While the June job report did not bear as positive results as hoped, South Florida’s economy seems to show no fear. According to economic reports, South Florida is navigating toward an upswing that puts it at a better position than it was seated at this time last year. Housing, job growth and consumer confidence are all seeing a positive streak at the moment, and foreign dollars continue to bolster trade and tourism.
The housing market is finally seeing a switch off between depreciating real estate and rising home values. Two years of modest job growth has lead to lower unemployment rates. And the lower gas prices, which at the moment are lower than the national average, are boosting consumer confidence. Considering Florida’s devastating reaction to the 2008 recession, this modest improvement is made drastic by its difference. And just as Florida took the extreme brunt of the economic downturn, it may just be the first to show extreme improvements before the rest of the country.
In 2011, The Miami Herald researched and reported a mid-summer report card on Florida’s recovery, assigning grades to five key economic areas. In 2011, South Florida’s job market earned a D+ because unemployment was still rising. In the past 12 months, the unemployment rate has dropped from 10.7 percent to 8.7 percent, giving today’s grade a B. Spending also moved from a D to a B, due to continued gains in taxable sales, lower gas prices and general consumer confidence.
South Florida will not see its own jobs report until late July, but recent statistics show a positive, yet slowing, improvement. The majority of hiring has been within the healthcare, tourism and retail industries, a sign of the state’s retiree and vacation market. Those in the tourism industry expect to have a good summer, as a sales team from Broward’s tourism department reported a high enough increase in German bookings to make up for declines in euro-zone countries with troubled finances.
As Florida’s economy continues to change, rebound and improve, the team at Florida Regional Center will continue to provide updates.
For more information on the South Florida economy, real estate and investment opportunities, visit http://visaeb5.wordpress.com/.