It is summer time in the sunshine state and we all know it’s hot around here, but this time it’s even hotter and it’s not just the weather that’s causing it!
Keep your head up and eyes open. Look around at Florida from your local perspective and from a satellite view. You’ve noticed its growing all around you but you will soon also notice it’s growing in many other parts of the state too. We quickly became the 3rd largest state in population and now our Tampa metro has also become one of the hottest real estate markets for investment. People from all over the country and the world are paying attention to our diverse and expanding demographics, and they want to be part of it. That is causing some structural changes in our economy and creating new norms.
Every week you read a new article highlighting new accolades for our region, and at work you hear more and more large companies coming to the area, with more and more new people moving here not just for retirement reasons. Construction is going on all around us and our aesthetic is improving with these new buildings and concepts. Our core drivers are still strong and our new economic drivers are vibrantly taking their place. Infrastructure is the next challenge we face so that we can support everyone coming here, along with everyone already here.
There’s a whisper that some type of recession is coming nationally, but you don’t hear many around Florida talking about it with much worry in their voice. Sure, we need some pricing relief, but our foundation only seems to get stronger at a “new normal” level which means there have been some secular changes that should push us swiftly through an impending national recession.
Nationally the consumer confidence index rose again last month, although at a lower level than last year at this time, signaling that the near term should still expect to see continued growth through the summer but signs that a slow down in momentum is occurring.
The national employment trends are also moving in the same direction of positive growth but at a similar slowing pace with mostly lateral month over month gains. The expectations are all within desired ranges that don’t cause any panic or worry.
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