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Unemployment Down, Tourism Up

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Sunshine State continues its economic growth

The view of the ocean from Lauderdale-by-the-Sea, FL

Florida set some new economic records this past week, among them the lowest unemployment in a long time and a record number of tourists visiting the Sunshine State in the first quarter of this year.   We also received some high marks for the economic impact of arts and culture but also some mixed marks for a persistent problem left over from the Great Recession: the number of properties underwater in value.

Florida’s unemployment rate dropped from 3.5% in March to 3.4% in April, below the national rate of 3.6%.  Gains in education, health services, and leisure and hospitality jobs led the list.  In all, 22 of the state’s 24 markets saw gains, led by the Orlando-Kissimmee-Sanford area, which added about 45,000 jobs last month.  Panama City, hit hard by Hurricane Andrew, was the only area to show a net loss year to date, down 1,900 jobs (2.2%) from last year.  Florida’s private-sector businesses created 16,000 job in April and more than 203,000 jobs over the year.

The increase in leisure and hospitality jobs were fueled by the record number of tourists coming to Florida so far this year.  The first quarter of 2019 saw 35.7 million people visiting Florida, a 5.8% increase from first quarter of 2018.   Although there was a dip in foreign visitors of 2.6%, it was more than made up for by the 6.8% increase in domestic travelers and a 1.3% increase from Canada.

Those gains in education jobs must have something to do with Florida’s growing reputation as an education leader.  U.S. News & World Report listed Florida in the top spot for higher education in its latest survey.  Their analysis factored in the state’s share of college degrees, graduation rate and the time it takes to do so, in-state tuition costs, and the graduates’ debt burden.

It’s not just our beautiful beaches, weather, amusement parks and gorgeous resorts that are catching people’s eyes either.  There’s a big uptick in the impact our arts and cultural activities are having on economic growth.   A recent study by the National Endowment for the Arts showed Florida with the 9th fastest growing economic value of its arts and culture sectors, up 7.1% annually.  They generated $35 billion for the state’s economy in 2016.  From ballet, to live theatre, to art exhibits, Florida is growing and attracting both visitors and current (and future) retirees.

Being one of the last states to fall into the depths of the Great Recession of 2008-2012+, Florida has more slowly recovered from the number of properties considered seriously underwater – where the amount owed on the mortgage is at least 25 percent more than its property value today.  A new report with county maps by ATTOM Data Solutions shows most Florida cities have a 10%-20% rate of seriously underwater properties, with Jacksonville an outlier at nearly 33%.

Overall, the country is slipping a bit in the progress gained over the past year, with first quarter figures showing 17,000 more properties underwater than a year ago, up to 5.2 million across the U.S.   The report notes though that only 1 in 11 mortgages are seriously underwater today compared to nearly 1 in 3 during the depths of the recession.  States with the highest percentage of seriously underwater properties are Louisiana (20.7%), Mississippi (17.1%), Arkansas (16.3%), and West Virginia and Illinois (both 16.2%).

LMA Newsletter of 5-20-19

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Tags: Florida Culture and Arts, Florida Higher Education, Florida tourism, Florida unemployment, Underwater homes

“Just wanted to say that I thoroughly love your newsletter. It’s is always informative and insightful to the ins and outs of our industry.  You are an inspiration and an important asset in the insurance world.  Keep up the great work!” 

Cynthia Scott, President
University Insurance Group
Davie, FL

“Lisa Miller is a true champion for the insurance industry, with her regular updates! We appreciate all you do and keeping us up to date on priority issues!”

Gillian Lloyd, Account Executive
Zywave
Milwaukee, WI

“Great article on Risk Rating 2.0!”

Austin Perez, Senior Policy Representative for Federal Housing, Valuation, Insurance and Commercial Issues
National Association of Realtors
Washington, D.C.

“Lisa this is another great newsletter, and we appreciate the time and energy you put into these informative updates – you are on top of these topics!”

Mike Graham, CEO
Smart Vent Products, Floodproofing.com, & Risk Reduction Plus
Juno Beach, FL

“I have followed your weekly newsletter and podcasts and now have a full appreciation for what you bring to this industry.  You are an inspiring force, plain and simple.  I wanted you to know that you make a difference.  Thank you for all you do!”

Jeffrey Karam, CPCU
Bradenton, FL

“Another great Newsletter on Florida industry this week.  Your service and advocacy in Florida is very important to keeping me updated and apprised of the Florida insurance laws, trends and overall environment.  Something similar is very much needed in Louisiana, too.”

Jennifer Tedesco, Esq., Claims Director
Pharos Claims Services
Orlando, FL

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Laurie Rasberry, Chief Claims Officer
Acorn Claims
Prosper, Texas

“Thank you Lisa for staying on top of, as well as advocating, for Florida residents and legislative reform. Your newsletters are very informative and enjoy reading the points of view.”  

Shawna Miller, Sr. Claims Quality Assurance & Compliance Manager
Florida Peninsula Insurance Company
Jacksonville, FL

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Cynthia Hoehn, Independent Property & Casualty Personal Lines insurance agent
Clermont, FL

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