Florida was one of the first states to feel the effect of a national recession with job losses starting in April 2007, several months before other states. When the national recovery began in June 2009, Florida was slow to join in and for several years lagged behind the pace of the U.S. economic recovery.
In his 1st Quarter Florida Economic Forecast, UCF economist Sean Snaith notes that in 2013 Florida’s economy came from behind and in 2014 leads the nation. The Sunshine State once a straggler in the race for economic recovery is now a front-runner.
“This has been no small accomplishment,” said Snaith, the director of UCF’s Institute for Economic Competitiveness. “Looking forward, Florida will extend its lead over the national economy the next several years as we expect the Florida economy to continue to outpace the nation as a whole.”
Among the good news:
Snaith’s forecast offers predictions through 2017 for Florida and its 12 metropolitan regions. Those areas are Orlando, Daytona Beach-Deltona, Gainesville, Ocala, Lakeland, Palm Bay-Melbourne, Pensacola, Miami, Jacksonville, Tallahassee, Tampa Bay and Naples..
For the complete report click here.
Snaith is a national expert in economics, forecasting, market sizing and economic analysis who authors quarterly reports about the state of the economy. Bloomberg News has named Snaith as one of the country’s most accurate forecasters for his predictions about the Federal Reserve’s benchmark interest rate, the Federal Funds rate.
Snaith also is a member of several national forecasting panels, including The Wall Street Journal Economic Forecasting Survey, CNNMoney.com’s survey of leading economists, the Associated Press Economy Survey, the National Association of Business Economics Quarterly Outlook Survey Panel, the Federal Reserve Bank of Philadelphia’s Survey of Professional Forecasters, the Livingston Survey, Bloomberg U.S. Economic Indicator Survey, Reuters U.S. Economy Survey, and USA Today Economic Survey Panel.
The Institute for Economic Competitiveness strives to provide complete, accurate and timely national, state and regional forecasts and economic analyses. Through these analyses, the institute provides valuable resources to the public and private sectors for informed decision-making.