The Economic Perspective 3/28/2025

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!

Today, TBG President Valerie Seidel and Senior Economist Cortney Cortez will be attending The Florida Section of the American Water Resources Association's March Technical Meeting. Information on the meeting can be found here. The meeting will run all day and cover topics such as water quality in the Indian River Lagoon, St. John's River Water Management District, harnessing seagrass and aquatic vegetation for water quality, and more.

New Smyrna Beach (NSB) Utilities Commision had two projects funded this week by state grants. Over $11 million will be given to NSB for a septic-to-sewer conversion project in Silver Sands. This funding was included in $389 million worth of grants signed by Governor DeSantis to help with water supply and water quality.

In this edition, we bring attention to a recent Everglades court ruling about discharges in Lake Okeechobee, a potential steel plant opening in Louisiana, Deep Sea mining impacts, and more. Our data visualization maps out the damage done by the recent LA wildfires.

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Have a great weekend!

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Hyundai Proposes $5.8B Steel Plant in Louisiana 

Announced this week, Hyundai Motor Group plans to build a new $5.8 billion steel manufacturing facility in Louisiana with an annual capacity of 2.7 million tons. The facility will be Hyundai’s first in North America and aims to establish a fully integrated, domestic supply chain to support its U.S. automotive manufacturing operations. The plant is expected to create more than 1,300 direct new jobs with an average salary of $95,000. A new 25% tax on cars and car parts imports were announced this week, to be implemented between April and May. Analysts estimate that tariffs on parts just from Canada and Mexico could lead to vehicle costs rising by $4,000-$10,000, depending on the vehicle. Read more here and here.

Washington Department of Natural Resources Mapping Wildfire Risk Maps

Washington State Bill 6120 directs the Department of Natural Resources (DNR) to establish a statewide wildfire hazard map with designated areas of risk, as well as a risk map for each count of the state. The first action item – establishment of a steering group – has been completed. Over the next 16 months, DNR’s steering committee will define elements necessary for mapping and hazard rating, develop the online assessment tool, produce the hazard and risk map as well as a method for updating maps, and publish the online tool. Through the creation of these wildfire risk maps, the state anticipates making available and designating vulnerable resources and assets based on exposure and susceptibility to a wildlife hazard. The risk of wildfires in the western U.S is becoming more common, with large fires doubling in the last 30 years. DNR; Washington State Fire Marshals; WA ECY.

Deep Sea Mining Impacts Still Felt Forty Years on

An area of the Pacific Ocean was mined for metals 40 years prior and still has not fully recovered, as reported by scientists on Wednesday. This adds weight to calls to put a stop to all deep-sea mining activity during U.N. led talks. Nature Journal published a study on this area showing that some wildlife populations have struggled to recover. 32 governments and 63 large companies and financial institutions are calling for a halt to mining as delegations from 36 countries are attending a council meeting at the U.N.’s International Seabed Authority in Kingston Jamaica to discuss the future of deep-sea mining. Read more here and here.

Florida Approves Grant Funding for Dozens of Water Projects

In the most recent grant funding award cycle, the state of Florida awarded over $389 million to water quality improvements and alternative water supply projects. The wave of grants contains $100 million for 25 projects supporting the Indian River Lagoon, with 16 of those projects being based in Central Florida. Especially of note are several alternative water supply projects, targeting water reuse and reclaimed water in order to ensure adequate drinking water supply. Read more about the new grant funded projects here.

Climate Warming and Heat Waves Accelerating Global Lake Deoxygenation

According to a study published in Science Advances, both climate change and heat waves have significantly reduced surface dissolved oxygen (DO) levels in lakes worldwide. A team of researchers analyzed surface dissolved oxygen variations in more than 15,000 lakes over the past two decades. The study found that 83% of the lakes had significant deoxygenation. It was also observed that the average rate of deoxygenation in lakes surpassed that of both oceans and rivers. Climate warming contributed to about 55% of global surface deoxygenation. Read more here.

Honeybee Populations Could Drop 70%, Say Washington Entomologists

Annual honeybee losses have declined over the last decade at a rate of around 40 to 50% per year – but this year, entomologists at Washington State University (WSU) say these losses could reach up to 70% nationwide. WSU assistant professor Priya Chakrabarti Basu, who teaches pollinator health and apiculture, is of the opinion that this increase in losses is likely due to nutrition deficiencies, pesticide exposure, diseases, and mite infestations. These losses could have a profound effect on food production, as according to the USDA, the production value of honey bees was nearly $350 million in 2023, and around 35% of the world’s food depends on pollinators like honey bees. Read more here.

Court Rules Against Sugar Companies in EAA Lawsuit Against Army Corps

In a significant court ruling this week, a court ruled in favor of the Army Corps’ position on the Everglades Agricultural Area (EAA) Reservoir a project designed to curb discharges from Lake Okeechobee into the Caloosahatchee and St. Lucie Rivers and rehydrate the Everglades and Florida Bay. Three sugar farming companies – U.S. Sugar Corporation, Okeelanta Corporation (Florida Crystals) and the Sugar Cane Growers Cooperative – lost an appeal to a lawsuit in which they claimed that due to the EAA construction, they lost large volumes of water guaranteed to them under the Water Resources Development Act of 2000. Interested parties expressed concerns that if the sugar companies had won, EAA Reservoir construction would have been delayed. Read more here.

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Data Visualization of the Week

Tracking the Damage and Devastation from the Los Angeles Wildfires in Maps

New data visualizations have been released from the recent wildfires that hit Los Angeles. The fires in Eaton and Palisades are ranked in the top four most destructive fires in California with the Eaton fire at number two and the Palisades fire at number four. Limited routes out of the area also posed issues with evacuation. Between the Eaton and Palisades fires over 12,000 structures were destroyed. You can look at other visualizations that CNN has posted here.