Whether it is commercial, retail or even domestic properties, it would be fair to say that Florida is experiencing something of a boom. The likes of Sarasota, Tampa Bay and more are all playing a part in this rise, with project after project reaping the rewards that the state has to offer.
This is something that is certainly being felt by residents. Shaun Benderson, a lifelong resident who is now a journalist covering the local sporting news, has lived through it all. We spoke to him this week about the scoop, and just what it means for those who are thinking of investing there.
The economic growth factor
This is one of the primary reasons why so many people are inclined to not only invest, but also move to Florida. Whether you are moving from Phoenix or Texas, the growth which Florida experiences really is unparalleled.
In terms of the hard and fast figures, you can expect a growth of 3.4% from the private sector. This in itself means that Florida is only behind Texas.
It’s the place for jobs
This is something that is apparent all across Florida, from Tampa to Sarasota. If we were to take a snapshot of the ten largest states in the country, the outlook for the jobs market would look the most favorable in Florida. If we drill down into specific industries, the likes of construction, utilities, trade and transportation are the ones which are offering the best opportunities in the state.
If we cast our mind back to 2015, where various regions of the country were struggling, Florida was in fact prospering. The jobs market was rising at a rate between 2% and 2.5%.
It’s the state that keeps on growing
If we tune into population figures, the outlook is again encouraging. There are over 20 million people based in the state, meaning that it has actually overtaken New York as the third most populous state in the country. There is only California and Texas that can keep ahead of it in this regard.
To put some numbers into perspective, if we turn back the clock to 2014 it was found that the state was growing at over 800 people per day. In total, this meant that there were close to 300,000 additional new people in the state over the course of a year.
It’s completely international
While some states might be quite domestic in the way in which they attract people, the same cannot be said of Florida. This is a region which appeals to international buyers, and this fuels the market no-end. This is the most popular state by a country mile when it comes to foreign investors, with Germans, Britons and Australians some of the most popular nationalities. The state has also witnessed investment from South America over the last few years, which is hardly surprising when you consider that it is located reasonably close to the borders of that continent.