AS WE CLOSE THE DOOR ON A STRONG 2016 for Florida’s economy, it is time to look at what could lie ahead for the state in 2017. While parts of the world face economic uncertainty, and a changing of the guard in the White House is sure to bring changes to our nation’s economy, the state of Florida seems well situated for continued economic growth in the new year.
One of the most common factors used to judge the health of a state’s economy is the unemployment rate. Estimates show that Florida’s unemployment rate will likely hover around its current position, and the overall projection for the unemployment rate in 2017 is between 4.5 and 4.7 percent, which is on par with the rest of the nation.
However, as TaxWatch studies have noted in the past, the unemployment rate is hardly the only aspect of the workforce that should be examined when looking at the health of the job market. Other important metrics to consider are the state’s growth in payroll and growth in the labor force, both of which are expected to rise in 2017.
The state’s payroll is expected to grow by roughly 2.4 percent in 2017. is increase in salaries is a strong showing of economic growth, which will likely drive individuals back into the work force who have not participated recently. is in ux of workers is expected to increase the labor force by about 2 percent. While more people will be working, the aggregate increase in the labor pool is the main reason why the unemployment rate is projected to hover around its current rate in 2017.