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Tourism is a cornerstone of both Florida’s and America’s economy. In Florida alone, visitor spending exceeds $100 billion annually and supports roughly one in every ten jobs statewide, making it one of the state’s largest industries.
The ripple effect extends far beyond hotels and attractions, fueling restaurants, retail, transportation, construction, real estate, and public tax revenues that help fund infrastructure and services. Nationally, tourism contributes hundreds of billions to U.S. GDP each year and serves as a key indicator of consumer confidence and economic momentum. When travel demand rises or falls, it signals broader shifts in spending behavior, business investment, and workforce stability , which is why tourism remains a critical economic beat for journalists.
Peter Ricci is Clinical Associate Professor & Director, Hospitality Management Programs at Florida Atlantic University. He is a hospitality industry veteran with over 20 years of managerial experience in segments including: food service, lodging, incentive travel, and destination marketing and is considered an expert in food service, lodging, incentive travel, and destination marketing. View his profile Peter offers research-based insight into visitor trends, workforce dynamics, and destination strategy. His expertise helps media connect travel patterns to economic impact, providing clear analysis of how tourism shapes Florida’s economy and influences broader industry trends across the United States.
Recent media coverage: South Florida Sun Sentinel Peter Ricci, director of the hospitality and tourism management program at Florida Atlantic University’s College of Business, cited the openings of the 801-room Omni Hotel next to the county convention center in Fort Lauderdale, the revamped Pier Sixty-Six Resort nearby and a variety of high-profile events as reasons for promising visitor traffic this year. “South Florida should expect to have a relatively strong 2026 with major events in the area [PGA Tournament, Formula 1, et al] and the Southern White House of Mar-a-Lago enhancing higher average daily rates in The Palm Beaches,” he said by email. “Broward is perfectly positioned to capture demand both to its south and north and I expect that hotels and restaurants will have a good year ahead,” he added. Newsweek "The tariffs, staffing shortage, perception of it being difficult to emigrate to the USA, and any possible anti-USA sentiment all go into the 'ingredients of the soup' as I call it," Peter Ricci, Director of Florida Atlantic University's Hospitality and Tourism program, told Newsweek. South Florida Sun Sentinel This is actually a complicated process behind the scenes, said Peter Ricci, director of the hospitality and tourism management program at Florida Atlantic University in Boca Raton. “Restaurant profit margins are slim, so training and development are often not a part of the process,” he said. “Also, one must recognize that restaurant front-of-house roles are somewhat high-turnover compared to other industries. With higher turnover, there is less likelihood for development of training, knowledge of all the systems (which can lead to dissatisfaction among guests), and a ‘new face’ every time regular guests return to the venue.” The Daytona Beach News-Journal When asked if Florida is experiencing a "restaurant apocalypse," Ricci said, "I don't see that as the case. I don't see it like a disaster, but I have seen more (restaurant) closures the past six months. The reasons include operating costs that are higher than ever in an industry with low (profit) margins to begin with." "Closures are being driven by rising rent, rising costs of labor, rising costs of goods (food, glassware, supplies, cleaning services, deep cleaning surcharges, et al.), and changing consumer habits." Orlando Sentinel Peter Ricci, director of the hospitality and management program at Florida Atlantic University’s College of Business, said he has not heard of hoteliers suddenly losing foreign nationals from their staff. But it’s the confusion that is perplexing many. “I hear frustration and confusion of what changes will occur on a regular basis for owners, operators and managers,” Ricci said. “It’s more of the unknown that’s disconcerting than, ‘I’m now worried about losing workers in my hotel or restaurant.’”
The economy isn’t just a headline, it’s the story behind nearly every headline. From grocery bills and mortgage rates to job growth, small business confidence, and federal policy decisions, economic forces shape daily life for Americans in ways that are immediate and deeply personal.
For journalists, that makes the economy a constant, high-stakes beat. Audiences want clear answers: Why are prices rising? Are we headed for a slowdown? What does the Fed’s next move mean for my community? The challenge is cutting through jargon and partisan spin to deliver insight that’s accurate, grounded, and understandable.
That’s where William Luther, Ph.D., stands out.
A respected economist and Associate Professor at Florida Atlantic University, Luther brings serious academic credibility, but explains economic trends in plain language that resonates beyond the classroom. His expertise in monetary policy, inflation, unemployment, cryptocurrency, and economic growth makes him a valuable resource for breaking news, enterprise stories, and long-form analysis alike.
Whether reporters are covering Florida’s housing market, national interest rate decisions, or the future of digital currency, Luther offers thoughtful, balanced analysis that helps audiences understand not just what’s happening, but why it matters.
William Luther, Ph.D., is an expert in monetary economics and macroeconomics. He is an associate professor of economics at Florida Atlantic University, director of the American Institute for Economic Research’s Sound Money Project, and an adjunct scholar with the Cato Institute’s Center for Monetary and Financial Alternatives. The Social Science Research Network currently ranks him in the top five percent of business authors. View his profile Recent media coverage: ABC News Others downplayed the likelihood of a meaningful loss of Fed independence, since news of the DOJ investigation of Powell drew a rare degree of Republican opposition. Powell holds only a single vote on the 12-member board responsible for setting interest rates, they said. “Anytime we’re changing institutions, we should have some concern,” William Luther, a professor of economics at Florida Atlantic University, told ABC News. “At the same time, we should recognize the institutional safeguards we have are pretty strong.” Newsweek William Luther, associate professor of economics at Florida Atlantic University, said that the immediate net financial loss to those in Florida, and all Americans, appears to be "very, very large." Luther added Florida should expect a short-term "sharp contraction" in real estate and tourism, both vital sectors for the state's economy. NPR At the moment, the economy is performing very well. It wasn't performing very well not too long ago, both because of the pandemic, which reduced our ability to produce goods and services quite significantly, and then, as a result of some of the policy responses to that pandemic, we had very high inflation. NBC Will Luther, an economics associate professor at Florida Atlantic University, acknowledged the concerns among students. "Absolutely, there are students very much concerned with whether or not they will be able to get a job when they finish here. The good news is that they will. The bad news is it's a little harder right now than it was, say, two years ago," Luther said. Fox Nation FAU's William Luther joins Fox Nation's Deep Dive, hosted by the Wall Street Journal's Mary Anastasia O'Grady, to discuss the economic impact of cryptocurrencies. Video courtesy of Fox Nation's Deep Dive.
Study Snapshot: Shark bycatch is a major global problem, with millions of sharks caught unintentionally each year in fisheries targeting tuna, swordfish and other species. Even in U.S. waters, sharks are frequently caught on longlines, and many are discarded dead. Because sharks grow and reproduce slowly, these high bycatch rates threaten already vulnerable populations and disrupt marine ecosystems. Researchers at FAU’s Charles E. Schmidt College of Science have developed a patent-pending zinc-and-graphite device to address the problem. The metals generate a small electric field that repels sharks from baited hooks while leaving target species unaffected. In Florida field trials, the device reduced shark bycatch by more than 60%. Inexpensive, scalable and practical for fishers, this technology has the potential to dramatically reduce bycatch and support more sustainable fisheries. For decades, sharks have been the unintended victims of longline fisheries aimed at tuna and swordfish. Rising accidental catches have contributed to population declines and created serious challenges for both conservation and commercial fishing. And the impacts go beyond the sharks themselves – every time a shark takes the bait, hooks are lost to target species, gear gets damaged, costs climb, and crews face added risks when handling or releasing the animals.
Although some gear modifications can reduce bycatch, they often also cut into catches of valuable species, making it hard to protect sharks without putting fisheries at a disadvantage.
To tackle this challenge, researchers at Florida Atlantic University’s Charles E. Schmidt College of Science have developed an innovative, patent-pending shark deterrent. The device works by pairing zinc and graphite in seawater. The zinc reacts with the graphite to produce a small electric field in the surrounding seawater through a galvanic chemical reaction. This electric field can be detected by the sharks, repelling them from the bait without affecting target fish.
To test the efficacy of the zinc/graphite treatment at deterring elasmobranch species, longline fishing gear was deployed to target demersal sharks (live and hunt near the sea floor) off the Florida panhandle and Massachusetts, and pelagic sharks (live and hunt in open water) in the Gulf of America.
The results of the field trials, published in the Canadian Journal of Fisheries and Aquatic Sciences, delivered striking results. In Florida, the zinc/graphite treatment reduced the catch of coastal sharks on demersal longlines by 62% to 70% compared to untreated hooks. The effect was particularly strong for Atlantic sharpnose (Rhizoprionodon terraenovae) and blacktip sharks (Carcharhinus limbatus), two common coastal species.
“Sharks have an incredible ability to sense even the smallest electric fields, and our tests show that this new approach can be used to keep them away from baited hooks,” said Stephen Kajiura, Ph.D., senior author, inventor and a professor in the FAU Department of Biological Sciences. “At the same time, important target species like tuna and swordfish are completely unaffected. What makes this approach so exciting is its practicality – zinc and graphite are inexpensive, widely available, and already familiar to fishers because zinc is commonly used to prevent corrosion on boats. This means it could be adopted quickly and cost-effectively, providing a real solution to reduce shark bycatch while supporting sustainable fisheries.”
Importantly, the treatment did not reduce catches of commercially important fish species. Preliminary pelagic trials suggest swordfish and yellowfin tuna were caught at similar or slightly higher rates on treated hooks, showing the approach could protect sharks without hurting the catch of target species.
The study also outlines practical considerations for real-world use. Because the electric field is strongest close to the hook, each line would need its own zinc-graphite device. The zinc anode slowly wears down, but it’s cheap and easy to swap out.
Shark bycatch is a widespread and pressing problem, both in the United States and around the world. Globally, millions of sharks are caught unintentionally every year in fisheries targeting other species, and some estimates suggest tens of millions fall victim to bycatch annually. In U.S. waters, despite strict regulations, sharks are still caught incidentally on longlines and other gear. Because sharks reproduce slowly and have long lifespans, these high bycatch rates can push populations toward dangerously low levels. The scope of shark bycatch, from small coastal fisheries to large international fleets, makes it a global conservation challenge with serious ecological consequences.
“Our approach could be scaled up to pelagic longline fisheries, where millions of sharks are caught as bycatch annually,” said Kajiura. “Even a 60% to 70% reduction in shark bycatch, like that observed in Florida demersal trials, could have a dramatic impact on global shark populations. The zinc/graphite treatment offers a practical, affordable and environmentally responsible tool for reducing shark bycatch while maintaining commercial catch rates.” Study co-authors are FAU graduate students Tanner H. Anderson and Kieran T. Smith; co-inventor on the patent application; Cheston T. Peterson, a Ph.D. student at Florida State University; Bryan A. Keller, Ph.D., a foreign affairs specialist at NOAA Fisheries; and Dean Grubbs, Ph.D., a full research faculty and associate director of research at FSU.
This research was supported by the Florida SeaGrant awarded to Kajiura and Grubbs.
The patent-pending device works by pairing zinc and graphite in seawater, creating an electric field that can be detected by the sharks, repelling them from the bait without affecting target fish.
