The Kiplinger Letter recently presented forecasts for job growth for all 50 states. Florida was named a top ten state for job growth. Western states garnered the top stops for job growth with Idaho, Utah and Nevada taking the top three spots. In fact, only two states east of the Mississippi, Florida at No. 8 and North Carolina at No. 9, made the Top Ten.
What Makes Florida a Hot Spot for Job Growth?
- Florida GDP is projected to grow 3.8% this year and next—that’s above the national average.
- Construction of new homes is projected to grow 10% by the end of the year and another 6% next year.
- Manufacturing and service sectors are both doing well.
- Domestic tourism is setting records for growth.
- Unemployment is expected to be just 3.7% by year-end.
Job Outlook on the Treasure Coast
As reported in May, Treasure Coast businesses added 2,500 more jobs in 2018. Unemployment rates in all three counties are below the national average.
From TCPalm :
“Though the Treasure Coast’s total workforce increased in May by about 2,000 people, about 1,200 of them in St. Lucie County, all but about 250 found jobs. The 266,897 Treasure Coast residents who had jobs in May would appear to be a record high for the three-county region, and is a 6.9 percent increase from the same time two years ago.”
For a closer look at what’s happening with business growth in St. Lucie County, visit the St. Lucie Economic Development Council web site.
Job growth and low unemployment are great news for the real estate scene.
A healthy economy (coupled with a low inventory of houses) means sellers have the opportunity to sell their homes quicker and for a higher profit.
Buyers, of course, are competing for fewer available properties (esp. in the under $300,000 range). However, a good-paying, steady job is always the first step for getting approved for a mortgage. And don’t forget, there are new homes being built and new listings coming to market every week. Check out our listings or contact one of our agents to get started.Return to the Blog