According to the state of Florida, Florida’s Economy is starting to see a lot of improvements. Since the beginning, of the national recession which began in December of 2007, Florida is finally starting to see an upwards turn. Although numbers seem to be increasing it will still be some time before Florida digs itself completely out of the pit it has fallen into.
Florida’s economy has gained jobs, but there is still much room for improvement.
• The rate of non-farm jobs increased by 1 percent, compared to the national increase of 1.5 percent.
• Florida created 72,300 jobs, but it is a poor number compared to the 766,900 jobs that arrived during the employment peak.
• Florida’s unemployment rate measured at 9.4 percent, leaving 869,000 residents without work.
The population is beginning to show a growth within elderly age groups.
• The population of Florida is estimated to grow by a 5.1 million people between the years 2010 to 2030.
• The highest population increase is projected to be in the 70 to 79 age group, followed by those in their sixties.
• The slowest population increase is found in those who are in their fifties, being at just 1 percent. Those in their forties will make up 5 percent of the increase.
• Those aged 80 and older will make up for more than 10 percent of the increase.
• Children being ages 0-17 will grow by 15 percent, leaving the 18-29 age groups to make up 10 percent while those in their thirties will increase by about 14 percent.
The housing market of Florida has improved, but is still struggling greatly. As for credit conditions found among citizens, the conditions have been improving slowly, leaving credit tight for the time being. As for the consumer sentiment, it is on the rise in Florida at a high level of 74, which is not far from the national trend.
The economy of the country is slowly making its recovery and credit markets are regaining their stability; however, credit markets do remain quite sluggish which makes it difficult for consumers to access to credit easily these days. The housing recovery in Florida will thrive by having lower priced homes to attract buyers, especially now that demand has grown due to the outstanding population growth. The retirement homes are also on the rise due to a growth in elderly citizens flocking to Florida for retirement, which will in turn help the economy to grow.