State business leaders say they hope to make Florida the Silicon Valley of wind mitigation by developing the technology to prevent damage from hurricane gales. Combining hurricane science and experience with the creativity of the state’s university talent, they say, Florida is positioned to become the world’s leading hub of innovation.
That's partly due to new growth in residential housing construction generated by population growth, low mortgage rates and historically low levels of inventory.
Stephen Weinstein, Senior Vice President of RenaissanceRe (RNR), a major reinsurance company, wants to attract more investment to help hurricane-proof homes and thus Florida’s economy"The risk of natural disasters is increasing, and our need to adapt and mitigate is going up as well", said Weinstein. "The good news is that there's a market for this, there's a market for safety, and there's a market for science-based applications that will make us safer."
Weinstein and other business leaders are working to include disaster mitigation into courses in engineering, science, risk management and insurance.
New residential building permit activity – an indicator of future construction – is up 51% through August, far outpacing overall US performance. And the rapid growth is expected to continue, with new housing starts projected to increase by 32% annually for the next two years in Florida.