Job growth in Florida will overtake the country next year



Job growth in Florida will outpace the national economy, and the unemployment rate will continue to decline into 2022, according to a new Sunshine State economic forecast.

Florida’s unemployment rate, at 4.5% in November, is expected to continue falling into 2022, and housing starts to pick up, but not fast enough to meet strong demand. strong in the short term, according to forecasts released earlier this month by the Institute. for Economic Forecasting at the University of Central Florida.

Inventories for single-family homes in Florida are so scarce that it only takes 1.3 months to use up the current supply of homes at the current rate of demand. Nationwide, supply was at 7.1 in October. Normally, a six-month supply is considered a healthy and balanced market.

“Florida brokers are in dire need of homes to buy and sell,” the UCF report said. “Scarcity of inventory and supply chain issues for builders have resulted in cold calling/texting to try and clear the inventory.”

Contrary to the Great Recession more than a decade ago, the housing market will not be a “gull” around Florida’s economy during its continued recovery from the pandemic, the report says. .

By contrast, housing will continue to be an important economic driver as the recovery from the COVID-19 recession continues and builders work to replenish inventories, the report said. The stock is severely depleted.

The sector with the largest expected job growth in Florida over the next three years is hospitality, which has been battered in the past two years by the pandemic, with a predicted increase of 8.1 percent. This is followed by professional and business services, which are expected to grow 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 tourism and hospitality industries recover from the pandemic-induced downturn. caused in the past two years, the forecast said.

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Aila Slisco

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