TALLAHASSEE, Fla. - While people are focusing on holiday shopping and travel plans, Florida TaxWatch is looking to 2017 and what it will bring for Florida’s economic outlook. The latest Economic Commentary published by the non-partisan, non-profit research institute finds that 2017 should bring sustained growth to the Sunshine State as people continue to find jobs and payrolls increase.
“Florida has had an excellent run economically since battling back from the worst recession in modern history. The unemployment rate has stabilized, businesses continue to create jobs and Florida is among the leaders nationally in terms of its economy,” said Florida TaxWatch President and CEO Dominic M. Calabro. “The new year will see the Sunshine State sustain this success, adding another strong year to the state’s comeback story.”
According to the TaxWatch report, the state’s payroll is expected to grow by roughly 2.4 percent in 2017 and more people will reenter the work force as a result of higher potential earnings. This influx of workers is expected to increase the labor force by about 2 percent and is the main reason why the unemployment rate is projected to hover around its current rate in 2017.
Another measure to determine growth of the economy is Real Gross State Product (RGSP) and Florida’s is projected to continue improving. In 2017, the state’s RGSP is expected to grow between 3.37 and 3.4 percent. This forecast outpaces previous long term forecasts, and puts the state of Florida ahead of the nation’s Real Gross Domestic Product growth rate (national version of RGSP).
The report also finds that job growth in many sectors in the Sunshine State will continue to grow but the state will start to experience job growth figures that are more sustainable in terms of long-term growth.
The full report can be read here.