The economic forecast in Florida shows signs of economic growth specially in real estate. Sean Snaith, economist from University of Central Florida, expects the state economy to grow at a faster pace than the United States. The property market in Florida has always been stable and rising.
Forecast for Florida
Snaith says Florida’s “powerful” economy will produce a higher percentage of jobs than the U.S. and attract more job seekers from other states through 2022.
The state’s labour force will grow by an average of 1.4% over the next three years, with the unemployment rate falling to 2.9%. United states’ unemployment rate is currently at 3.5%.
Furthermore, personal income growth will increase to an average of 3.7% per year from now through 2022.
“Florida’s economy continues to hit on all cylinders, and there are no economic storm clouds on the horizon,” Snaith said. Also, he stated that our biggest challenge over the upcoming years will revolve around how best to manage and facilitate economic growth.
Moreover retail sales in Florida will be stronger than previously forecast, Snaith said, with projected growth of 4.9% driven by a robust economy and job market, higher salaries and overall rising household wealth.
In addition, real state GDP growth is projected to exceed the forecast for the U.S..Florida is growing by an average of 3.4% annually compared with 2.8% nationwide.
Real disposable income grew by 3.5% in Florida in 2018, up from 3.1% in 2017.
“Single-family housing starts to ramp up over the next several years. In fact single-family housing in 2022 is expected to increase by 79.7% from 2014 levels.”
“Average growth in Florida during 2019-22 will remain a healthy 3.6%, with tax cuts and faster wage and salary growth fueling the climb,” Snaith said in the forecast.
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(Main source: Florida Headlines News)