Job growth in Florida will outpace the national economy, and unemployment will continue to decline in 2022, according to a new economic forecast for the Sunshine State.
Florida’s unemployment rate, which stood at 4.5% in November, is expected to continue falling in 2022, and housing starts will pickup, but not quickly enough to satisfy robust demand in the short run, according to the forecast released earlier this month by the Institute for Economic Forecasting at the University of Central Florida.
Inventory for single-family homes is so scarce in Florida that it would take only 1.3 months to use up the current supply of homes at the current rate of demand. Nationally, the supply was at 7.1 months in October. Typically, a six-month supply is considered a healthy and balanced market.
“Florida’s realtors are desperate for homes to buy and sell,” the UCF report said. “The paucity of inventory and supply chain problems for builders have led to cold calling/texting to try and drum up inventory.”
In contrasts to the Great Recession more than a dozen years ago, the housing market won’t be an “albatross” around Florida’s economy during the continued recovery from the pandemic, the report said.
“On the contrary, housing will continue to be an important economic driver as the recovery from the COVID-19 recession continues, and builders work to replenish severely depleted inventories,” the report said.
The sector with the biggest expected job growth in Florida over the next three years is hospitality, which was battered during the past two years by the pandemic, with a predicted jump of 8.1%. That is followed by professional and business services, which is expected to grow by 3.8%. Professional and business services are white-collar jobs like lawyers, architects and accountants.
Florida’s population over the next three years will continue to grow as Baby Boomers retire and move to the Sunshine State, and more job-seekers will migrate to Florida as the travel and hospitality industry recovers from the pandemic-caused downturn of the past two years, the forecast said.
December 27, 2021 at 8:13 am
Total salute to America’s Governor.
Gov Ron’s leadership allowed Florida’s economy to grow. By keeping Florida’s businesses open the people and businesses prospered and grown. State unemployment has decreased to 4.5%, 13 straight months of continued job employment and growth. Florida’s 51,000 jobs in November of the 200,000 nationally is huge.
Florida has $15 billion in state reserves due to his fiscal management in a pandemic.
America’s Governor, the best.
Re-elect in Nov 22, Tallahassee to WH in 24.
December 27, 2021 at 8:28 am
Florida, the home of the minimum wage. With two jobs the newly employed can afford a one bedroom apartment for the family.
USA unemployment is 4.2 %, Is 4.2 better than 4.5 Tom?
December 27, 2021 at 10:48 am
December 27, 2021 at 2:34 pm
Hard to believe a governor as great as this could allow our environment to deteriorate to such an extent we have to feed the manatees to keep them alive.
December 27, 2021 at 5:13 pm
Hardly ocean Joe.
Under any reasonable metric America’s Gov gets a B for his environmental policies.
You are an extremist like the rest of your Soros funded Manchurians. AOC puppets.
DeSantis is an A for a Republican.
America’s Gov. re-elect 22.
After Tallahassee to WH.
Thank Biden and madam Psaki. Incompetents.
December 28, 2021 at 4:32 pm
They taste like Bald Eagle
December 27, 2021 at 8:21 am
US Consumer Confidence is up 18%
Florida’s is only up 8%
This means less spending.
New York and California are at 46% and 32% respectively.
December 27, 2021 at 8:25 am
Oh yeah almost forgot;
New York and California GDP is up 8.1%
Florida is at 6.7%
December 27, 2021 at 11:26 am
Oh yeah no comparison!
Alex, Cali & N Y are 6.6% and 6.9% with their unemployment rates. Blue states are at least 2.5% higher on percentage of unemployed. Florida’s tourism dollars are second to none.
Non concerned citizen, the U S rate takes in the whole county. Florida for 2 out of the last 3 months had bout 1/3 of total U S jobs. 23 months in row state growth.
You Manchurians need to give it a rest! You have no facts, no hope. No chance. The fraud, crispy critters and tarantula.
DeSantis is the best! America’s Gov.
Tallahassee to WH. It’s done!
December 28, 2021 at 6:30 am
Blue states would love to be Florida.
Great economy, very low unemployment, jobs avail, happy life.
DeSantis Rejected tyrannical rule in Florida.
Gov DeSantis, America’s Gov leads with the best leadership.
Florida 4.5% unemployed, top 25 in country. Cali & NY are near 50th.
DeSantis the best! Tallahassee to WH.
December 27, 2021 at 10:48 am
December 27, 2021 at 8:32 am
Tom, I thought I told you to go but some knee pads.
December 27, 2021 at 10:49 am
December 27, 2021 at 10:47 am
Total stupidity from non concerned citizen, socialist AOC sniffing Alex and scum bag Angry. 3 pathetic humanoids.
Hello Alex McFly, Florida’s tourism trounces all the states in U S but California. How ignorant are you? Florida has $15 trillion in reserves, solvent as it can be. More population than N Y, are you mental and less state budget. It’s no comparison. Non concerned citizen, are you deranged. Of course U S has a better percentage, it’s the whole country. Florida’s state economy top 25 in country. Twice in the last 3 months over 1/3 of US jobs have come from Florida’s growth.
Alex, you AOC sniffing socialist, N Y and Cali are 6.6% and 6.9% unemployment rates. How stupid are you ? Tell the happy, hard working, earning Florida mom & dad. All the blue states are at least 2% higher compared to Florida and red states.
You pathetic Manchurians, are so ignorant and stupid like Marcus and weasel peter h. Angry, saw you sleeping on the curb. Scum bag.
DeSantis, America’s Gov re elect! Will wipe floor with alzie Joe & giggles Harris. Tallahassee Guv mansion to WH in 24. Enjoy! America’s Gov!
December 27, 2021 at 6:27 pm
You are a fool socialist Alex
Please move to Cali or N Y, with tyrannical rule.
Unemployment rate is 6.6% and 6.9% respectively in both states. Blue states are 2% higher compared to red states.
Red states are leading the way, America’s Gov. the conservative leader, conscience and energy of the Repub.,GOP movement.
DeSantis from Tallahassee to the WH, after the Nov 22 election.
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