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UCF Forecast Shows Significant Improvements For The Coming Years, Near A 5-Year High Among Floridians

Nov 09, 2012

FOR IMMEDIATE RELEASE: November 8, 2012

CONTACT: DEO Communications, (850) 617-5600, media@deo.myflorida.com

UCF FORECAST SHOWS SIGNIFICANT IMPROVEMENTS FOR THE COMING YEARS, NEAR A 5-YEAR HIGH AMONG FLORIDIANS

TALLAHASSEE— A recent economic forecast by the University of Central Florida (UCF) predicts continued improvements for the state in 2013 and through the year 2015. The forecast expects significant improvements in housing, income, job creation and economic growth among others.

Also, a recent Consumer Confidence Index Survey from the University of Florida reported that optimism among Floridians remained near a post-recession high in October. The Index reports that Floridians’ positive outlook is holding consistently at or near a five year high.  

Governor Scott said, “These surveys are another example of the strong confidence folks have in Florida’s economy.  More and more businesses are growing and providing jobs for Floridians, which empowers our citizens to engage in the economy.  We have more work to do, but this is another important sign that we’re succeeding in making Florida the best place in the world to find a career and raise a family.”

UCF’s Institute for Economic Competitiveness recently published its Florida and Metro Forecast, which provides a comprehensive, quarterly forecast of the Florida economy and 12 metropolitan areas. The report highlighted a number of economic indicators that are predicted to show continued improvement in 2013 and sustain it through the year 2015. Some of those positive indicators include:

  • The sectors expected to have the strongest average growth during 2012-2015 are Construction (5.0%); Professional and Business Services (4.6%); Trade, Transportation & Utilities (3.2%); Education & Health Services (2.0%); and Information (1.6%).
  • Housing starts will begin to accelerate in 2013, with total starts of 157,000 in 2015 – the highest level since 2006.
  • Real Gross State Product will accelerate in 2013 and continue through 2015.
  • Florida’s economic growth will accelerate into 2013 and 2014, assisting the labor market’s recovery.
  • Personal income growth is expected to accelerate in the second half of 2012 through the end of 2015. The year 2013 will be the first year since 2006 that personal income growth in Florida will be higher than the national rate.

According to the Consumer Confidence Index, expectations of U.S. economic conditions over the next year rose three points to 84, the highest since the recession began in December 2007. Expectations of U.S. economic conditions over the next five years rose one point to 85.

These reports show that Florida’s economy continues its improvement, with positive increases seen across many economic indicators.

  • Florida has created 156,800 private sector jobs since December 2010, and has experienced positive annual job growth for 26 consecutive months.
  • The state’s job growth month-to-month has been positive for 12 of the last 15 months. Florida job postings increased sharply in September 2012 compared to the previous September by 35,277 (an increase of 15.1 percent), for a total of 268,575 openings (seasonally adjusted).
  • The state’s 24 Regional Workforce Boards reported a record of more than 52,893 Floridians placed in jobs during the month. Florida’s unemployment rate declined to 8.7 percent for the month of September with 3,500 new private sector jobs created.
  • The September 2012 rate was 1.7 percentage points lower than the year-ago rate of 10.4 percent. 
  • Florida employers are predicted to increase their hiring rates in the fourth quarter of 2012, according to a recent national Manpower Employment Outlook Survey.
  • Florida housing starts were up by 18.5 percent in August 2012 (the most recent month available) compared to August 2011 and median home prices were up 5.8 percent over the year. Average home sales prices are up by 6.8 percent in August 2012 compared to the previous August.

The Florida Department of Economic Opportunity combines the state’s economic, workforce and community development efforts. This new approach helps expedite economic development projects to fuel job creation in competitive communities. For more information, including valuable resources for employers and job seekers, please visit www.floridajobs.org.

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