Recession - "No threat"
Sean Snaith, director of the University of Central Florida’s Institute for Economic Forecasting, expects Florida’s economy to grow faster than the U.S. economy over the next three years.
His third-quarter economic forecast indicates that the state’s “powerful” economy will produce a higher percentage of jobs than the nation and attract more job seekers from other states through 2022. Snaith predicts that much of the job growth will come from the professional/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,” he says. “Our biggest challenge over the upcoming years will revolve around how best to manage and facilitate economic growth.”
In addition, Snaith says the fundamentals of the state’s housing market remain “solid,” and economic and job growth and the influx of retiring baby boomers should continue to support the upward trend on sales.
“Low inventories of existing homes for sale and lagging housing starts growth contribute to an environment where home prices continue to rise,” Snaith adds. “The shortage in the single-family market will be rectified as the pace of single-family housing starts to ramp up over the next several years. Single-family housing starts in 2022 are expected to increase by 79.7% from 2014 levels.”