The U.S job market looks set to swing into action in 2014. Forecasts for Florida in particular show a positive trend in 2014, with estimates of adding around 176,000 new jobs to the state’s economy, with a particular concentration in the construction sector. Such job creation should help stimulate Florida’s economy through increased wages and confidence in the local market.
During the recession, the U.S economy lost 8.74 million jobs, according to Moody’s Analytics. Since employment rates reached an all-time low in 2010 the country has seen employment levels improve and Moody’s expects employment to return to its former peak by mid-2014.
A survey conducted by Manpower employment suggests that the most promising cities in Florida on the job front will be Deltona and Cape Coral, with hot jobs in cement masons, construction project managers and carpenters. Most promising is the job creation in the construction sector which indicates strength in the Floridian property market. A surge in construction and increasing tourism in the state is driving job growth.
Many opportunities are also arising from companies relocating their headquarters to Florida. Hertz, the car rental company, is relocating to Florida in 2015 recruiting some 700 employees. Office Depot recently merged with OfficeMax and the new company plans to set up their global headquarters in Boca Raton. The Republican Gov. of Florida, Rick Scott, described this as a game-changer.
Gov. Scott promised in 2010 to create 700,000 jobs in 7 years in Florida and this anticipated surge in job creation could help him to live up to his word. The Director of the University of Central Florida’s Institute for Economic Competitiveness, Sean Snaith, forecasts that Florida will have added 600,000 jobs by the end of 2014 and expects the state to hit the 700,000 mark by mid-2015. Good timing for Gov. Scott, who is up for re-election in 2014.
The only foreseeable risk that may affect this national uptick in the economy is the worsening global economy but this is mainly with states that rely heavily on exports. Florida is not amongst the worrisome states when it comes to exports, meaning the future looks bright for the economy of the sunshine state.
Source: The PEW Charitable Trusts