The Institute for Economic Forecasting at the University of Central Florida is predicting that Florida’s unemployment rate will continue to fall and that the real estate market will help lead the state out of the Covid-19 Recession. Their forecasting on Florida’s economic recovery takes into account population growth and which industries will benefit most.
While we are entering 2022 with low housing inventory, construction has picked up the pace. The construction industry is working hard to deal with supply chain issues, while Realtors are working with property owners to list more homes. Right now, the state only has a 1.3 month stock of single-family homes, which puts us squarely in the “seller’s market” category. A 6 month supply of homes is generally considered to be a more balanced market. Will we get there this year? Only time will tell.
In addition to real estate helping to drive growth in Florida, UCF predicts that the hospitality industry will be making a big comeback this year. This will help reduce unemployment even further and help us maintain our healthy tourist industry. UCF also foresees additional baby boomers retiring to our beloved state, with job seekers following them and boosting our population and employment pool.
This bright forecast is certainly optimistic, which is wonderful after a year of uncertainty. If you are making moves and need help buying or selling a home, I would love to partner with you to help you achieve your goals. Contact me today and let’s get started!