Wednesday, August 12, 2015

The South Florida Business Journal describes 5 predictions about the South Florida economy

Reporter for the South Florida Business Journal Emon Reiser recently wrote a story regarding predictions about what will be happening to the South Florida Economy in the near future. 

South Florida is catching a tailwind from a stronger U.S. economy, according to PNC Financial Services Group's third quarter Southeast Market Outlook. The report offered an optimistic forecast of the region's progress into 2016, predicting lowered unemployment rates, less foreclosed properties and more tourism.

Notable predictions from the report:

1. Southeast Florida's economy will perform above average for the rest of 2015 and 2016. From jobs, to housing, to income, to construction, everything seems to be on the rise in Florida. 

2. Rising disposable income will boost tourism. Strong economic growth nationwide is fueling consumer confidence everywhere, and therefore bolstering tourism and spending in the tri-county area. 

3. Large inventory of foreclosed properties will diminish. 

4. Income will continue to grow slowly. The cost of living in South Florida is eight percent higher than the U.S. average, and the per capita income ranges from 10 percent below the national average in Greater Miami and as high as 29 percent above the national average in Palm Beach County, the report said.

5. South Florida's jobless rate will be slow to decline. PNC predicts that the unemployment in the tri-county area will decline to 5 percent by mid-2016 from 5.7 percent mid-2017. Economic recovery will encourage workers to enter the labor force to search for employment, the report said.

To read the full article please visit: The South Florida Building Journal.

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