Continued job growth outpaces nation
The season of Spring starts this Wednesday with a sunny outlook here in the Sunshine State as a variety of economic and business indicators point up. Job growth, low unemployment, and two new surveys that show Florida remains a top place to want to live and work in the United States.
On the economic front, the Governor’s office reports Florida’s annual private-sector job growth rate is 2.7% and continues to beat the national rate of 2.1%. In the past year, there were 207,300 new private-sector jobs created in Florida, nearly 11,000 in January alone. While the unemployment rate rose a tenth of a percent in January, it remains low at 3.4%, compared to the national 4% unemployment rate. Florida job postings in January showed 273,740 openings.
Meanwhile a recent survey by home mortgagor Lending Tree shows Florida is the top destination for home buyers in the country. A strong 9.1% of all mortgage requests were for homes in Florida. Moving companies report that 12.4% of all requests were for Florida destinations. Builder magazine breaks-down regional activity around the state, noting that Hillsborough County (Tampa) and Pasco County to the north have an estimated 24 months of a sellers’ market ahead.
Florida also ranks high for business relocations in another recent survey. Site Selection magazine says our state came in as the 10th best state to relocate a business, up from 13th place last year. Florida had 151 projects –defined as involving a minimum investment of $1 million each, creating 20 new jobs, or adding at least 20,000 square feet of new floor area. Texas topped this year’s list.
LMA Newsletter of 3-18-19
