Forget recent stock market volatility: Real estate experts say the outlook for Southwest Florida’s economic future is sunny. Strong job and population growth will spur a healthy economy and robust real estate development in every sector.
It’s time for realtors to gear up as Florida will need to add two million new jobs by the year 2030, partly to serve a population older than 65 that is projected to grow by an equal amount.
In Southwest Florida, jobs growth is already running ahead of the state. Parrish noted the Naples metro area saw 22 percent job growth over the year in July and Cape Coral-Fort Myers 20.8 percent. Both grew faster than the state as a whole, which rose 16.6 percent.
But since retirees are also leaving the workforce at a quick clip, the region needs to focus on bringing young, new talent to the workforce to keep businesses humming.
Sustained job growth is also vital to the state’s economic health because nearly three-quarters of Florida’s general revenues come from sales and use taxes. The more people at work, the more property and sales taxes are paid. Experts say that there are more jobs open in both Lee and Collier counties than there were before the housing crash. But since the region’s population is growing, too, they found the increase sustainable and a reason to be optimistic.
For those involved in construction, the recent uptick in job and population has spurred a business bonanza in Florida home sites. The downside is, contractors are scrambling to find enough skilled construction workers to build new homes. Those who build commercial properties are reaping profits, too.
Real estate is not cheap anymore and it’s not a simple game, but there are still a lot of good deals for home sites and opportunities available over the next three to four years.
To learn more about current real estate market trends visit 9 Core Realty on the web!