TALLAHASSEE, Fla. – Coming off a strong 2015, Florida’s economy will continue to grow in 2016. According to the latest edition of Florida TaxWatch’s Economic Commentary, Florida’s Real Gross State Product is expected to grow 3.1 percent in 2016, higher than the national rate. Additionally, job growth is expected to continue to improve, with most experts predicting between 2.2 – 2.9 percent job growth in 2016.
This forecast is great news for Florida, one of the hardest hit states during the Great Recession. Floridians will continue to have more job opportunities as the job market stabilizes, in addition to seeing housing prices improve and income levels increase. As Floridians’ confidence in the economy improves, they will be increasingly likely to spend their money on goods and services in the state.
“Looking back at where the state was during the depths of the Great Recession to where we are today, it is truly remarkable the improvement this state has seen in its economy,” said Florida TaxWatch President and CEO Dominic Calabro. “Thanks to crucial investments by the Legislature and the business community, Florida’s economy has turned itself around and has returned as the premier destination for companies looking to move or expand their business.”
The January 2016 Edition of the Florida TaxWatch Economic Commentary can be found here.