New job creation will accelerate in Florida next year, as the state’s increasingly diverse economy continues to outperform the nation as a whole in terms of labor outlook.
“Our projections indicate employment growth will pick up in 2008 as we put 2007 behind,” said Sean Snaith, director, Institute for Economic Competitiveness, University of Central Florida, Orlando. “While the U.S. economy slows, Florida continues to grow. Some of the state’s major metro areas, including Orlando, Tampa Bay and Jacksonville, will be at the top of the list in terms of employment growth through 2010.”
The institute’s figures predict Florida will end 2007 with a 1.7 percent increase in new jobs, slightly above the U.S. average of 1.4 percent. In 2008, Florida will see a distinct pickup in economic activity with a 2.1 percent job increase – nearly double the 1.2 percent projected for the U.S.
For the 12-month period ending in July, Florida’s economy added approximately 184,000 new jobs, with the strongest growth occurring in the professional and business services sector. State labor statistics indicate Florida’s total non-agricultural employment rose to nearly 8.1 million in July 2007, compared with 7.8 million in July 2006.
Economist Hank Fishkind, president, Fishkind and Associates in Orlando, agrees that Florida’s job market is fundamentally strong. “Outside of the construction industry, Florida is generating a significant number of new jobs, particularly in leisure and hospitality, healthcare, trade and education.”
With a growing consumer market, an expanding talent pool, a supportive government and a strong asset base, Florida offers an attractive environment for business growth. The state had 12 cities named to Economy.com’s Business Vitality Index – more than double the number of leading cities in any other state.
In addition, Forbes magazine named 11 Florida metro areas “best places for business and careers,” based on criteria such as cost of doing business, job growth and educational attainment.
For a third consecutive year, Florida metropolitan areas dominated the Milken Institute/Greenstreet Partners 2007 “Best Performing Cities Index,” which looks at five-year and one-year job growth, as well as other factors.
Ranked first on the list was Ocala, followed by Orlando-Kissimmee (#5), Naples-Marco Island (#6), Cape Coral-Fort Myers (#13) and Sarasota-Bradenton (#14). Ten other Florida cities ranked in the top 55 of the 200 largest U.S. metro areas surveyed.
In a separate survey, the Fort Lauderdale-Miami-Miami Beach metro area ranked No. 1 in the nation on the Kauffman Index of Entrepreneurial Activity, an annual study that measures business startup activity across the United States.