Monday, October 30, 2017

Forbes Ranks North Port Florida #5 in Nation for Future Job Growth

The Best U.S. Cities For Future Job Growth 


Florida was one of the hardest hit areas during the financial crisis with the boom-and-bust economy walloped by the collapse of the housing market. Home prices fell more than 50% from their 2006 peaks in many metro areas and foreclosures soared. The collapse of the Florida economy pushed the unemployment rate north of 11% in 2009 and 2010. But the boom days are back in Florida with construction in full force and tourism at record levels. Unemployment dipped below 4% last month for the first time since 2007. The outlook is bright as well. Four Florida metros rank among the 10 areas with the highest projected job growth rates over the next three years, according to data from Moody’s Analytics.
The cities include Orlando (3.2% annual growth), North Port (2.7%), Jacksonville (2.5%) and Ocala (2.5%). Each of these areas should at least double the expected annual growth rate of 1.2% for the typical metro area in the U.S.

Tourism is the engine that drives Orlando's economy. It is a $60 billion industry for Orlando with 68 million visitors to the region last year, according to marketing agency Visit Orlando (the state drew 113 million tourists during the year). Walt Disney World and Universal Orlando are the two biggest private employers in Central Florida with roughly 100,000 employees. The metro also has booming tech and healthcare/life sciences industries.
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