The U.S. economy has been doing well recently with job openings reaching or nearing record levels in all regions of the country. Each year, The Kiplinger Letter releases a job growth forecast for all 50 states. No surprise, Florida made it in the higher part of the list released last week ranking at #8. Here are the stats:
- Population: 20,984,400
- 2018 job growth: 2.3%
- 2017 job growth: 2.2%
- New jobs in 2018: 193,400
- New jobs in 2017: 181,500
- Unemployment rate by year-end 2018: 3.7%
- Unemployment rate by year-end 2017: 3.9%
The state's GDP recently hit $1 trillion and is expected to grow 3.8% between this year and next. The new construction business is absolutely booming with high buyer demand and housing starts will have risen 10% by the end of this year and 6% in 2019 based on current projections. Domestic tourism is flourishing, the manufacturing and service sectors are skyrocketing, and workers are becoming scarcer as unemployment is dropping quickly in metro areas.
The Kiplinger Letter forecasts many people from the Northeast will flock to Florida's Atlantic coast over this year's end and throughout 2019 thanks to opportunity and tax laws limiting property deductions.