University of Central Florida (UCF) Economist Sean Snaith predicts that FL's gross state product will break the $1 trillion mark next year.
That would make FL thee 16th largest in the world, was ranked by the World Bank. Driving the economy will be job growth and home construction. "The fundamental underpinnings of the housing market in FL continue to strengthen. Job growth in FL forecast to continue outperforming the U.S. labor market and more baby boomers continue to reach the en of their working lives".
Florida faces a growing single-family-housign shortage because o the shrinking inventory of of existing homes and a pace of housing starts that trails growth, which is rapidly pushing prices upward.
"While it looks like a housing bubble it's really just an old-fashioned shortage in the single-family-housing market." It is expected to correct itself and new housing will start to ramp up oevr the next few years."
Blake Anthony Papalia
Broker
Home Made Real Estate
