Florida is growing by more than 1,000 people each and every day! This is great news for Florida real estate professionals all over the state who have ample opportunities to help these new residents find a place they can call home.
Driven by numerous employment opportunities along with accessible home prices, Florida is attracting various people from all over the world, reports Cushman & Wakefield in a recently released document that examined trends in population across the state and its subsequent economic impact.
Population: Where are they Coming from?
The largest segment adding to the daily 1,000-plus increase in population is from Puerto Rico. According to the population report, the economic challenge in Puerto Rico is causing an exodus from the third largest Caribbean Island to the United States with many choosing Florida as their preferred destination initially.
Jobs: What Industries Are Hiring in Florida?
For the past 3 years, Florida has exceeded the national average in job growth. Employment advisors have noted that since 2015 Florida has added 244,500 new jobs at a growth rate of 3 percent with most of these positions contributing to the state’s employment performance in the fields of healthcare, logistics, home construction, retail and hospitality.
Homes: Are the Prices Right?
The drive in population growth in Florida was assisted along with the drop in home prices, which bottomed out in 2011. With prices back on the rise since inventories have been tight and demand high, the numbers still show that home prices in Florida in 2016 were down by $42,000 compared to fourth quarter 2006 values.
Areas for Largest Expected Growth
Florida growth rate has placed it in fourth place as the fastest-growing states over the past year, following only North Dakota, Colorado and Nevada. Experts predict the population of Florida to hit 20.7 million as 2016 comes to an end.
Analysts identified the top 8 areas in Florida where the largest growth is expected to be seen, and homes for sale in Florida may be in high demand. These areas include:
1) Fort Myers
Fort Myers is projected to grow 3.3%, with a growth rate of 22.8 and population growth of 701.9.
2) Orlando
Orlando is projected to grow 2.6%, with a growth rate of 60.1 and population growth of 1,183.3
3) Lakeland / Polk County
Lakeland / Polk County is projected to grow 2.3%, with a growth rate of 14.8 and population growth of 650.1
4) Jacksonville
Jacksonville is projected to grow 2.0%, with a growth rate of 28.5 and population growth of 1,449.5
5) Tampa / St. Petersburg
Tampa / St. Petersburg is projected to grow 2.0%, with a growth rate of 57.4 and population growth of 2,975.2
West Palm Beach is projected to grow 1.7%, with a growth rate of 24.3 and population growth of 1,422.8
Fort Lauderdale is projected to grow 1.4%, with a growth rate of 26.8 and population growth of 1,896.4
Miami / Dade County is projected to grow .9%, with a growth rate of 24.2 and population growth of 2,693.1
