If Florida’s economic recovery was a romantic comedy, it could be called “How Florida Got Her Groove Back,” according to University of Central Florida economist Sean Snaith.
In his 2nd Quarter Florida Economic Forecast, Snaith notes that after enduring a recession that was longer and deeper than the national economy’s, Florida has surpassed the national pace of job creation and overall economic growth.
“We are a nation that reveres the underdog and adores a good comeback story. Florida’s economic turnaround fits right into that ethos,” he said.
The housing-market crash and surge in unemployment left Florida in financial ruin as the national economy took a dive. But by 2013, Florida’s economy regained its glow.
Baby Boomers who delayed their retirement plans due to the housing and financial crises are retiring again, and Florida’s housing market is enjoying years of double-digit price appreciation.
Even the weather contributed to Florida’s economic boost.
“The bitter cold of polar vertices that descended upon the northern U.S. this winter helped provide an unanticipated boost in tourism,” said Snaith. “The lure of sunshine and warm temperatures bolstered visitation in the first quarter of 2014.”
Snaith’s forecast this quarter offers long run predictions through 2044 for Florida and its 12 metropolitan regions. Those areas are Daytona Beach-Deltona-Ormond Beach, Gainesville, Jacksonville, Lakeland, Miami-Fort Lauderdale-Miami Beach, Naples-Marco Island, Ocala, Orlando-Kissimmee, Palm Bay-Melbourne-Titusville, Pensacola-Ferry Pass-Brent, Tallahassee and Tampa-St. Petersburg-Clearwater.
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.