On Monday March 31st the Office of Economic and Demographic Research (EDR) released its latest report related to the state of the economy in Florida. Major highlights of this report include:
- Florida growth rates are gradually returning to more typical levels.
- Still it will take a few more years to completely recover from the recession. State economists are predicting that by FY 2016-17 the state’s economy will be back to “normal”
- Fiscally Constrained Counties have the highest unemployment rates, ranging from 14.1% to 23.7%. Still Florida’s unemployment rate is below the national level.
- Population growth is expected to continue its recovery, showing increasing rates of growth over the next few years.
- Building permit activity, an indicator of new construction showed a strong positive growth rate (36.6%) in 2012
- Average Time to Foreclosure in Florida (929 days) remains higher than the National Average (551 days)
- Homeownership declined to an all-time low of 66.1%
- General Revenue is expected to increase the next few years
To find the full report, please click here