Florida’s economic outlook will more than double over 30 years, says a new report.
The quarterly report is authored by Sean Snaith, a national economist and Director at the University of Central Florida’s Institute for Economic Forecasting.
According to Snaith, “The total value of goods and services produced in Florida is expected to increase by more than 2.5 times the current value, reaching more than $4.6 trillion by 2049.”
The report suggests Florida’s Real Gross State Product (RGSP) will increase by an average of 3.1 percent a year, over the next three years, and job growth will continue to outpace the national economy.
However, Florida will also experience a boom in the labor force which could offset any significant changes to the unemployment rate.
The three-year findings include an initial drop in the unemployment rate in 2019 and 2020, hitting 3.3 percent, but it will be short-lived creeping back up in 2021 and 2022 to roughly 3.8 percent in 2022.
No large shifts in employment are predicted, overall, as Florida’s economy continues to grow and evolve.
However, the 30-year outlook is much more promising. The RGSP is expected to continue to outpace national averages, which spells economic growth for Florida.
Another notable highlight from the 136-page digital report includes population growth.
As the Boomer generation begins to retire, Florida should expect to see more people coming to the state and buying homes. This will lead to housing acceleration year over year.
That said, you can expect the value of homes to change over this time as supply grows to meet demand.
In tandem with predicted increases in population and housing, retail sales are expected to grow to surpass 1.25-trillion dollars over 30 years.
There will likely be a few recessions over this period too, but Snaith believes it would be remiss to try and predict how and when. Even though it’s not entirely smooth sailing ahead, long-term predictions suggest Florida comes out on top.