Over the past year, the construction and hospitality industries in South Florida have shown substantial job gains. The financial, professional, and business services are experiencing positive growth as well. Economists claim that the state’s economy is “firing on all cylinders now.” The state’s important economic activities, namely housing, tourism, and consumer spending, have shown a near complete recovery since the recession. According to state officials, the economic activity and growth is an indication that the policies they are putting in place are working for the state.
Luckily, the global economy has a strong presence in Florida, particularly in the southern part of the state, which has helped a great deal in moving things along. There is optimism that the growth will only continue to gain momentum. Florida is home to a number of small businesses, and the establishment of new businesses has really contributed to Florida leading the nation in job creation. Because of the improved economy and job market, there has been an increase in the labor pool, which has positive and negative implications.
Obviously, it is good that people are seeking to join the labor force because it signifies that people have noticed the improvements in the economy. On the other hand, the increased labor pool can negatively affect the unemployment rate. The effects on the unemployment rate often hinder economic optimism. Regardless, the overall numbers for Florida paint a positive picture.
As far as the real estate sector, we have certainly seen a lot of people from out of state checking out the Miami condos for sale because their careers are bringing them to booming Miami. Many national and international companies headquartered elsewhere are opening offices in Miami and Fort Lauderdale, causing individuals from all over the country and world to descend on our lovely city. Whether you are new to the area or born and raised in Miami, we’d love to help you with your real estate needs!