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Jul
18
Florida Ranks as 16th Largest Economy in the World

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University of Central Florida economist predicts state economy to surpass $1 trillion next year, making it the 16th largest economy in the world

Economist Sean Snaith, the director for the Institute for Economic Competitiveness at the UCF College of Business Administration in Orlando, Florida, predicts that Florida's gross state product will break the $1 trillion mark next year – and then climb to $1.074 trillion in 2019, an expansion at an average annual rate of 2.9%.

Besides making the Florida economy the 16th largest in the world, as ranked by the World Bank, that gross state product growth outpaces the projected average for the United States’ gross domestic product for the same period. Snaith also sees job growth in Florida outperforming the national labor market and home construction remaining robust as more baby boomers continue to reach the end of their working lives.

"The fundamental underpinnings of the housing market in Florida continue to strengthen," says Snaith. "This bodes well for continued population growth via the in-migration of workers and retirees."

These economic numbers should also serve to discount concerns over a housing bubble…according to Snaith, Florida faces a growing single-family-housing shortage because of the shrinking inventory of existing homes and a pace of housing starts that trails growth, which is rapidly pushing prices up in the single-family market. .

"While this looks like another housing bubble, it's really just an old-fashioned shortage in the single-family market, it is expected to correct itself as new housing starts ramp up over the next few years."

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