Should Floridians be worried about the news of an upcoming recession?

According to the University of Central Florida’s Institute for Economic Forecasting Director Sean Snaith, the economy in the state of Florida will grow faster than the U.S. Economy for at least the next three years.

Job Growth

The director of UCF’s Institute for Economic Forecasting, Sean Snaith, states that Florida will produce a higher percentage of jobs than the entire nation. This will attract more job seekers from other states until after 2022. If predictions are correct, much of the job growth will come from the professional and business services, education, health care services, and construction sectors. “Florida’s economy continues to hit on all cylinders, and there are no economic storm clouds on the horizon,” said Snaith. “Our biggest challenge over the upcoming years will revolve around how best to manage and facilitate economic growth.”

Housing Market

The housing market in Florida shall remain strong, with the demand for single family homes projected to increase by almost 80% over the next couple of years. Which is great news for prospective home buyers and property managers alike. According to Snaith, “Low inventories of existing homes for sale and lag in housing starts growth contributed to an environment where home prices continue to rise”. In addition, the job growth and influx of retiring baby boomers should continue to support the upward trend in the housing market.

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