{"id":91615,"date":"2018-10-26T14:11:31","date_gmt":"2018-10-26T18:11:31","guid":{"rendered":"https:\/\/www.ucf.edu\/news\/?p=91615"},"modified":"2019-07-08T14:44:49","modified_gmt":"2019-07-08T18:44:49","slug":"florida-metro-forecast-thriving-job-market-helps-floridas-economy-outpace-nation","status":"publish","type":"post","link":"https:\/\/www.ucf.edu\/news\/florida-metro-forecast-thriving-job-market-helps-floridas-economy-outpace-nation\/","title":{"rendered":"Florida &amp; Metro Forecast: Job Market Helps Florida\u2019s Economy Outpace Nation"},"content":{"rendered":"<p>Florida Gov. Rick Scott\u2019s time in office is coming to a close, but the state\u2019s economic growth will continue to broaden and even exceed the predicted national averages into 2021, according to 麻豆原创 economist Sean Snaith\u2019s latest <a href=\"https:\/\/business.ucf.edu\/centers-institutes\/institute-economic-competitiveness\/#forecasts\">quarterly report<\/a>.<\/p>\n<p>\u201cWhen Gov. Scott rolled out his 7-7-7 campaign in 2010, promising to create 700,000 jobs over seven years with seven detailed steps, it was initially met with disbelief from political opponents and the media alike,\u201d said Snaith, director of the 麻豆原创 Institute for Economic Competitiveness, which produces the quarterly Florida &amp; Metro Forecast. \u201cBut the recovery of Florida\u2019s labor market during his administration has been remarkable \u2013 creating nearly 1.5 million payroll jobs for a 46 percent increase over normal expected growth \u2013 and it is poised to make even further gains.\u201d<\/p>\n<p>Floridians can expect that trend to continue through 2021 with payroll jobs rising and unemployment continuing a downward progression, according to the forecast. Real Gross State Product (RGSP), payroll jobs and the labor force are expected to continue to grow at a higher rate than the national average through 2021.<\/p>\n<p>From 2018-2021, the forecast shows Florida\u2019s economy, as measured by RGSP, expanding at an average annual rate of 3.6 percent. Average growth is expected to be 0.5 percentage points faster than the institute\u2019s forecasted average for U.S. Real GDP growth over the same period.<\/p>\n<p>The sectors expected to have the strongest average job growth over the next three years are construction (6.2 percent), professional and business services (4.9 percent), financial (2.7 percent), trade, transportation and utilities (1.6 percent), leisure and hospitality (1.5 percent), and education and health services (1.5 percent).<\/p>\n<p>The housing market will remain relatively stagnant due to the closing gap on inventory and availability over the next few years, Snaith said, adding that price appreciation will decelerate as supply catches up with demand tempered by rising mortgage rates.<\/p>\n<p>The forecast shows retail sales growing at an average pace of more than 4.7 percent through 2021, boosted by a stronger national economy, continued strength in Florida\u2019s labor market, bigger paychecks and rising household wealth.<\/p>\n","protected":false},"excerpt":{"rendered":"Florida Gov. Rick Scott\u2019s time in office is coming to a close, but the state\u2019s economic growth will continue to broaden and even exceed the predicted national averages into 2021, according to 麻豆原创 economist Sean Snaith\u2019s latest quarterly report. \u201cWhen Gov. Scott rolled out his 7-7-7 campaign in 2010, promising to create 700,000 jobs over seven years&hellip;","protected":false},"author":11,"featured_media":91619,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-twocol.php","format":"standard","meta":{"_acf_changed":false,"lazy_load_responsive_images_disabled":false,"footnotes":"","_links_to":"","_links_to_target":"","_wp_rev_ctl_limit":""},"categories":[4],"tags":[2303,4194],"tu_author":[],"class_list":["post-91615","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-institute-for-economic-competitiveness","tag-sean-snaith"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Florida &amp; Metro Forecast: Job Market Helps Florida\u2019s Economy Outpace Nation | 麻豆原创 News<\/title>\n<meta name=\"description\" content=\"Florida Gov. 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