The economy in Florida is continuing to show signs of improvement. Though these improvements may not be felt by each individual homeowner in the sunshine state just yet, they are a promising indication of what the future holds.
Since December 2010, Florida has created 156,800 private sector jobs and has experienced positive annual job growth. If you disect the data further, you will see that this growth has been positive for 12 of the last 15 consecutive months. Specifically, job postings showed a sharp increase in September 2012 of 15.1 percent – or 35,277 jobs.
Improvements in the private sector’s job market are not the only indication of an economic rebound. Net in-migration for Florida state is up to an estimated 134,500 this year from 68,000 in 2011. As a result, demand for homes in Northwest Florida are driving up home values.
Aware of these real estate trends, developers are beginning to build again and banks are beginning to lend again. A local example of this bolstered developer confidence is reflected in the recent contracting of Peacock’s Point – a gated subdivision with waterfront lots situated along Choctawhatchee Bay and Joe’s Bayou.
“The housing and construction industry is vital to helping Florida’s economy continue to rebound while providing employment to the thousands of workers who are seeking a job,” said Governor Rick Scott. “Seeing these positive indicators across the state shows that people are feeling more confident in buying or building a home.”
All of these components are creating a domino effect where the end result is a boost in the Florida economy.
If you would like to buy a home in Northwest Florida or sell a home in Northwest Florida, contact Kerry Veach. Kerry is a Northwest Florida Realtor and Real Estate Broker with 22 years of experience assisting thousands in the exciting process of buying and/or selling a home. He is a member of the RE/MAX Hall of Fame, the RE/MAX Platinum Club, and the RE/MAX® 100% CLUB. In 2011, he earned the RE/Max Lifetime Achievement Award. With over 1,000 closings and thousands of satisfied clients, it’s no wonder that 95% of Kerry’s business comes from referrals.