According to a new economic forecast for the Sunshine State, job growth in Florida will outpace the national economy, and unemployment will continue to fall in 2022.
According to a forecast released earlier this month by the Institute for Economic Forecasting at the University of Central Florida, Florida’s unemployment rate, which stood at 4.5 percent in November, is expected to continue falling in 2022, and housing starts will pick up, but not quickly enough to meet robust demand in the short run.
At the current rate of demand, Florida’s inventory jobs of single-family homes is so limited that it would take only 1.3 months to deplete the current supply. In October, the national supply was 7.1 months. A six-month supply is typically 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.”
Unlike during the Great Recession more than a decade ago, the housing market will not be an “albatross” around Florida’s economy during the ongoing recovery from the pandemic, according to the report. “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 highest expected job growth in Florida over the next three years is hospitality, which has been hit hard by the pandemic over the last two years, with an 8.1 percent increase. Following that is professional and business services, including amazon warehouses near me which are expected to grow by 3.8 percent. Lawyers, architects, and accountants are examples of white-collar jobs in professional and business services.
Florida’s population will continue to grow over the next three years as Baby Boomers retire and relocate to the Sunshine State, and as the travel and hospitality industry recovers from the pandemic-caused downturn of the previous two years, according to the forecast.
Source: US News