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Trillion Dollar Economy: Florida Growth Attributed to Job Growth and Home Construction

Economist have predicted that Florida will reach the trillion dollar mark due to its growth in sectors such as tourism, job growth and home construction. A report by Economist, Sean Snaith predicts:

The gross state product will then climb to $1.074 trillion in 2019, a figure that today would make the Florida economy the 16th largest in the world, as ranked by the World Bank.

According to the article published via Herald Tribune: Economists expects the gross state product to expand at an average annual rate of 2.9 percent through 2019, outpacing the projected average for the United States’ gross domestic product for the same period.

The Florida market is in demand for international investors, seasonal vacationers, foreign and domestic buyers of second-homes and migrating population. The sunshine states real estate market, especially in Miami-Dade county, has seen record breaking sales transactions boosting the economy for the last 5 years or more. Economist say the improved outlook is great for the city and that  the state is outperforming the U.S. labor market as more baby boomers continue to reach the end of their working lives. Click to Read more