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The Economic Perspective 7/14/2023

The Latest Trending Economic, Environmental and Demographic 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, everyone!

News from all over the nation this week! The Florida TBG team was out and about yesterday at a company beach cleanup event in Cocoa Beach hosted through Keep Brevard Beautiful. Our group of 21 people collected 60 gallons of trash from Cocoa Beach and surrounding parks!

This week the City of Seattle hosted 2023 Major League Baseball (MLB) All-Star Week from July 7-11. This marked the third time in franchise history and first time in over two decades that the Midsummer Classic was here in Seattle (last hosted in 2001). Visit Seattle forecasted $50+ million in economic impact generated by the All-Star Week events, with sold-out crowds of over 47,000 fans lined up at T-Mobile Park for both the Home Run Derby (July 10) and the All-Star Game (July 11). Over 100,000+ fans attended other events during the week, including Capital One PLAYBALL PARK at Lumen Field.

Reminder to join TBG President Valerie Seidel next week at the upcoming 37th Annual Environmental Permitting Summer School, hosted by Florida Environmental Network, Inc.! Valerie will be participating in two talks, both scheduled for Thursday, July 20th, where she will be discussing resiliency, long-term water demand, aquaculture, and more! Registration here.

In this week’s edition, we have pieces on the anniversary of the first images from James Webb Telescope, Robots and Seagrass Restoration, and Air Pollution and Insects. In the spirit of baseball, we also have a data visualization piece on the revenue of MLB. Check it out!

Enjoy the read and feedback is always appreciated! 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! Have a great weekend!

One Year Anniversary of First Images from James Webb Telescope

July 12th marked the one-year anniversary of the first images received from the James Webb Space telescope, and to share this celebration, NASA released some starry pictures from the telescope. The new image shows the closest star-forming system from Earth called Rho Ophiuchi, a 390 light-year away system where new stars radiate a cloud of dust and gas that creates a magnificent image to behold. In the image, roughly 50 young stars are shown and also protoplanetary disks (the shadows around the stars). These disks build up clump over time to form a solid core and eventually, a planet. The image shows the breathtaking nature of space with more to be seen and read here. Image source: NASA, ESA, CSA, STScI, K. Pontoppidan (STScI), A. Pagan (STScI)

Remote Control Robots Aid Seagrass Restoration

A recent seagrass restoration trial in Wales using robots had significant success and could be a breakthrough in the field. This discovery could lead to widespread restoration, which is imperative as the United Kingdom has lost most of its seagrass. Seagrass is critical to aquatic ecosystems because it produces oxygen, cleans the ocean, and stores carbon, among other benefits. Reefgen, a company based in San Francisco, designed the robot to hold seeds mixed in mud and inject them into the seabed sediment. Organizations like the WWF have said other countries can replicate this process worldwide. Read More.

Extreme Ocean Heat Leads to Coral Bleaching in Florida

A marine heat wave off the coast of Florida has shown unprecedented high sea temperatures, reaching the highest levels on record since satellites were able to begin collecting data. Not only are the temperatures higher and nearing close to 97 degrees Fahrenheit, they are also happening much faster than usual, highlighting that climate change has magnified this. With this comes alarming concern, as temperatures that are too hot cause coral to stress that leads to bleaching, which ultimately ends with them starving to death. Coral reefs are vital to the ecosystem, and they also generate billions of dollars for Florida’s economy through recreational and aesthetic activities such as fishing. Coral bleaching is just one consequence of climate change, and ocean warming is only becoming more and more serious of an issue. Read more here.

Air Pollution Impairs Insects' Senses, Jeopardizing Survival: Study Reveals

A study conducted by researchers from the University of Melbourne, Beijing Forestry University, and the University of California Davis has found that air pollution reduces an insect's ability to find food and mates by contaminating their antennae. The particulate matter from various sources, including industry, transport, and bushfires, collects on the sensitive antennae of insects, hindering their capacity to detect odors. This can lead to declining insect populations, affecting crucial ecological functions such as pollination and nutrient recycling. The study emphasizes the potential risk that air pollution poses to insect populations, even in remote and pristine habitats. Read more here.

General Mills is Paying this Agricultural Tech Startup to Help Make Cheerios Greener

Regrow Ag, a startup focused on decarbonizing and renewing agriculture, works with satellite imagery weather data, government soil maps, and on-the-ground observations to work into a computer model that knows how soils and crops behave based on different conditions. Regrow Ag will monitor this data to ensure agricultural practices that are adopted have a sustainable effect on soil and crop health. Regrow Ag will then sell this data to companies such as General Mills who will send this information to the farms they source their ingredients from. Other corporations that are pledging net zero emissions are buying Regrow Ag data. Read More.

Data Visualization of the Week

Major League Baseball Total Revenue, 2001-2021

Major League Baseball in 2021 had an overall revenue of 9.56 billion U.S. dollars, averaging a per team revenue of $319 million U.S. dollars, largely from broadcast rights, merchandise sales, ticket sales, and sponsorships. The MLB continues to be one of the most profitable sports leagues in the world, with revenues consistently growing year over year. MLB teams have some of the highest franchise values out of all professional sports leagues worldwide. For instance, as of May 2022, the New York Yankees were the second most valuable sports team in the world. The average franchise value of MLB teams has experienced positive year-on-year growth since 2002, registering an almost nine percent jump between 2021 and 2022. Read more here.


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