Report: Florida’s economy projected to ‘outpace’ other states by 2017
When the "Great Recession" is mentioned, many people think about the housing bubble that burst in 2008. However, in Florida, the crisis began one year prior in April 2007, according to the St. Augustine Record.
The Sunshine State has come a long way since those days, and University of Central Florida economist Sean Snaith believes Floridians will have a stronger economy than most other states within three years' time. Snaith's extensive report on employment, payroll and housing growth shows that the construction, trade, hospitality and business services markets in Florida will help employment grow 2.3 percent every year.
By 2017, the unemployment in Florida will stand around 5.7 percent with an average wage or salary of $55,400 per year. America's unemployment rate is hovering around 6.6 to 6.7 percent, according to the Bureau of Labor Statistics.
How does this affect Tampa Bay's growing market? Based on data that Snaith aggregated, personal income growth is estimated to reach 5.3 percent every year, in turn creating population growth of 1.2 percent.
"Tampa is forecasted to have the second highest Gross Metro product in studies areas, averaging a level of $114,620.85 million dollars," Snaith wrote.
Because growth in the professional and business service field may reach 3.8 percent for the next three years in Tampa Bay, it may be worthwhile to take advantage of these alternatives before costs go up.
Smaller companies that have plans to grow in Tampa Bay but don't have the resources to establish a physical office at this time are in luck. On Point Executive Center offers an array of virtual office and receptionist services, giving business owners an established presence in the community that's friendly to their budget.