Consistent Growth Forecast for the Florida Economy

August 6, 2016

A New Home Under Construction in Naples, Florida by Big Island Builders 

 

Floridians can look forward to consistent growth in the Florida economy. As shown in the December 2015 Economic Commentary, Florida experienced strong job growth in 2015, adding nearly a quarter of a million jobs. Heading into 2016, Florida’s job market is widely expected to maintain its course as the Florida economy as a whole continues to strengthen.

One of the most commonly used metrics to measure a state’s economy is the Real Gross State Product (RGSP), which measures the value of economic output for a given state, adjusted for price changes stemming from inflation or deflation. Florida’s RGSP is expected to grow 3.1 percent in 2016, which is roughly a half a percentage point higher than the United States.

 

While the expected growth of Florida’s economy in 2016 is great news, there are also positive signs for economies at the local level. Bloomberg Business compiled a list of the top 18 cities it predicts will have the most economic growth in 2016. Of the 18 cities on the list, nine were in Florida, including the top four, and six of the top ten, as shown in the table below.2The concentration of growth seems to be regional, as nearly all of the Florida cities on the list are located in Southwest or Central Florida. Small and moderate sized metropolitan areas in Florida have moved to the top of the list largely due to the fall of oil and gas hubs from the ranks, according to Bloomberg.

 

Big Island Builders, a custom luxury home builder in Naples, Florida is enjoying a building boom in the Southwest Florida. Since 1999, Big Island Builders has been building "inspired" homes in Naples' most distinguished neighborhoods and communities. For more information, call 239.262.6867 or visit www.bigislandbuilders.com

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