Florida – The State of the Economy:
Florida’s economy was hit hard during the recession and has been on a slow but upward trajectory since mid-2010. Despite the loss of jobs and battered real estate markets, Florida has outperformed other states that were also hard hit by the recession. Florida’s reserves, along with solid debt management and conservative budgeting practices, took the state through that difficult period without the pain or rating downgrades seen elsewhere. In fact, Florida has surpassed the national growth rate each year since 2012.
October’s 4.8% unemployment rate is better than the 4.9% national rate and a marked improvement from the 5.1% recorded in Florida one year ago. The state gained 253,300 jobs, a 3.1% increase in 2016, much higher than the 1.7% gained across the U.S. Hourly earnings are rising and single-family home prices are also on the upswing, growing 2% faster than the nation this year.
Population and job growth are expected to continue as new residents and businesses take advantage of the state’s low cost of doing business, a favorable tax structure and great weather. As the population continues to rise, fueled by baby boomers reaching retirement age and job-seeking millennials opting for a more simple life, the Sunshine State and its relatively low costs of living will become an even more popular place to call home.