With a growing job and housing market in Florida, other areas of the state’s economy will see a boost. Florida’s personal income growth saw great advancements in 2015; in fact, Florida had the largest gain in personal income growth from the fourth quarter of 2014 to the first quarter of 2015 of any state in the nation.
Going forward, forecasts for 2016 in terms of personal income growth are optimistic. In July 2015, the Florida Office of Economic & Demographic Research (EDR) hosted the Florida Economic Estimating Conference. During the conference, EDR put out its predictions on personal income growth for the future, stating that long term personal income growth rates are expected to grow between 4.4 and 5.5 percent. This sentiment was echoed by the Florida & Metro Forecast, which predicted that personal income would grow 4.9 percent in 2016. Both of these predictions have Florida outpacing the nation, a positive sign for the state’s economy and the residents of Florida.
With the increase in personal income, growth in the job market, and an overall increase in consumer confidence, Florida is expected to see a boost in retail spending. In fact, forecasts show that retail spending will accelerate in 2016, with retail spending growth estimated to be 5.3 percent, more than a percentage point higher than 2015. This comes from the fact that more Floridians are starting to build up disposable income, increasing discretionary spending, and allowing more money to flow through the economy. The effects of this increase will create more jobs, and help boost the overall health of the state’s economy.
The team at Big Island Builders is part of the growth of Southwest Florida, as the luxury custom home building market is very strong. Big Island Builders is building in Naples' premier neighborhoods and communities. For more information please call 239.262.6867.
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