State Economists Foresee Growth in Florida

13, August 2013

Florida economists are projecting steady economic growth in the state over the coming years. After a large crash during the 2008 recession, the state has "finally entered a period of stability where everything is behaving predictably," according to Amy Baker, coordinator of Florida's Office of Economic and Demographic Research.

According to the Office of Economic and Demographic Research, taxable sales are increasing statewide in a variety of industries. Over the last year, business investment is up 5.4%, building investment is up 9.4%, and tourism and recreation are up 7.4%. Unemployment rates in the Sunshine State have dropped to as low as 4% in some counties, while others are forecasting increased employement as local investment continues to increase.

Since the recession, economic confidence has continued to rise. In June, Florida saw the highest consumer confidence index since April 2007. This leads to increased consumption and, ultimately, more tax dollars for municipalities. Economists are predicting sales tax revenue to rise between 3 and 5 percent in the next three years.

If these economic forecasts hold, Florida should have a nearly $2 billion budget surplus heading into 2015.