State of Florida

Ben Watkins, Director of the State of Florida's Bond Division, talks with Chip Barnett about the latest news coming out of the Sunshine State and takes a look at what's happening in Reedy Creek. He discusses Florida's bonding and debt, infrastructure plans and dives into the state's ESG priorities. (30 minutes)

“In the Great Recession it took us like seven or eight years to get back to where we were pre-recession,” Florida's Ben Watkins said. “This time it was less than 24 months.”

While the outlook revision reflects the view there is a one-in-three chance RCID's credit profile could be positively or negatively impacted, future events remain unclear, said S&P's Christian Richards.

Florida's economy is stabilizing from the COVID-19 pandemic, but nature and man may bring other threats to its recovery.

Over the next 10 years, the Division of Bond Finance forecasts about $1.8 billion of net tax-supported debt will be issued, mostly for transportation projects.

South Florida commuters stuck in traffic may see some relief ahead as Miami-Dade County steps up investment in its transportation infrastructure.

The state's record-high budget includes relief from the federal American Rescue Plan Act.

Revenue from the new law would replenish the state's unemployment fund and then cut taxes on commercial real estate rents.

With federal aid rolling out, the municipal credit picture is improving and issuers are coming to market at a faster clip. An infrastructure package could push issuance levels even higher.

The pact may generate up to $2.5 billion in revenue for the state in the next five years and $6 billion through 2030.