Stable Job Growth Continues in Florida for 2016
Waterfront Home Under Construction by Big Island Builders in Naples, Florida
Since the economic recession and recovery process that has occurred over the past decade, Florida has seen strong but somewhat volatile job growth. While the gains in the job market have been mainly positive, some growth in the job market can be attributed to a return to pre-recession standards. 2016 forecasts project that while job growth will mostly stay positive, the economy will become more consistent and stable.
A leading metric for overall job growth, total non-farm employment is expected to grow 2.2 percent in 2016, according to the University of Central Florida’s Florida & Metro Forecast. An alternative forecast published by Kiplinger has a slightly more optimistic view, predicting that Florida will be ranked 3rd in the nation in terms of states with the fastest job growth, forecasting the state’s job growth to be 2.9 percent in 2016 and unemployment to dip to 4.7 percent.
As the table below shows, Florida’s job growth is led by a resurgence in construction, which took a major hit during the economic recession, but has gradually turned around as consumer confidence has increased, leading to more business expansion and population growth. With increased construction comes new businesses and homes, which allow for growth in many other sectors of the job market.
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