Important indicators all up
Florida’s economy is entering the last two months of 2021 in great shape, with upward indicators in job growth, tax collections, real estate sales, and tourist visits.
Job Growth: Florida’s economy gained 84,500 jobs in the month of September, including nearly 73,000 private-sector jobs. September also marked 17 months of private-sector job growth, increasing by 5.6% year over year. This is significantly higher than the national rate of 0.8%. Florida has only experienced this magnitude of monthly private sector job growth on four occasions in the past 30 years. Florida’s unemployment rate continues to fall, now at 4.9%, down from 5% in August.
Tax Collections: Florida revenue collections continue to beat estimates, now for the 13th straight month. The state collected almost $328 million more in general revenue in August than the $2.7 billion projected, with a majority ($248 million) in sales tax collections. Documentary Stamp taxes from real estate transactions amounted to 154.6 million, beating estimates by $23.6 million.
Real Estate Sales: Florida condominium sales rose 4.9% in September from a year ago while single-family home sales actually fell 1.3% year-over-year, due in part to an intense sales surge in September 2020. The statewide median sales price of a single-family home was $355,000, up 18.3% from a year ago. Nationally, sales of new homes jumped 14% in September. The median sales price of a new home rose to a record $408,800, up 9.5% from a year ago.
Tourist Visits: Visit Florida’s well-timed marketing during the pandemic allowed the Sunshine State to reach the top of the list of desired destinations for American travelers. Florida is far exceeding visits to New York, Las Vegas, Hawaii, and California and had already exceeded its 2019 domestic visitor levels by 6% in the first six months of 2021. Florida will soon be welcoming back international visitors, as the U.S. is lifting all travel bans on foreign visitors from 33 countries on November 8. Those foreign visitors will need to provide proof of COVID-19 vaccination before boarding an airplane.
LMA Newsletter of 11-1-21
