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Florida Chamber CEO reveals ‘secret sauce’ behind economic boom as blue states enter ‘death spiral’

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Florida Chamber CEO reveals 'secret sauce' behind economic boom as blue states enter 'death spiral'

Behind Florida’s fine sand beaches and bright green palm trees, a roaring and thriving economy isn’t just running on sunshine; it’s a direct result of a “secret sauce” that combines aggressive private-sector growth with a stark fiscal contrast to the policies of high-tax, Democratic-led states.

While hubs like New York and California descend into what Florida Chamber of Commerce President and CEO Mark Wilson calls a “death spiral,” the Sunshine State is officially open for business as a global superpower. With more than $4 million in wealth flowing across its borders every single hour, Florida has leapfrogged Spain to become the 15th-largest economy in the world — and Wilson says the state is just getting started.

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“Part of the secret sauce in Florida is that we’re all on the same page,” Wilson told Fox News Digital. “The business community, our elected leaders, we understand that economic growth — growing the private sector and shrinking the public sector — that’s good for everyone in Florida. So we have 23.5 million people here, and we want to create economic opportunity and good jobs for everyone who wants to be in Florida.”

“I always say, if Florida was a stock, I’d be investing everything I had in it. It’s because of our economic diversification strategy and our focus on growing business and growing jobs,” he continued.

A.I. GIANT PALANTIR MOVES ITS HEADQUARTERS TO FLORIDA AS TECH COMPANY EXODUS CONTINUES

Wilson provided the most current statistics around Florida’s population and wealth migration, which began in the early post-pandemic period. The number of new residents moving to the state every day has decreased from a peak of 1,000 to between 500 and 600 people, while the amount of income has remained the same at just over $4 million, “24 hours a day, nights, weekends, holidays included.”

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Welcome to Florida sign with palm trees

Through 2030, Florida is expected to welcome 500 to 600 new residents per day. (Getty Images)

The Chamber’s 2030 blueprint aims to raise Florida’s economy to a top-10 spot by that landmark year, and Wilson remained confident in the state’s ability to accomplish that goal, noting the state is reportedly close to surpassing Australia for 14th place.

“Florida leads the nation by a country mile [in income migration],” Wilson said. “States like New York, Illinois, and California are losing over 1 million dollars an hour of income. And so, if you look at the death spiral that New York is right now, for example, New Yorkers are looking at increasing income taxes, they’re looking at increasing property taxes. Of course, Florida doesn’t have an income tax.”

“The big economics lesson in America right now is Florida’s tax revenue’s up… our tax rates have gone down. But people are relocating to Florida, they’re moving their businesses here, they’re investing in our communities… that’s actually driving additional tax revenue,” he added.

Specific failures of these high-tax states go beyond the economics, as Wilson also responded to numerous reports in the new year that many prominent California billionaires and business leaders — Larry Page, Sergey Brin, Mark Zuckerberg and others — have moved to Florida, and critics of wealthy movers.

“A lot of people ask us, what’s the secret to Florida’s success? And at the Florida Chamber, we believe that no one else is responsible for Florida’s success except for Florida,” Wilson noted. “We have to look at everything from kindergarten readiness to, how do we cut childhood poverty in half? How do we make sure we have the best education system in the nation, the best legal climate, tax climate, regulatory climate, and the best quality of life of anywhere on the continent? And that’s exactly what Florida’s done.”

MARK ZUCKERBERG BECOMES LATEST CALIFORNIA BILLIONAIRE TO RELOCATE TO FLORIDA AMID TAX CONCERNS

“People of all incomes, of all different backgrounds are relocating to Florida to work, to retire, to learn, to take advantage of our education system… Florida is literally a land of opportunity where everyone can succeed. We’re so grateful to have all of these billionaires moving into Florida because they bring their businesses with them, they invest in communities,” he explained.

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“Florida’s actually delivering on the promise of freedom and free enterprise. If you’ve got a family that wants to thrive or a company that wants to thrive, I think people are realizing Florida’s not just this idea and experiment. We’re actually doing it and it’s working, and I think that’s what’s most gratifying to me.”

– Mark Wilson

“These billionaires believe that Florida can do this, and they want to be here to take advantage of the innovation, the creativity, the resiliency, the growth opportunity that we have here in Florida. And states like California, Illinois, New York, New Jersey — they’re literally killing innovation. They’re literally putting a lid on these types of opportunities that really make America as good as it is.”

Wilson also touted fiscal sanity, running the state truly like a business, staying within budget while utilizing the synergy between Florida’s public and private sectors.

“New York’s been in the news a lot lately. Florida has more people than the state of New York, but New York’s state budget is twice the state budget of Florida,” the CEO detailed, “and so as they look to raise property taxes and income taxes in New York, we look to cut them.”

“Something that doesn’t get a lot of notoriety is Florida has the lowest debt per capita of any state in America. Not just compared to the big states of any state in America. It’s only about $1,000 per resident. We literally pay cash for things. And when Florida does borrow money, we’re paying lower interest rates than almost any other state in the country.”

Looking ahead to 2030, Wilson says it’s easy to imagine what success looks like in Florida aside from the rising GDP and income migration.

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“We found out that even though we were creating about one out of every 10 jobs in America, we have over 700,000 children living in poverty,” he said. “What we discovered is, over half of our kids in poverty live in just 15% – or 150 – of our ZIP codes. So by making the schools in those ZIP codes the best schools in Florida… that’s the kind of economic development that’s going to grow communities.”

“We cannot become the 10th largest economy in the world if we don’t have our kids reading at grade level and if we don’t cut childhood poverty in half. So it all is part of one big puzzle and there’s no silver bullet… and I think it’s why Florida is the example of where the rest of the country can go.”

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Why the average age of a first-time buyer has risen

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Why the average age of a first-time buyer has risen

The average age of a first-time buyer in England has risen from 29 to 34.

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Gaffney, APEI SVP, sold $150k in stock

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Gaffney, APEI SVP, sold $150k in stock

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Angelina Jolie Eyes Life Abroad After Oscars Absence, Amid Ongoing Winery Dispute with Brad Pitt

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Brad Pitt and Angelina Jolie

LOS ANGELES — Angelina Jolie skipped the 2026 Academy Awards earlier this month, a decision sources close to the actress described as unsurprising given no eligible projects and her shifting priorities away from Hollywood’s spotlight. The Oscar winner, who last attended the ceremony in 2024 for her directorial work, instead focused on personal transitions, including plans to relocate abroad later this year as her youngest children approach adulthood.

Brad Pitt and Angelina Jolie

Jolie, 50, has been candid about feeling disconnected from the United States in recent interviews, stating she no longer “recognizes” the country due to changes in freedom of expression and social climate. Sources told People magazine in late 2025 that she is “excited” about moving overseas once custody arrangements with ex-husband Brad Pitt allow greater flexibility. Her twins, Knox and Vivienne, turn 18 in July 2026, potentially freeing her from Los Angeles residency requirements tied to the long-running divorce.

The actress listed her historic $25 million Cecil B. DeMille estate in Los Angeles for sale after renovations, with pre-qualified buyers touring the property. Plans call for splitting time between New York—home to her sustainable fashion venture Atelier Jolie—and Europe or Cambodia, where she holds citizenship and has deep humanitarian ties through her work with refugees.

Jolie’s humanitarian efforts remain central. Recent reports noted her visits to conflict zones, though specifics on 2026 activities were limited. Her UNHCR ambassadorship continues to drive advocacy, often drawing her away from entertainment circles.

Professionally, Jolie is in a transitional phase with new projects gaining traction. Her latest film, “Couture,” a fashion-world drama directed by Alice Winocour, was acquired by Vertical for North American theatrical release later in 2026 following its world premiere at TIFF in 2025. Jolie stars as Maxine, a filmmaker facing breast cancer who enters a romance during Paris Fashion Week chaos. The ensemble includes Louis Garrel, Ella Rumpf and newcomer Anyier Anei, exploring themes of women’s resilience, solidarity and shared struggles across cultures and professions.

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Rumors of a real-life romance between Jolie and co-star Garrel surfaced after public dinners, but sources close to the actress told TMZ on March 2 that the pair are not dating. “It’s strictly professional,” one insider said, emphasizing her focus on work and family post-divorce.

Jolie has not been in a relationship since finalizing her divorce from Pitt in December 2024 after an eight-year legal battle, according to a source cited by People. “She’s too busy focusing on her work and her six children,” the source said. “She hasn’t had a boyfriend.”

Family dynamics drew attention when eldest son Maddox dropped “Pitt” from his last name in credits for “Couture,” where he contributed to production. The move, reported in late February, fueled speculation about strained ties, with some Pitt associates claiming it reflected Jolie’s influence. Maddox, now in his 20s, has increasingly aligned with his mother’s projects.

The divorce settlement, reached after years of custody, property and winery disputes, has not fully quelled tensions. Brad Pitt is pushing to depose Russian businessman Yuri Shefler regarding dealings related to their French winery, Château Miraval, according to court documents obtained by TMZ on March 17. The ongoing litigation centers on ownership and sales rights, with Pitt seeking clarity on transactions involving the multimillion-dollar asset. Sources described Jolie as “mentally drained” by the protracted fight, which has spanned nearly a decade since their 2016 separation.

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Despite personal challenges, Jolie’s career shows momentum. She is reuniting with “Mr. & Mrs. Smith” director Doug Liman for an untitled spy thriller, signaling a return to high-profile acting. Additionally, “Sunny,” an action-thriller directed by Eva Sørhaug and inspired by mafia classics, is in production, marking her first action role in years after projects like “Eternals” and “The Eternals” in 2021.

Atelier Jolie continues to thrive as a platform for ethical fashion, blending Jolie’s advocacy with creative output. The New York-based collective emphasizes sustainability and artisan collaboration, reflecting her shift toward entrepreneurial and philanthropic endeavors over traditional stardom.

Jolie’s evolution from blockbuster star to multifaceted figure—actress, director, humanitarian and businesswoman—defines her 2026 chapter. Skipping awards season aligns with her preference for privacy and meaningful work amid life changes. As she prepares for potential relocation, upcoming releases like “Couture” and ongoing advocacy suggest she remains influential, even from afar.

With children growing independent and legal battles simmering, Jolie appears poised for a new era prioritizing global perspectives over Hollywood drama.

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Who is Atanu Chakraborty and why did HDFC Bank lose Rs 1 lakh crore?

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Who is Atanu Chakraborty and why did HDFC Bank lose Rs 1 lakh crore?
Dalal Street witnessed a sharp selloff on Thursday, led by a steep fall in HDFC Bank, India’s largest private lender. The share price plunged by up to 9%, erasing over Rs 1 lakh crore in market value in a single session and marking its worst single-day decline since March 2020.

The trigger was the resignation of part-time Chairman and independent director Atanu Chakraborty. In his letter, Chakraborty cited developments and practices at the bank over the past two years that did not align with his personal values and ethics. “This is the basis of my aforementioned decision,” he wrote.

He highlighted that his tenure coincided with key milestones, including the merger with HDFC, which transformed the institution into one of the largest financial conglomerates in the country. While he also noted that the full benefits of the merger are yet to materialise, the move cemented HDFC Bank’s position as the second-largest lender in India.

A near 9% fall in a heavyweight like HDFC Bank underscores the significance of the development and the influence of the individual at the centre of it. Here’s a closer look at Atanu Chakraborty.

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Atanu is a retired 1985-batch IAS officer from the Gujarat cadre, who served as the Economic Affairs Secretary in the Ministry of Finance, Government of India, until his retirement in April 2020. He has also represented India as an alternate Governor on the World Bank Board and was a member of the Central Board of Directors of the Reserve Bank of India. His appointment as Union Economic Affairs Secretary was approved by the Appointments Committee of the Cabinet.


He holds a BTech degree in Electronics and Communication Engineering from the National Institute of Technology, Kurukshetra. He further pursued a postgraduate diploma in Business Finance from ICFAI, Hyderabad, and completed his MBA from the University of Hull in the United Kingdom.
HDFC Bank moved swiftly and appointed Keki Mistry, former CEO of HDFC, as interim part-time chairman with approval from the Reserve Bank of India. Following the development, the lender organised a conference call.

What did Keki Mistry say?

Addressing analysts a day after the surprise exit, interim chairman Keki Mistry said there was “no power struggle within the bank” and stressed that the board had not witnessed any kind of complete difference in opinion in its meetings.

“None of us is aware of the issues raised by Chakraborty in [his] letter,” Mistry said, adding that there had been no discussion regarding governance within the board.

Mistry added that the lender’s leadership remained aligned, dismissing suggestions of internal discord. The management team does and will continue to work cohesively, he said, adding that there has been no discussion regarding governance within the board.

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Mistry added, “I would never remain on the board if there were any governance issues,” while asserting that the institution remained “very, very strong on ethics.”

The interim chairman also sought to reassure investors and stakeholders, saying there were no material matters at this point in time and that the board remained committed to safeguarding investor confidence.

Mistry also emphasised that the resignation had no bearing on the bank’s business performance. “What happened yesterday has nothing to do with operational profitability,” he added.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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Real estate could be the big winner in the private credit exodus

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Real estate could be the big winner in the private credit exodus

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Big fall in Welsh unemployment shows latest ONS figures

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However, the ONS said the estimates need to be treated with caution

Wales has seen a fall in unemployment.(Image: PA)

Unemployment in Wales has fallen well below the level for the UK as a whole, although economic inactivity remains a sticky issue,

Latest figures from the Office for National Statistics show that from November to January the unemployment rate felll on the previous quarter by 2.6% to 3.5%. For the UK as a whole unemployment was up 0.1% to 5.2%.

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However, the ONS says that increased volatility in its Labour Force Survey, as a result of small sample sizes, means that estimates of changes should be treated with “additional caution.” The Welsh Government, while the latest figures are relatively favourable for Wales, said due to their reliability they rely more on the Annual Population Survey, which shows unemployed in Wales at 4,5%, slightly above the UK level.

The latest ONS figures show that in England the unemployment in the three months to end of January was 5.4%, Scotland 3.9% and Northern Ireland 2.2%. The highest rate amongst the UK’ nations and regions was London, 7.9% followed by the north east, 7.1%.

The number of people unemployed in Wales was 54,000, down 40,000 on August to October, 2025. For the UK as a whole it was up 37,000 to 1.86 million.

READ MORE: Fall in equity investment deals in Wales shows new researchREAD MORE: Cardiff Airport sees rise in passengers but still behind pre-pandemic levels

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The employment rate in Wales was 71.9%, below the UK as a whole at 75.1%. Of the UK nations and region the employment rate was only lower than Wales in Northern Ireland at 71.6%. Wales also had the second highest economic inactivity level at 25.54% (496,000 people). Only in Northern Ireland, at 26.7%, was it higher. For the UK as whole economic activity levle was 20.7%.

For the UK as a whole, youth unemployment shot up to 14.5% for 18 to 24-year-olds in the latest period, reaching the highest level since early 2015, though the rate fell for 16 and 17-year-olds, to 29.3%.

But the overall jobless rate was lower than expected, with most economists having forecast a rise to 5.3%, while there was also a 20,000 estimated increase in workers on payrolls last month.

ONS director of economic Statistics Liz McKeown said: “Labour market conditions were little changed at the start of the year. The number of workers on payroll rose slightly in the latest month but, overall, the recent picture has been broadly flat. Unemployment remains at the rate reported last month, up on the quarter and the year, while the number of vacancies remains largely stable, with declines among smaller firms being offset by rises among larger ones.

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Regular wage growth is at its lowest rate in more than five years, with pay growth in both the private and public sectors continuing to ease.”

A spokesman for the Welsh Government said: “Evidence from a range of sources suggest the labour market in Wales has followed similar trends to the UK since the pandemic. Latest figures from the Annual Population Survey (APS) show the unemployment rate for people aged 16 and over in Wales was 4.5% compared to the UK rate of 4.2%. It also shows Wales’ employment rate is relatively close to the all-time high.

“We have rolled our sleeves up to deliver for businesses, communities, and thousands of workers across Wales as we build a stronger, fairer, and greener economy – supporting more than 50,000 jobs this Senedd term through business programmes.

“As we’ve said before, we’re quoting the Annual Population Survey because of concerns about the reliability of Labour Force Survey data. In fact, the Office for National Statistics (ONS) itself advises caution when taking these statistics as the only measure of the labour market in Wales. For greater accuracy it is recommended that a range of sources are used, while the ONS develops a new survey.”

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Needham raises Red Cat Holdings stock price target on Ukraine opportunity

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These 9 smallcap multibaggers of 2025 fall up to 30% in less than 3 months

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The Economic Times

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