Since we are all wondering were this crazy economy is going I thought I would share the below with you.
The University of Central Florida provides a comprehensive, quarterly forecast of the Florida economy and 12 metropolitan areas including: Pensacola, Tallahassee, Jacksonville, Gainesville, Ocala, Deltona-Daytona Beach, Tampa-St. Petersburg, Lakeland, Orlando-Kissimmee, Palm Bay-Melbourne, Naples-Marco Island, and Miami-Fort Lauderdale.
Excerpts from the report include:
Florida’s housing construction sector finally bottoms out deeper than many expected in 2009, falling to an annual rate of roughly 25,000 housing starts. Housing starts will climb over the next several years. In 2013, housing starts will recover to 2001 levels, rising gradually to 170,000 starts.
Sales of existing homes have shown strength in recent months as the 12-month moving average of sales has been on the rise since August 2008. However, prices are still struggling to find a bottom, and until this occurs, we will still have instability in the housing sector.
The Florida Economic Estimating Conference met in July of 2009 to revise forecast for the state’s economy. As further updated by the Legislative Office Economic and Demographic Research, the latest forecast reveals an economy still burdened in the short run by national and state fiscal shocks, but showing underlying resilience in the longer-term. Population growth – while at an historic low – continues to be the state’s primary engine of economic growth, fueling future employment and income growth. All comments are directed towards the immediate planning horizon extending through Fiscal Year 2012-13.
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