Florida Chamber Chief Economist Dr. Jerry Parrish Details The Coronavirus’ Threats on Florida’s Economy

“With companies cutting their GDP forecasts, 30-year mortgages at an eight-year low, and manufacturers idling their factories because of supply-chain issues, all of this is having an effect on Florida’s economy.”

– Dr. Jerry Parrish

TALLAHASSEE, Fla (February 25, 2020) – Florida Chamber Foundation Chief Economist Dr. Jerry Parrish says Florida should be “concerned, but not panicked” about the coronavirus’s threats on Florida’s economy.

“Yesterday the Dow dropped by more than 1,000 points, companies are cutting their GDP forecasts, 30-year mortgages are at an eight-year low, manufacturers are idling their factories because of supply chain issues. All of this is having an effect on Florida’s economy, and it could continue. This is certainly a concern, but it’s not anything to panic about,” Dr. Parrish explained in his latest Florida By The Numbers report.

According to Dr. Parrish, Florida’s most vulnerable industries include:

• International Visitors
• Cruise Passengers
• Imports/Exports
• Manufacturing Jobs

The 10-year government bond, and the three-month T-bill are now showing an inversion.

“An inversion of the yield curve has been a reliable, but not perfect signal, of a future recession. This is one of the metrics that goes into the calculation of the probability of a Florida recession which is on TheFloridaScorecard.org,” Dr. Parrish explained. “The probability of Florida being in a recession over the next nine months has now increased to 24.1 percent.”

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Are the Kids in Your County Ready for Kindergarten?

Are Florida’s Kindergartners Ready for the Future?

On February 17, the Florida Department of Education released the Kindergarten Readiness Screener (FLKRS) results for 2019-20 that show 53 percent of children were prepared for Kindergarten. The FLKRS is a tool that helps determine if children entering public school kindergarten have the foundational skills that are important as they begin school.

The current statewide score is unchanged from the previous year’s results of 53 percent. To see the FLKRS scores for your county, visit TheFloridaScorecard.org.

Developing these important life skills begins early. If children are behind in kindergarten, there is a ripple effect that can impact their education and future success.

Establishing a strong foundation is crucial as our economy and workforce needs change. The Florida Chamber Foundation’s recently released Florida Workforce 2030 report states that robots, automation, artificial intelligence, new innovations and technology are all changing the landscape of what will be required of Florida’s workforce, and the skills that Florida students will need as they plan their future.

Download Your Free Copy

Florida Workforce 2030, an Industry Roundtable and Survey Summary, along with Industry Career Path details for Florida’s five targeted growth sectors, are available at www.FLChamber.com/FloridaWorkforce2030.

Florida’s Higher Education System Continues to Lead the Nation

We already know Florida ranks first in the nation for higher education, but did you also know Florida is in the top 10 in the nation for college affordability? The latest report from the College Board shows Florida continues to maintain its ranking as second in the nation in college affordability for public four-year institutions, and for public two-year institutions Florida’s position moved up to the 7th spot.

Check out TheFloridaScorecard.org for the latest College Affordability data, new data on apprenticeship programs in Florida, as well as metrics that impact your community’s economy.

“Our economy increasingly requires employees to have some form of postsecondary education or training. Eliminating barriers to postsecondary education is crucial to supporting businesses with a strong workforce. Among those barriers is affordability, and Florida remains a leader in affordability at its public higher education institutions. Our public higher education institutions will surely remain steadfast in eliminating barriers and preparing future and current employees for the changing needs of businesses.”

Gregory Adam Haile, Esq.,
President, Broward College; Trustee, Florida Chamber Foundation

Education Trends and News Updates


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• Be notified when registration opens for the 2020 Learners to Earners Workforce Summit,
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Forward this message to colleagues or other business leaders who are interested in TheFloridaScorecard or the future of education in Florida.

Homeowners’ Insurance Affordability By County

 

Visit TheFloridaScorecard.org     Insurance Reform

 

During the 2018 Insurance Summit, the Florida Chamber of Commerce announced the release of new data on TheFloridaScorecard.org that ranks each county in Florida on the affordability of homeowners’ insurance in their county.

The Homeowners’ Insurance Affordability Index is a joint project of the Florida Chamber Foundation, Milliman Pixel®, and Rating Dynamics and will be updated quarterly with new insurance premium information and as new household income measures are released for Florida Counties.

The Homeowners’ Insurance Affordability Index ranks homeowners’ insurance affordability for each county by comparing insurance premiums to the level of income for the county’s households. The county with the most affordable homeowners’ insurance is ranked #1 and the least affordable county’s ranking is #67.

 

Find Out Where Your County Ranks

  1. Visit TheFloridaScorecard.org
  2. Select the Business Climate & Competitiveness icon from the top bar on the screen
  3. Choose your county from the View County Data drop down menu.
  4. Select the Statewide Heat Map button to view rankings for all Florida counties.

 

Record 116.5 Million Visitors to Florida in 2017

 

Did you know that according to new numbers released today, Florida has reached another record-breaking year for Florida tourism? In 2017, 116.5 million visitors came to Florida, an increase of 3.6 percent of visitors in 2016, according to recently released numbers by VISIT FLORIDA.

When visitors come to Florida, they help create jobs and contribute billions of dollars in state and local taxes. In fact, every 85 visitors supports one job in Florida. Visitors to Florida also create jobs for the tourism and hospitality industry and leave Florida having paid more than $11 billion in state and local taxes.

Tourism is Key to Florida’s Competitiveness

How will the future of work impact this industry? What skills are businesses looking for in their workforce to allow them to continue to create jobs and economic opportunity? Join the conversation at the 2018 Learners to Earners Workforce Summit, where business leaders from around the state will discuss the future of work, skills and what Florida needs to get right for 2030 and beyond.

Civic Infrastructure Stats

 

 

Only 19.1 percent of Florida residents report participating in volunteer activities, placing Florida in 50th place nationally.

For state and local data that impacts your community, visit www.TheFloridaScorecard.org.

Entrepreneurism Stats

 

CEO Magazine ranked Florida the 2nd best state in the United States in which to do business.

For economic data on your community, visit www.TheFloridaScorecard.org.  

 

Sense of Place & Community Stats

In 2018, Florida welcomed more than 127 million visitors. Florida continues to be one of the top travel destinations, with visitor spending in 2017 exceeding $88 billion.

For data that impacts Florida and your community, visit www.TheFloridaScorecard.org.

Economic Opportunity & Prosperity Stats

 

Only 23% of Floridians believe their region is well-positioned for prosperity and global competition.

For information on economic diversity in your community, visit www.TheFloridaScorecard.org.

Retirement & Lifelong Engagement Stats

 

 

Florida has the highest population of residents age 60 and older in the nation, comprising a quarter of the state population (25.7%).

For data that will impact your community, visit www.TheFloridaScorecard.org.

Families & Children Stats

 

 

Almost 1-of-every-4 Florida children under the age 18 (more than 944,000 kids) live below the poverty line.

For information on economic diversity in your community, visit www.TheFloridaScorecard.org.

Housing & Livability Stats

 

While the number of homeless individuals in Florida declined between 2017 and 2017, Florida continues to have one of the leading numbers of people experiencing homelessness.

For data that impacts Florida and your community, visit www.TheFloridaScorecard.org.

Safety & Security Stats

 

From 1997 to 2017, Florida experienced a 58.9% decrease in the total rate of reported Index Crimes per 100,000 population.

For data that will impact the economy in your community, visit www.TheFloridaScorecard.org.

Health & Wellness Stats

In 1018, 13.0 percent of Floridians did not have health insurance, up from 12.9 percent in 2017.

For additional data that impacts Florida and your community, visit www.TheFloridaScorecard.org.

Local Government Issue Stats

 

The average number of local government jobs in Florida for 2017 was 711,900.

For information on data that impacts your community, visit www.TheFloridaScorecard.org.