The Economic Perspective 5/9/2025

The Latest Trending Economic, Environmental and Infrastructure News Curated for You by The Balmoral Group

The Balmoral Group provides practical, professional and precise Economics, Data Analytics, and Engineering Consulting services and is part of a globally integrated team.

Happy Friday!

This week, TBG's Winter Park office participated in the AdventHealth Corporate 5K annual race in downtown Orlando and despite the stormy weather that brought rain, hail, thunder and lightning, our team shared camaraderie and friendly competition with many other companies from the area and helped support great causes with proceeds from the event supporting Track Shack Youth Foundation and Second Harvest Food Bank of Central Florida. Also this week, TBG Economist Grant Miller attended the University of Florida IFAS Agricultural Policy Outlook conference in Citra and learned valuable information to help inform TBG's future irrigation demand estimates - developed for FDACS and used widely around the state.

In this edition of the Economic Perspective, we highlight American Wetlands Month, USDA disaster relief funding, mining opposition in Arizona, and more. Our data visualization presents recent work from the University of Liverpool that uses a unique visual tool to show global temperature trends with "climate stripes". 

Please feel free to forward this to anyone you think would be interested. If you’d like to view previous editions please click here, or to subscribe please click here!

Thanks for reading and have a great weekend!

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Florida Legislature Passes Bill to Hold Owners of Abandoned Boats Accountable

All across Florida, there are over 900 abandoned and derelict vessels, which the state often has to remove while incurring the cost of doing so, estimated to be between $10 to $20 million. Under new legislation recently passed by the State Legislature, the FWC would mandate boat owners to get a long-term anchoring permit if anchored in one location for more than 30 days. Additionally, any boat owners who refused to pay for their boat’s removal would not be allowed to buy another vessel or vehicle under the new bill. Sunken boats are not only a cost to the state for removal, but cleanup costs for derelict vessels that damage the environment or private property can be significant and bring up further legal issues. Read more here.

USDA Announces Application Process for Billions in Disaster Relief

U.S. Agriculture Secretary Brooke Rollins announced on Wednesday May 7th the USDA's plan to distribute $31 billion in aid, comprising $10 billion in economic assistance and $21 billion in disaster relief. The disaster relief targets losses from 2023 - 2024 due to events like droughts, hurricanes, floods, wildfires, and other extreme weather events. Rollins emphasized expedited processing without requiring tax returns, marking a shift from previous practices. This initiative responds to the severe downturn in the agricultural economy, aiming to provide timely support to affected farmers. Read more here and here.

In Southern Arizona, Community Opposition to Mining Grows in Towns that Once Depended on the Industry

Across southern Arizona mining towns have withered away over decades as mines have been closed and towns once dependent on them have moved on with mixed success. Mammoth, is one such town that once relied on a copper mine and was a bustling town to now a quiet row of streets and shuttered bars. A copper mine could potentially be returning to Mammoth and while some residents who once worked in the mines understand its value, many will not support the mine due to its water consumption. The drought-stricken area of southern Arizona will struggle to support the 70,000 gallons of water per month at each drill site that would be needed. With 67 proposed drill sites the water costs will be tremendous. Additionally, native land, national monuments, and other environmental areas will be impacted by this return to mining that is occurring in Arizona. Read more here and here

May Is American Wetlands Month

May marks a time to celebrate the vital role wetlands play in protecting water quality, reducing floods, supporting wildlife, and storing carbon. In Washington State, wetlands like swamps, marshes, and bogs provide diverse ecological benefits and are the focus of active conservation efforts. Projects such as the Elliott Bridge Reach restoration on the Cedar River and the NE Auburn Creek fish passage improvements showcase ongoing work to restore habitats and improve ecosystem health. Through preservation efforts like the Taylor Creek Headwaters project, the state ensures long-term protection of these crucial areas. Residents can support wetlands by visiting local sites, volunteering, or learning more through the Washington Department of Ecology’s resources. Wetlands are essential, and worth protecting! Read more here and here.

New Culvert Replacement Budget Passed in Washington

Following up on articles published in our Flash report previously, Washington State Legislature approved an additional 1.1 billion dollars toward fish-passage-improving culvert replacements across the state. This comes after mediation to renegotiate both the budget and prioritization of proposed culvert replacement projects, which occurred in March. A Senate proposal for a 5-billion-dollar fund utilizing bonds to pay for projects was shot down, but in a show of good faith, the State Legislature has passed the latest, albeit smaller, funding plan. The Governor of Washington, Bob Ferguson, has until May 20th to review and veto items within the budget. Read more here.

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Data Visualization of the Week

"Climate Stripes" Visualize Global Temperature Trends

A new visualization of global warming was recently released by the University of Liverpool. The visualization shows “Climate Stripes” which correspond to temperatures in the upper oceans and lower atmosphere, and which range from blue to red colored, corresponding to the degree of warming experienced in a given year. As shown below, the visualization is a dire, dark red during the most recent years, with the most severe occurring in 2024. Visualization courtesy of the University of Liverpool.