Florida job growth to overtake nation next year

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ORLANDO, Florida – Florida’s job growth will outpace that of the national economy, and unemployment will continue to decline in 2022, according to a new economic forecast for the Sunshine State.

Florida’s unemployment rate, which stood at 4.5% in November, is expected to continue declining in 2022, and housing starts will pick up, but not quickly enough to meet robust demand in the near term, forecast published earlier this month by the Institute. for the economic forecast at the University of Central Florida.

Inventories of single-family homes are so scarce in Florida that it would only take 1.3 months to exhaust the current supply of homes at the current rate of demand. Nationally, supply was 7.1 months in October. Typically, a six month supply is considered a healthy and balanced market.

“Florida real estate agents are in desperate need of homes to buy and sell,” the UCF report said. “The scarcity of inventory and supply chain issues for OEMs have led to cold calls / SMSes trying to build up inventory.”

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Unlike the Great Recession over a dozen years ago, the housing market will not be an “albatross” around the Florida economy during the continued recovery from the pandemic, according to the report.

“On the contrary, housing will continue to be a major economic driver as the recovery from the COVID-19 recession continues, and builders strive to replenish severely depleted stocks,” the report said.

The sector with the highest job growth expected in Florida over the next three years is the hospitality industry, which has been battered in the past two years by the pandemic, with an expected jump of 8.1%. Professional and commercial services followed, which are expected to grow 3.8%. Professional and business services are white collar jobs like lawyers, architects, and accountants.

Florida’s population over the next three years will continue to grow as baby boomers retire and move to the Sunshine State, and more job seekers will migrate to Florida as the industry moves forward. The travel and hospitality industry is recovering from the slowdown caused by the pandemic of the past two years, the forecast says.

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.


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