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Florida TaxWatch Economic Commentary
Economic Preview 2017: Florida on path to sustainable growth
Report from Florida TaxWatch says 2017 should bring sustained growth to the Sunshine State as people continue to find jobs and payrolls increase.
How Will Individuals Be Impacted?
The continued growth of the state’s economy is likely to have a positive impact on the residents of the Sunshine State. The idea is simple - the stronger the economy and the more attractive the business climate, the more likely businesses are to expand in Florida. This will in turn lead to more available jobs, and more competition to lure potential workers, which will benefit all residents. Estimates show that real income growth is expected to be around 3 percent in 2017.
With the increase in expendable income, parts of the economy are likely to benefit more than others; for example, it is expected that retail sales will increase by roughly 4.6 percent in 2017. As new jobs are created, workers need to outfit themselves for their new environment, which leads to clothing and accessories purchases. As discretionary income increases, new homes are purchased, which then need to be filled with furniture, appliances, other items, and so on, as the impacts of increased jobs and income flow throughout the economy.
Conclusion
Over the past few years, Florida has benefited from strong growth that has consistently outpaced the rest of the nation. As 2017 rolls around, it is likely that Florida will continue to experience economic growth, albeit at a more sustainable pace than the state has experienced in the past few years. Overall, the foundation of Florida’s economy has been set for strong and consistent growth for the future. Look for 2017 to be a strong year for Florida, and to set the tone for sustainable growth for years to come.
11 Florida & Metro Forecast 2016-2045. Institute for Economic Competitiveness at the University of Central Florida. June 2016.
12 Ibid.
13 Ibid.
Economic Commentary written by
Kyle Baltuch, MS, Economist
Robert Weissert, Executive VP & Counsel to the President & CEO
Robert D Cruz, Ph.D., Chief Economist
Chris Barry, Director of Publications
Michelle A. Robinson, Chairman of the Board of Trustees, Florida TaxWatch
Sen. George LeMieux, Advisory Board Chairman, TaxWatch Center for Competitive Florida
Dominic M. Calabro, President, CEO, Publisher & Editor
Florida TaxWatch Research Institute, Inc.
www.floridataxwatch.org
Copyright © Florida TaxWatch, December 2016
