While there are increased worries about a recession at the national level, the economy remains in excellent shape in Florida.
There are some signs of concern of course–including recent estimates that the state government will bring in around $867 million less in revenue than expected over the next two years–but mostly things are looking up in the Sunshine State.
Last month, unemployment in Florida slipped from 3.4 percent to 3.3 percent, well below the national average of 3.7 percent. Jobs continue to grow at a 2.8 percent rate in Florida, above the national average of 1.8 percent.
Tourism also continues to boom in Florida with Gov. Ron DeSantis announcing last week that a record-high 68.9 million tourists visited the state in the first half of the year.
This week, the Florida Realtors announced that single-family home sales were up 10.4 percent last month when compared to July 2018.
Now, this could all head south of course. Florida’s economy continues to rely heavily on tourism and real estate, two industries that often take major hits in an economic downturn–as the Sunshine State can attest from the damage it took during the Great Recession. Continued trade tensions with China could impact logistics and agriculture.
Thanks in large part to efforts from former Gov. and now U.S. Sen. Rick Scott and current Gov. Ron DeSantis, Florida continues to have a strong business and tax climate which continues to attract new residents and businesses. Even as the nation experiences increased worries about a downturn, for the moment at least, the economy remains in good shape in Florida.
Kevin Derby wrote this column. He can be reached at [email protected].
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