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Consumers having their ups and downs

By TIMES WIRES
Published November 1, 2006

Consumer confidence is up - or is it down? University of Florida economists credit lower gas prices last month with boosting the Florida Consumer Confidence Index to its highest level in seven months. On the other hand, the Conference Board's national index of consumer sentiment fell last month, sparking concerns about the future of consumer spending. Solid employment numbers and the absence of hurricanes helped the Florida numbers, but the good feelings could be fleeting. UF economists say the downturn in housing isn't yet reflected in the numbers.

Look for housing rebound in 2008

When a Florida development company with some 820,000 acres to peddle says the residential housing market has slowed, people listen. Analysts certainly did on a conference call Tuesday when St. Joe Co. CEO Peter Rummell and his fellow execs said that a reasonable balance in housing supply and demand will not return until 2008. Especially in "Northwest Florida" as St. Joe prefers to call the state's Panhandle. While St. Joe's economic and political clout in that part of the state has never been doubted in recent years, it was notable a slightly humbled Rummell told analysts that "the viability of the Northwest Florida market is now recognized . . . we are convinced we did the right thing there." (St. Joe earnings appear on page 2D.)

Bush's biotech dream gets boost

Gov. Jeb Bush's efforts to lure biotechnology firms to the state is getting a boost from overseas. Spanish energy giant, Abengoa, is investing $10-million in Jupiter-based Dyadic International. Abengoa Bioenergy, the St. Louis subsidiary of Abengoa, is banking on Dyadic to help in its quest to develop its commercial production of ethanol from plant waste, known as cellulosic ethanol. Dyadic has been making a name for itself through its fungal enzyme research, partly carried out at the nearby Scripps Research Institute. Dyadic CEO Mark Emalfarb said the injection of funds validates work under way for a decade. "It also validates the governor's bet on biotech," he added. "It's paying off."

. THE TICKER

[Last modified November 1, 2006, 01:18:49]