Florida’s economy continues to improve with numbers that outshine the nation as a whole, a rise that University of Central Florida economist Sean Snaith likens to that of the boy band One Direction.
Housing prices are up, payroll is up and real gross state product will continue to climb, Snaith says in his quarterly forecast for Florida’s economy through 2018.
Recounting a musically traumatic trip to a One Direction concert with his daughters, Snaith notes a similarity with Florida: The band was born of its members’ failed solo acts, and the Sunshine State’s current economy “rose from the rubble of the housing market and Great Recession.”
“Florida’s economy has indeed been heading in one direction since 2012: up. The economic recovery has produced billions of dollars of real GDP and personal income for the state,” Snaith writes in the forecast from UCF’s Institute for Economic Competitiveness. “As of late, the monthly jobs reports are like hit songs released each month in Tallahassee.”
Even so, the popular band has announced an upcoming hiatus, and Florida could face rough waters, too. Canada and Brazil, both a major source of international tourists for Florida, are having their own economic troubles. And China’s problems continue to reverberate.
Highlights of the forecast include:
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 multiple 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.