Economic Diversification Key to Florida’s Future

Fueled by projections of adding another five million residents in Florida by 2030 and a tourism industry that will continue to attract over 80 million visitors per year, the long-term outlook for Florida’s economy remains optimistic. While businesses must meet the demand driven by the population and consumption growth in the years to come, Florida should not miss the opportunity to make gains in additional sectors to diversify the state’s economy including, manufacturing, information services and wholesale trade industries. An analysis of June’s employment figures by industry shows positive movement among some of Florida’s traditional economic engines with real estate and accommodation/food services posting sizeable employment gains over the year at 3.2% and 5.0%, respectively. Meanwhile other facets of the economy that would contribute to the diversification of Florida’s economic base showed disappointing employment figures, with manufacturing, information and trade posting a combined decline of -4.4% year over. At the crux of the recent recession, construction employment continues to feel the effects of a weak housing market, posting year over attrition of -2.7% overall and losing as much as -13.7% of employment related to specific activities, such as the construction of buildings. 

For a side by side of selected industry employment in Florida, CLICK HERE

Source: Florida Agency for Workforce Innovation, Labor Market Statistics

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