Florida’s Economic Growth Continues

By | July 25, 2016

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florida state flagFlorida’s economic future is looking bright, according to University of Central Florida economist Sean Snaith‘s latest Florida & Metro Forecast. Florida’s economy will outpace the U.S. average in the next four years.

The primary drivers of the Sunshine State’s economic growth are rising job growth and home construction.

“The fundamental underpinnings of the housing market in Florida continue to strengthen,” wrote Snaith, director of the Institute for Economic Competitiveness at the UCF College of Business Administration, in the report. “Job growth in Florida is forecasted to continue outperforming the U.S. labor market, and more baby boomers continue to reach the end of their working lives.”

Snaith believes the improved outlook will help Floridians get back in the job hunt, attract out-of-state job seekers and lift consumer sentiment and spending.

In fact, the economy is growing so quickly that Florida faces a single-family housing shortage that Snaith said should correct itself as new housing construction begins to grow in the next few years.

See the full report on Florida’s forecast here.

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