

WORKING PAPER: Where Are The Women?

/ Categories: Research, Economic Development, Blog

This working paper is an endeavor to learn more about Florida’s labor force participation rate of women. Exploring reasons for women’s absence from the workforce can help Florida better understand the needs of its entire workforce. As a working paper, Florida TaxWatch hopes to start a discussion and encourage others to offer their insights about women’s absence from the workforce.

 

The Economic and Fiscal Impacts of Education and Training Beyond High School in Florida

/ Categories: Research, Education

An increasingly technological and information-driven economy generally requires higher levels of educational achievement for both individual and community success. To sustain continued economic growth and competitiveness, Florida must maintain a workforce with the types of skills— trade and professional—that can attract high-wage, high-value industries.

Despite Positive Job Growth In Recent Months, People Are Quitting Jobs At Record Rates

/ Categories: Research, COVID Recovery, Blog

Often overlooked in favor of more eye-catching employment headlines such as unemployment rates and job creation numbers, job quitting rates are an indispensable part of understanding the overall economic recovery. Newly released national data from the U.S. Bureau of Labor Statistics (BLS) reveal the number of people quitting their jobs in November 2021 hit a record high of 4.5 million—far above any other level on record since data first started being recorded. Since the summer of 2021, a collective 21.3 million individuals have quit their jobs across the nation.

THE GOVERNOR’S FY 2022-23 BUDGET RECOMMENDATIONS

With Flush State Coffers, the Governor’s Budget Would Make Significant Investments While Leaving Billions in the Bank

/ Categories: Research, Budget/Approps

As the Florida TaxWatch Budget Watch series1 has been detailing, the budget outlook for the state is extremely rosy. Governor DeSantis’s 2022-23 budget recommendations reflect the current fiscal environment. It totals $99.7 billion and just like the current budget, the price tag does not fully account for all the spending it contains.

Florida Will Receive Billions From The Infrastructure Investment and Jobs Act, But Is It The State’s Fair Share?

/ Categories: Research, Taxes, Budget/Approps, Transportation

The Infrastructure Investment and Jobs Act (IIJA),1 signed by President Biden on November 15, 2021, will make a significant investment in the nation’s transportation system and other infrastructure. Billions of dollars will be distributed to the states for a wide range of projects, including all modes of transportation, broadband, cyber security, water infrastructure, energy, climate change, resiliency, and pollution mitigation. Florida will get a sizable chunk of these funds.

Monitoring and Oversight of General Obligation Bonds to Improve Broward County Schools: SMART Program Quarterly Report Review for the Quarter Ended September 30, 2021

/ Categories: Research, Broward BOC, BOC

On November 26, 2021, Florida TaxWatch received the Bond Oversight Committee Quarterly Report for the Quarter Ended September 30, 2021 (“Quarterly Report”). This report provides updated information on the implementation of the District’s SMART Program and the use of general obligation bond funds to purchase and install technology upgrades, purchase music, and art equipment, improve school safety, upgrade athletic facilities, and renovate educational facilities.

Budget Watch - FLORIDA GENERAL REVENUE COLLECTIONS HAVE OUTPACED ESTIMATES FOR 14 CONSECUTIVE MONTHS

/ Categories: Research, Budget/Approps

The Florida TaxWatch Budget Watch series has been detailing the rapid recovery of the state government’s revenue collections from the initial precipitous drop in the early months of the COVID-19 pandemic. We have highlighted how current General Revenue (GR) estimates are back above the last pre-pandemic estimates. Coupled with billions of dollars in federal aid, Florida is in enviable fiscal shape as the Legislature heads into the 2022 Regular Session.

Corporate Income Tax Issues for the 2022 Legislature

Repeal the Impending Tax Increase and Fix the “Retail Glitch” and Like-Kind Exchanges

/ Categories: Research, Taxes, COVID Recovery

Federal corporate income tax reform, which had the general aim of broadening the base and lowering the rate, has reduced the federal tax burden on many corporations. However, since Florida adopted most of the base expansion measures without a concurrent rate reduction, federal tax reform has resulted in increased taxes at the state level, even after subsequent state refunds and rate cuts.

A Rising Tide Sinks All Homes - The Effects of Climate Change on Florida's Economy

With more than 8,400 miles of coastline and a flat, low-lying coastal topography, Florida is especially vulnerable to the effects of sea level rise. Tens of thousands of Florida homes and businesses are at increased risk from sea level rise. Much of Florida’s critical infrastructure is at low elevations, designed and built with little consideration of future sea level rise. The physical effect of changing climate translates into real economic impacts.

Beyond the Pandemic: Long-Term Changes and Challenges for Housing in Florida

/ Categories: Research, COVID Recovery

As unexpected and unpredictable as COVID-19 has been, few could have predicted the housing boom that the pandemic ignited across the nation. The U.S. housing market—notoriously known for its role in the 2007-2009 Great Recession—defied expectations and experienced record price growth over the past year as demographic trends, government policies, and basic supply and demand all coalesced. In the short term, soaring home prices have been well-documented both analytically and anecdotally.

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