Through 3 quarters of 2014, businesses in Florida added over 237,500 jobs, and saw nice gains in both the the tourism economy and housing starts. So what does 2015 have in store for Florida’s business development? Read on to find out.
Florida’s Post Great Recession Employment Figures
Like many other states across the U.S., the Great Recession of 2008 devastated Florida’s economy. The construction industry suffered the most from 2008 – 2001 and has yet to fully rebound to its pre-recession employment levels. More than 12,000 Treasure Coast construction jobs were eliminated from 2005-2011, prompting Ken Ringe, president of Bayview Construction to say: “A lot of the quality craftsmen have left the area. There were no jobs around here, so they left.”
On the other hand, Florida’s education and health service industries seem to have recovered. For example, the professional and business service industries had about 92,700 workers as of May 2007. Now, the professional and business industries have increased to a combined total of 101,600 jobs.
Florida’s overall unemployment rate has continued to drop throughout 2014, and has has fallen to its lowest level since 2008. However, it does not include residents who have stopped looking for work and no longer counted as unemployed.
Florida’s 2015 Business Forecast
University of Central Florida economist Sean Snaith recently forecast a significant growth of Florida based businesses throughout 2015.
If current trends hold, Snaith believes, Florida could surge in years to come. “These factors should finally help generate faster growth in 2014, 2015 and 2016, respectively,” the report states. He looks for a 2014 state GDP of 3.2 percent, 2015 growth of 3.9 percent, and 3.6 percent in 2016.
Snaith also forecast an increase in statewide payroll job growth of 2.5 percent during 2015 with the labor force growth rate increasing by 1.3 percent. Below are some interesting figures from the report to consider for 2015 business economic forecast:
- Labor force growth in Florida will average 2.3 percent from 2014-2017. In the four previous years, it was just 0.9 percent.
- Sectors projected to have the strongest average job growth during 2014-2017: Construction (11.3 percent), Professional and Business Services (4.6 percent), Trade, Transportation & Utilities (4 percent), Education & Health Services (2.5 percent), and Leisure & Hospitality (2 percent).
How has your business recovered from the Great Recession? Do you plan on hiring more employees throughout 2015? Let us know!
Sources
Here’s How All 50 State Economies Are Doing, Ranked From Slowest To Fastest
Post recession First Coast sees many job rebounds, but some will never return to levels prior to economic bust
Economist’s forecast for Florida: clearing skies
Report: Fla. on track to reach visitation goal in 2015
Economic Outlook for Florida Strong through Foreseeable Future