Business

Bank of America data finds that 2022 was a solid  year for consumer spending, but the new year brings new challenges

Bank of America data finds that 2022 was a solid  year for consumer spending, but the new year brings new challenges

BOA Logo

Bank of America Institute released new analysis today which shows that, while 2022 was a solid year for consumer spending, the New Year brings with it cross-currents for U.S. consumers, including a potentially weaker job market and easing inflation pressures in 2023. Although January and February are typically lighter months, New Year resolutions to get healthy may provide some support for spending.

BofA aggregated credit and debit card data indicates 2022 was a strong year for consumer spending, with total card spending per household up 5.9% year-over-year (YoY).

There was a stark difference, however, between retail/goods spending and non-retail spending (which includes services such as travel and entertainment); average YoY spending growth for retail in 2022 was 3.7% compared to a much stronger 10% in services.

2023 starts with consumers still facing higher living costs, especially utilities, partially driven by a colder December in 2022 than the prior year. BofA internal data shows that the average utility payment per customer increased 13% YoY in December, even as natural gas prices have dropped by more than 50% since the peak price levels in August 2022. And while the labor market remains tight, there are signs of wage growth moderation. According to BofA internal data, consumer after-tax wages decelerated to 2.7% YoY (3-month moving average) in December, from the high of 8% in April 2022.

With these trends in mind, a new year often signals a fresh start and good intentions, illustrated by an uptick in web searches for “gym memberships” each January. BofA internal data shows that between 2010 and 2019, credit and debit card spending per household at fitness clubs surged in January of each year, after relatively low levels during the winter holiday months. However, as of December 2022, card spending per household at fitness clubs remained 35% lower than pre-pandemic levels. Part of this weakness could be due to the rise of in-home fitness, which gained popularity since the pandemic because of migration out of city centers and a preference for social distancing, especially among older generations.

Other highlights of the Consumer Checkpoint include:

  • Total credit and debit card spending per household was up 5.9% YoY for all of 2022, with the YoY rate of growth slowing to 2.2% in December.
  • Overall total credit and debit card spend, which makes up over 20% of total payments, was up5% YoY in December, as total payments growth across all channels (Automated Clearing House (ACH), Bill Pay, Credit and Debit Card, Wires, Person-to-Person, Cash and Check) increased 1.4% YoY.
  • In 2022, in-home fitness spending (based on both cards and ACH) accounted for 16% of total fitness spending on average, down from 24% in 2020 but higher than the 11% in 2019.

“After a solid year in 2022, we expect the consumer to feel the weight of 2023. However, for now, they are heading to the gym in OK financial shape” said David Tinsley, senior economist for Bank of America Institute. “While the year is just beginning, a reduction in cost-of-living pressures and some easing in the labor market are expected to play a big role in determining the evolution of consumer spending.”

About the Consumer Checkpoint

Consumer Checkpoint is a regular publication from Bank of America Institute. It aims to provide a holistic and real-time estimate of US consumers’ spending and their financial well-being, leveraging the depth and breadth of Bank of America proprietary data. Such data is not intended to be reflective or indicative of, and should not be relied upon as, the results of operations, financial conditions, or performance of Bank of America.

See the Consumer Checkpoint for methodology and definitions.

About Bank of America Institute

Bank of America Institute is dedicated to uncovering powerful insights that move business and society forward. Established in 2022, the Institute is a think tank that draws on data and analyses from across the bank and the world to provide timely and original perspectives on the economy, Environmental, Social and Governance (ESG), and global transformation. The Institute leverages the depth and breadth of the bank’s proprietary data, from 67 million consumer and small business clients, 54 million verified digital users, $3.8T in total payments in 2021 and $1.4T in consumer and wealth management deposits. From this robust data set, the Institute provides a unique perspective on the health of the economy. It also elevates thought leadership from throughout the bank that addresses long-term trends and shares these findings with the general public.

Bank of America

Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 68 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 16,000 ATMs and award-winning digital banking with approximately 56 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

 

Treasure Coast Business is a news service and magazine published in print, via e-newsletter and online at tcbusiness.com by Indian River Media Group. For more information or to report news email [email protected]

Jan. 13, 2023|

Inaugural Treasure Coast Women Who Rock Awards to be held March 28th in celebration of National Women’s History Month

Inaugural Treasure Coast Women Who Rock Awards to be held March 28th in celebration of National Women’s History Month  

The Small Business Development Center (SBDC) at Indian River State College (IRSC) has partnered with weVENTURE Women’s Business Center (WBC) at Florida Tech’s Bisk College of Business and presenting sponsor PNC Bank to host the Inaugural Women Who Rock Awards of the Treasure Coast on March 28th in honor of National Woman’s History Month.

“The Florida SBDC at Indian River State College is excited to partner with weVENTURE Women’s Business Center to elevate the profile of successful women in business and recognize the economic impact they have on our community,” said Katherine Culhane Associate Director of the SBDC at IRSC.

“As presenting sponsor, PNC Bank is thrilled to join forces with these important institutions to recognize dynamic women in this community,” said Tracy Sorzano, senior vice president and wealth strategy regional manager, centralized planning for PNC Private Bank. “This event is closely aligned with PNC’s commitment to supporting women business owners and further empowering women in business. The awards are designed to achieve exactly that, and my PNC colleagues and I look forward to celebrating the Women Who Rock.”

Nominees will be recognized Tuesday, March 28th, at the Indian River State College Chastain Campus, 2400 S.E. Salerno Road, Stuart, FL 34997.  The event takes place from 11:00am-1:00pm.

 Kathryn Rudloff, Executive Director of weVENTURE WBC notes that her organization has hosted the Women Who Rock Awards in Brevard County for the last 14 years. “We are so excited to partner with the SBDC and PNC Bank to bring this popular event to the Treasure Coast,“ Rudloff stated.

The 2023 Women Who Rock Awards categories are:

  • Small Business Owner of the Year, Presented by PNC Bank

  • Executive of the Year

  • Excellence in Mentorship, Presented by SBDC at IRSC

  • Women Trending in Tech, Presented by weVENTURE WBC

  • Excellence in Caregiving

The IRSC SBDC team of business advisors will select recipients for this inaugural Treasure Coast event.  Award recipients will be announced in February and honored at the luncheon.  For more information call (321) 674-7007 or email [email protected]

Sponsorships are available and include tickets to the event.  General Admission tickets to attend the luncheon are $50 and are available for purchase online.  All proceeds benefit community programs to support entrepreneurs via weVENTURE WBC and the SBDC at IRSC. Please visit https://weventure.fit.edu/events/women-who-rock-awards/.

About PNC Bank

PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.

About weVENTURE WBC


weVENTURE Women’s Business Center (WBC) was launched in 2007 at Florida Tech, accelerates growth for entrepreneurs by providing customized coaching, business education, mentorship, and networking programs. weVENTURE WBC also strives to be the leading voice and resource for professional women across all industries, providing leadership development and purposeful networking events for women on the Space and Treasure Coasts. weVENTURE WBC is funded in part through a cooperative agreement with the U.S. Small Business Administration. For more information, or to register for weVENTURE WBC courses and mentorship programs, visit https://weventure.fit.edu/ or call 321-674-7007.

About Florida Institute of Technology


Florida Tech was founded in 1958 at the dawn of the Space Race that would soon define the Atlantic coast of Florida and captivate the nation. Now the premier private technological university in the Southeast, Florida Tech is a Tier 1 Best National University in U.S. News & World Report and one of just nine schools in Florida lauded by the Fiske Guide to Colleges. Florida Tech is ranked among the top 5 percent of 20,000 degree-granting institutions worldwide in the 2020-21 World University Rankings and has been named a Top College and Best Value University for 2019 by Forbes. Florida Tech offers bachelor’s, master’s and doctoral degrees in aeronautics and aviation, engineering, computing and cybersecurity, business, science and mathematics, psychology, education and communication. Learn more about our relentless pursuit of greatness at floridatech.edu.

About the Florida SBDC Network: 

For over forty years, the Florida SBDC Network, the state’s principal provider of business assistance [Fl. Stat. 288.001], has nourished a statewide partnership between higher education and economic development to provide existing and emerging small and medium-sized business owners with management and knowledge resources that enable overall growth, increased profitability, and economic prosperity for Florida’s economy.

In 2019, Florida SBDCs provided 114,064 hours of professional business consulting to 12,535 client businesses, resulting in 37,966 jobs impacted; $4.4 billion in sales generated; $496.5 million in government contracts acquired; and $255.3 million in capital accessed; and 453 new businesses started. With over 40 offices statewide, the Florida SBDC is funded in part by the U.S. Small Business Administration, Defense Logistics Agency, State of Florida and other private and public partners. The Florida SBDC Network, headquartered at the University of West Florida, is nationally accredited by the Association of SBDCs and is a recipient of the President’s E Award for Export Service. Florida SBDC services are extended to the public on a nondiscriminatory basis. Language assistance services are available for individuals with limited English proficiency. For more information, please visit www.FloridaSBDC.org.

 

Treasure Coast Business is a news service and magazine published in print, via e-newsletter and online at tcbusiness.com by Indian River Media Group. For more information or to report news email [email protected]

Dec. 29, 2022|

Major gift from legacy citrus grower for UF/IFAS Indian River Research and Education Center

Major gift from legacy citrus grower for UF/IFAS Indian River Research and Education Center

 

A heritage citrus grower who saw local fruit production rise in the world’s premier grapefruit region has willed a legacy gift to sustain the fruit industry he loved.

John T. Moose left the largest individual gift that the University of Florida/IFAS Indian River Research and Education Center in Fort Pierce has ever received. The $260,000 contribution comes in the same year as the center’s 75th anniversary and will help serve local agriculture and natural resources protection with research, Extension and education.

"John Moose built a legacy for collaboration in Florida citrus production best practices. With this exceedingly generous gift to our programs, Mr. Moose extends that endeavor into the 21st century," said Ronald D. Cave, Director of the UF/IFAS Indian River Research and Education Center (IRREC). "We are grateful for the bequest and will use it with Mr. Moose's mission in mind."

In recognition of the gift, the donation is named the “John T. Moose Endowment.” The endowment will be managed by the UF Foundation in Gainesville, with disbursements from interest gained on the principal. Funds will support local agriculture -- especially research for the citrus industry -- which has declined in recent years in the citrus greening era, said Cave.

“The Moose Endowment will advance the UF/IFAS global mission to support high-value crops by improving crops grown near Fort Pierce,” said Cave. “Our scientists work tirelessly to sustain the region’s renowned grapefruit and oranges for fresh fruit.”

Indian River District grapefruit is an export commodity, a delicacy in Europe and Asia. The Indian River District is a region along the Indian River Lagoon, from Mims, in Brevard County, to northern Palm Beach County.

In Moose’s time, he came to know the district and citrus production as an expert. A native of Tennessee, Moose moved to the Treasure Coast region in 1948, following completion of a bachelor's degree in agriculture and citrus production from UF College of Agriculture.

Moose and the late Alto “Bud” Adams became close friends during Moose’s employment as citrus production manager at Adams Ranch in Fort Pierce, one of America’s most prominent and historical ranches. Moose began his career in citrus production for the Michaels family in Indian River County’s coastal Orchid Island groves. From there, Moose gained expertise in the crop as his knowledge and best practices grew with increasing roles of responsibility, according to Robert Adams.

“I spent a lot of time with Johnny Moose on long drives all over Florida,” said Robert Adams. “We attended production manager meetings in places like Winter Haven to talk about production.” Adams said Moose designed a citrus grove on a square mile of land at his ranch. Moose knew about grove architecture—irrigation, bedding, how deep, and at what position to plant individual trees.

“Johnny Moose would visit about 15 groves a week in the ‘grapefruit belt,’ a common practice at the time, and make recommendations for herbicide, pesticides, and fertilizer treatments,” said Adams. “He would pluck a leaf off a tree and tell you what the tree needed in nutrients.”

“He also knew a lot about packing and finding buyers—Johnny had good judgment for markets,” Adams said.

Moose’s long and successful career included positions with Deerfield Groves, W.R. Grace Co., Fort Pierce Cooperative, Adams Ranch, and Diamond R Fertilizer. Moose was a founding member of Diamond R Fertilizer Co. He served on the boards of the Farm Bureau, Farm Credit, the Soil Conservation Service, and Ocean Spray Co., and was an alternate board member for the Indian River Citrus League.

Along with members of the Scott family, Moose grew lemons and tomatoes in the Devil’s Garden, Florida. Moose was involved with white grapefruit exports to Japan during his tenure as president and manager of Hobe Groves in Hobe Sound, Martin County. And it was from this grove operation that John T. Moose retired in 1984.

“Citrus growers had only two varieties of grapefruit when Johnny started in the citrus business—white or pink grapefruit,” said Robert Adams. “Working with UF/IFAS Extension, growers and Florida nurseries, Johnny Moose promoted Ruby Red, Flame, and Star Ruby grapefruit in Florida.” Adams points to the introduction of the new varieties a “monumental leap for the industry to provide sweet grapefruit.”

Like Alto and Robert Adams, Moose was an avid hunter. He joined the Adams on hunting trips in Fort Pierce and on Moose’s 500-acre cattle and citrus ranch in Kenansville, near the famous Heartbreak Hotel.

“Moose had charisma and was a likable guy,” said Robert Adams. “He was known for his passion and innovations in citrus production—and he was also an artist and craftsman.” Robert Adams owns a gun into which Moose carved an art relief on “the gunstock,” or the wide handle shooters use to fire a weapon.

Moose’s daughter, Caroline Moose Bingham, recounts days spent on the Kenansville family ranch. “The ranch was magical—unusual stands of native trees, horse rides, and family and friends were always a part of our lives then.”

Another fond memory Bingham shares is about a ‘house on stilts’ off a canal bank in Port St. Lucie. John Moose designed and built a 3-story Moose family home with salvaged bridge pilings he planted in the ground. “Our house was in the middle of our private 40-acre orange grove and could only be reached by a dirt jeep trail,” said Bingham. “It had crank-out windows and French doors that opened onto a wrap-around porch.”

Robert Adams notes Moose’s ongoing interest in new citrus cultivars and plant breeding to advance the region’s grapefruit production. “Johnny was always seeking ways for everyone who grew citrus in our area to make more money and reach new markets,” said Adams. “Moose believed rootstock and scion breeding was our answer to disease resistance.”

In 2008, at 82, Moose passed away at the Treasure Coast Hospice in Fort Pierce.

“It’s good that Johnny Moose isn’t around to see how the local industry struggles today in the era of citrus greening,” said Robert Adams. “But the Moose Endowment will help all of us do what he would have done if he were here today,” said Adams.

ABOUT UF/IFAS
The mission of the University of Florida Institute of Food and Agricultural Sciences (UF/IFAS) is to develop knowledge relevant to agricultural, human and natural resources and to make that knowledge available to sustain and enhance the quality of human life. With more than a dozen research facilities, 67 county Extension offices, and award-winning students and faculty in the U.F. College of Agricultural and Life Sciences, UF/IFAS brings science-based solutions to the state’s agricultural and natural resources industries, and all Florida residents.

ifas.ufl.edu  | @UF_IFAS

 

Treasure Coast Business is a news service and magazine published in print, via e-newsletter and online at tcbusiness.com by Indian River Media Group. For more information or to report news email [email protected]

Dec. 18, 2022|

Circles and Cycles set theme for Port St. Lucie Business Women board installation

Circles and Cycles set theme for Port St. Lucie Business Women board installation

Circles and Cycles of Life were the themes of the Installation of new Board members at the Port St. Lucie Business Women’s (pslbw.com) Dec. 1 holiday party, which took place at Gator Trace Golf and Country Club in Port St. Lucie. “Circles of seasoned members join with circles of younger members of the Port St. Lucie Business Women,” said Installation committee co-chair Susan Fines. “There are many ways the older generation can help and mentor the younger women, not only in business but also providing friendship and support throughout life cycles,” she added.

In 1980, four women in the banking field decided that women in St. Lucie County should be better recognized. They invited other women into their circle and became the Port St. Lucie Business Women. Throughout the organization’s 42 years, members have bonded while serving as officers, participating on committees, organizing fundraisers and seminars, and gathering for social events. To date, more than $200,000 in grants have been awarded to non-profit agencies serving women and children and more than $125,000 in scholarships have been given to women eager to complete their education.

Former president Maureen Darcy (2000 – 01) conducted the Installation of incoming officers. “Our members have come from a variety of fields: banking, real estate, health, education, the legal profession, advertising and public relations, the media, accounting, and public service,” began Darcy. “We have watched with pride as they moved up the ladder of success. We have had business owners, city council members, judges, church ministers and many others. Now is the time to move on. Tonight, we take the first steps into the future with the installation of our new officers.”

Newly elected Board members were informed of their duties and asked to pledge themselves to perform such duties. They were presented with potted plants and blank journals individually selected for each position. Incoming Board members for 2023 are Devon Dwyer, President; Mindi Fetterman, Vice President; Elaine Anderson, Secretary; and Stephanie Morgan, Treasurer. After the presentation, members formed a circle around the newly installed officers to show that the membership supports its leadership.

At the end of the program, former president Marilyn Lawless (2005 – 07) related the following.

"In closing our evening, the ancient native legend of the circle of friends says that at the end of the evening, friends would gather around a bonfire and share their hearts. They would speak of the good qualities of each other and remember times shared. As the embers faded, their friendship was said to be sealed anew, bringing them closer together. . . and so, this is us!

The Port St. Lucie Business Women is a 42-year-old, 501 (c) (6) non-profit professional organization dedicated to promoting the interests of businesswomen and serving our community. For more information, visit www.pslbw.com. Follow their Facebook page for updates about events, programs and community involvement.

 

Treasure Coast Business is a news service and magazine published in print, via e-newsletter and online at tcbusiness.com by Indian River Media Group. For more information or to report news email [email protected]

Dec. 9, 2022|

The City of Fort Pierce seeks small business poll input

The City of Fort Pierce seeks small business poll input

The City of Fort Pierce Economic Development Division releases new Small Business Development poll to gauge the state of the small business community within the city. The purpose of the program is to garner feedback from small business owners in an effort to create new programs and initiatives specifically designed to help small businesses with growth and sustainability.

Business owners participating in the survey are automatically entered for a chance to receive special recognition on the City’s website, social media accounts, and City Manager’s Report.

The short, 3-minute poll is open now and closes Friday, Dec.30, 2022, at 11:59 p.m. Eligible participants must be small business owners within the city limits of the City of Fort Pierce.

Complete the Small Business Development Poll at www.surveymonkey.com/r/fpsmallbiz.poll. For more information, please contact Marsha Noel, redevelopment specialist at [email protected] or by phone at 772-429-9834.

 

Treasure Coast Business is a news service and magazine published in print, via e-newsletter and online at tcbusiness.com by Indian River Media Group. For more information or to report news email [email protected]

Dec. 9, 2022|

Manufacturer Relocates to Indian River County

Manufacturer Relocates to Indian River County

Board of County Commissioners Approve Jobs Grant Incentive

The Indian River County Chamber of Commerce Economic Development Office is pleased to announce that Kessel Medical, Inc. was approved for the county’s Local Jobs Grant incentive. Kessel Medical is a medical device manufacturer that relocated to Vero Beach from Atlanta in late 2021.

In a unanimous decision, the Indian River County Board of County Commissioners approved Kessel Medical’s request for a Local Jobs Grant. The company anticipates

hiring 20 new employees over the next three years, at salary levels at or above the county’s average annual wage of $51,000.  Using these figures, county staff calculated that Kessel Medical is eligible for a Local Jobs Grant in the amount of up to $106,000, with payments to begin a year after the jobs are filled, paid over a 5-year period. Based on earnings, the Chamber’s Economic Development Office estimated the company’s economic impact at nearly $1.8 million, using a 1.45 multiplier for the manufacturing industry.  Medical manufacturing is a targeted industry for Indian River County and the State of Florida.

Kessel Medical produces FDA-approved in-vitro diagnostics and neurosurgical implants for home and hospital use, contracting with other small medical device companies along the U.S. east coast. With 60 years combined experience in the medical industry, over 56 patents issued through the U.S. patent office, numerous national design excellence awards and a generous exit from a prior medical device start-up, the founders “felt that the next phase of their entrepreneurial journey would be best undertaken in the small slice of paradise that is Vero Beach”, explains Jack Griffis,  the company’s co-founder and CTO.

“Kessel Medical is extremely pleased with the Commission’s unanimous decision to approve the jobs grant application” continues Mr. Griffis. “Since starting operations in Indian River County earlier this year, Kessel has been able to grow at a much faster rate than originally anticipated. In combination with this accelerated growth, the Jobs Grant will permit Kessel to recruit and retain high quality talent for production, operations engineering, and quality assurance support. We look forward to our upcoming facility expansion as well as bringing to Indian River County more high paying job opportunities for the population at large.”

The Chamber’s Economic Development Office is working with the owners to help them find larger space as they grow their operations.

“We are excited to have Kessel Medical a part of our growing medical community,” notes Helene Caseltine, the Chamber’s Economic Development Director.  “With annual salaries paying at or above the county’s average annual wage, this calculates to approximately $1.2 million in new paychecks circulating in our local economy each year, once the company is in full operation.” The company also plans to offer competitive internships and co-operative education employment to local college and university students.

For more information on locating or expanding a business in Indian River County, call Helene Caseltine at the Indian River County Chamber of Commerce, 772-567-3491 or visit www.indianrivered.com.

 

Treasure Coast Business is a news service and magazine published in print, via e-newsletter and online at tcbusiness.com by Indian River Media Group. For more information or to report news email [email protected]

Dec. 9, 2022|

“I Love You The Whole Wide World” Debuts at G. Alan Fine Jewelry & Coin

"I Love You The Whole Wide World" Debuts at G. Alan Fine Jewelry & Coin

 

 

Wednesday, Dec. 7 from 5:30 – 7 p.m., join G. Alan’s Fine Jewelry and Coin and Sandee’s TWW World, LLC at the introduction of “I Love You The Whole Wide World,” a vision of merchandise created and sold for the purpose of expressing your love while providing funds for children’s and animal charities. Featured items will include jewelry, teddy bears, and Christmas ornaments, plus a sneak peek of items and inventory which will be offered in 2023. A portion of every sale will be donated to a nonprofit. The Open House preview will take place at G. Alan’s Fine Jewelry and Coin at 909 West Midway Road, Fort Pierce and is open to the public.

 

Treasure Coast Business is a news service and magazine published in print, via e-newsletter and online at tcbusiness.com by Indian River Media Group. For more information or to report news email [email protected]

Dec. 2, 2022|

Florida Power & Light donates $50,000 to support Florida SBDC disaster recovery efforts

FPL donates $50,000 to support Florida SBDC disaster recovery efforts

 

 

The Florida SBDC Network, the state’s principal provider of small business assistance, is committed to ensuring that small business owners impacted by Hurricane Ian receive the resources and assistance they need to rebuild and recover. The network is pleased to announce that Florida Power & Light Company (FPL) has provided the Florida SBDC with $50,000 to support the network’s continued efforts to help small businesses impacted by the storm.

“Since Ian first impacted our state, our network has been hard at work helping small businesses access the resources they need to rebuild and reopen,” said Greg Britton, state director of the Florida SBDC Network. “We are so appreciative of FPL’s support and their commitment to small businesses. It is through their generous support that we are able to continue to do the important work we do to help businesses recover.”

Hurricane Ian made landfall in Southwest Florida as one of the strongest hurricanes to hit the United States. The powerful storm has caused widespread damage to small business owners across the state.

The Florida SBDC Network serves as part of the state’s Emergency Support Function (ESF-18) for Business and Industry. In this role, the network plays an integral role following a disaster in helping coordinate recovery efforts and helping small business owners apply for disaster assistance.

In partnership with the SBA, state, and local partners, the network has opened and staffed Business Recovery Centers (BRCs) in hard-hit communities where impacted business owners can come for in-person assistance in understanding and applying for state and federal disaster loans. The Florida SBDC has also deployed its fleet of mobile assistance centers (MACs) - a fleet of recovery vehicles - into communities to establish BRCs where physical facilities are not easily available. MACs have been on the ground in the impacted area since immediately after the storm. These mobile units have brought support to eleven counties, helping to facilitate over 2,100 hours of service provided to impacted business owners through consulting at mobile and fixed site business recovery centers.

Florida Power & Light Company’s donation enables the network to extend its MAC and staff deployment in the field to support long-term recovery efforts, ensuring small business owners have access to critical resources

“I believe Florida’s SBDC is the best small business support network in the country,” said Pamela Rauch, vice president of external affairs and economic development for FPL. “They have been on the ground for more than a month in those areas hardest hit by Hurricane Ian and we’re happy to help them extend that support. Small businesses are the foundation of Florida’s economy and getting them back on their feet is critical to rebuilding not just the regions affected by the storm but the entire state.”

FPL’s Office of Economic Development works to attract new and expanding companies and capital investment to the state by providing Infrastructure assessments, energy rate quotes, information on energy efficiency programs and more. FPL also provides a small business tool to help companies identify and map potential customers and suppliers, and map demographics, labor force and consumer expenditure data. 

For more information on how the network is helping small businesses recover from Hurricane Ian, please visit www.FloridaSBDC.org/disaster.

 

About the Florida SBDC Network:

For more than 45 years, the Florida SBDC Network, the state’s principal provider of business assistance [Fl. Stat. 288.001], has nourished a statewide partnership between higher education and economic development to provide existing and emerging small and medium-sized business owners with management and knowledge resources that enable overall growth, increased profitability, and economic prosperity for Florida’s economy. In 2021, the Florida SBDC Network delivered more than 157,000 hours of consulting to more than 18,000 small business clients – resulting in business owners securing over half a billion in capital, securing more than $380 million in government contracts, impacting 28,930 jobs, increasing sales by over $4 billion, and creating 778 new businesses.

With over 40 offices statewide, the Florida SBDC is funded in part by the U.S. Small Business Administration, Department of Defense, State of Florida and other private and public partners. The Florida SBDC Network, headquartered at the University of West Florida, is nationally accredited by the Association of SBDCs and is a recipient of the President’s E Award for Export Service. Florida SBDC services are extended to the public on a nondiscriminatory basis. Language assistance services are available for individuals with limited English proficiency. For more information, please visit www.FloridaSBDC.org.

 

 

Treasure Coast Business is a news service and magazine published in print, via e-newsletter and online at tcbusiness.com by Indian River Media Group. For more information or to report news email [email protected]

Nov. 25, 2022|

Florida Department of Economic Opportunity Activates Business Damage Assessment

 Florida Department of Economic Opportunity Activates Business Damage Assessment

 

The Florida Department of Economic Opportunity (DEO) announced the activation of the Business Damage Assessment Survey to gauge the impact of Hurricane Nicole on Florida businesses. Survey responses will assist the state in expediting recovery efforts by providing data on the needs of affected businesses.

On Nov. 10, Gov. Ron DeSantis issued Executive Order 22-256, declaring a state of emergency for the entire State of Florida. St. Lucie County encouraging any businesses impacted by Hurricane Nicole to complete the survey.

“The Business Damage Assessment Survey assists DEO and its federal, state and local partners in understanding physical and economic impacts to inform decision-making. I encourage businesses impacted by Hurricane Nicole to complete the survey at www.FloridaDisaster.biz,” said DEO Secretary Dane Eagle.

Results from the Business Damage Assessment Survey will be shared with various federal, state and local agencies to implement appropriate relief. Businesses can complete the survey online or visit www.FloridaDisaster.biz and select “Hurricane Nicole” from the dropdown menu. If you need additional assistance with your business, please call 850-815-4925 between the hours of 8 a.m. to 6 p.m. or email [email protected]Florida.com.

The Florida Small Business Development Center at Indian River State College wants to ensure all state and/or federal emergency lending tools and programs are available to area businesses. If local businesses have any questions regarding the survey or would like to speak with the local Florida Small Business Development Center, please contact Katie Muldoon at 772-336-6285 or email [email protected].

About DEO

The Florida Department of Economic Opportunity combines the state’s economic, workforce, and community development efforts, expediting economic development projects to fuel job creation in competitive communities and promote economic resiliency. For more information, including valuable resources for employers and job seekers, please visit www.FloridaJobs.org.

 

Treasure Coast Business is a news service and magazine published in print, via e-newsletter and online at tcbusiness.com by Indian River Media Group. For more information or to report news email [email protected]

Nov. 17, 2022|

Census Bureau service provides timely updates on business startups

Census Bureau service provides timely updates on business startups

Florida has seen unprecedented growth during the past two years in the number of new business starts. In 2020, more than 495,000 new applications were filed to start a new business — up 26.8% from the previous year. While these were staggering numbers, the pace continued at the same robust rate in 2021. Last year, there were more than 632,000 new business applications [another 27% increase year-over-year]. 

These same trends were happening across the entire nation, with new business creation booming in most states. Peer states, like New York, California and Texas, were also experiencing tremendous growth in new businesses, but none had growth as robust as Florida. As one of our partners, the Florida Chamber of Commerce, shared last year, Florida has been the No. 1 state for new business starts for the past two years. 


The 2021 county-level data was just released June 23. The county-level numbers are also used to populate county and regional policymakers dashboards.


U.S. CENSUS BUREAU

U.S. Census Bureau

Business applications are easier to track and compare due to the launch of a standard data product by the U.S. Census Bureau. The Business Formation Statistics data series provides timely information on new business applications and formations in the United States. There are many perks of using the BFS as a real-time indicator for tracking the business environment, including that it is available at the national, regional, and state levels. However, the strongest asset of the data series is that it is available weekly, meaning you can regularly track where your state is compared to the previous year.

FL new businesses

Moreover, the data series tracks different types of applications. The overall application number is benchmarked against high-propensity applications. This group includes those that are from some key industry sectors, corporations, those with planned wages, and those that are hiring. All of the other sub-types of business applications are included in the overall business applications number. Examining it this way confirms that the majority of business growth is in those that are going into business for themselves as a non-employer or a sole proprietorship. The overall business number for our state reflects that trend as well — 2.4 million of 2.8 million businesses are non-employers. 

BFS are also available by county, but not in real time. The 2021 county-level data was just released June 23. The county-level numbers are also used to populate county and regional policymakers dashboards.

Last year, aspiring entrepreneurs were about 19% of the Florida SBDC Network’s clients, and startups [those in business less than three years] were about 30% of its clients. To some, that market segment distribution of clients may be surprising. After all, established businesses have been dealing with various external pressures like the pandemic, rising operating costs, supply chain and labor shortages, and now inflation. However, the flip side of the Great Resignation has been that advancing technology and cultural shifts in work-life balance have fostered a fertile ground for aspiring entrepreneurs. Ultimately, this means that the demand for Florida SBDC Network services is extremely high from all market segments of businesses and will likely continue to be throughout the year. 

Pulling together this data for the network, the Florida small business community and our partners through dashboards can provide a variety of insightful relationships, including where growth is happening most in earnest, how industries are growing throughout the state and how marketing teams can target these new entities most effectively. Florida might rank third in population, but it is proving to be No. 1 for businesses.

 

See the original article in the print publication


Treasure Coast Business is a news service and magazine published in print, via e-newsletter and online at tcbusiness.com by Indian River Media Group. For more information or to report news email [email protected]

Oct. 14, 2022|