Career beam Commentary: Strong 2016 bodes good for ’17 …

Florida’s stagnation rate forsaken from 8.4% in 2012 to 4.8% in 2016

For a past 6 years, Florida TaxWatch has published an annual examination that has analyzed a many new year’s practice figures. As we start 2017, TaxWatch looks to consider how a pursuit marketplace fared final year, formed on information supposing by a U.S. Bureau of Labor Statistics.

Florida’s economy continued to beget new jobs in 2016 with sum non-farm practice attack a new high of 8.4 million jobs. Florida’s practice expansion for 2016 came in 3.2 percent aloft than practice in 2015. Florida has gifted 6 uninterrupted years of pursuit expansion of 2.0 percent or more, and in 2016 Florida ranked second in a nation; usually 4 states gifted pursuit expansion during 3.0 percent or higher.

Florida gained 257,000 practice positions in 2016, including supervision jobs. Private zone practice increasing by 245,000, attack a new high of 7.3 million workers. The private zone took a lead of pursuit growth, as it has given a finish of a retrogression in 2009, and pursuit expansion has accelerated given 2011. Florida has total 1.1 million jobs in a private zone from 2012 to 2016. The rate of expansion from 2013 by 2015 has been a conspicuous 3.6 percent per year. The rate of expansion in private attention sectors slowed down a bit in 2016 to 3.5 percent, still a clever number.

As practice expansion accelerated after 2011, stagnation rates in Florida began to lessen and have been cut by scarcely half in a final 4 years. The stagnation rate forsaken from 8.4 percent in 2012 to 4.8 in 2016.

Employment expansion by Industry Sector: 2015 – 2016

The following 5 industries total accounted for 65 percent of a boost in private zone jobs in 2016:

• Accommodation and Food Services, 38,200;

• Health Care and Social Assistance, 37,300;

• Administration, Support, and Waste Management, 32,200;

• Construction, 25,900;

• Retail Trade, 23,100

The Finance and Insurance zone increasing practice by 13,100 jobs, while Professional, Scientific and Technology Services contributed 17,300 jobs. Manufacturing was a utterly splendid mark final year, with an boost of 11,500 jobs (9,400 in prolongation of durable goods, and 2,100 jobs in non-durable goods). The Information

industry zone purebred a decrease 2,000 jobs, and practice in Mining and Logging was radically unchanged.

Florida’s Gross Domestic Product Growth

The U.S. economy in 2015 grew by 2.5 percent. Florida’s GDP expansion in 2015 is purebred during 4.0 percent, display clever expansion over a state’s 2.9 percent expansion in 2014. Florida led GDP expansion in a 12 states comprising a Southeast Region in 2015 and is approaching to also lead a segment in 2016.

The third entertain of 2016 reported an annualized expansion of 3.6 percent, outperforming a expansion in a U.S. and in a Southeast Region. Florida provides 23 percent of a region’s GDP, followed by Georgia and North Carolina with any providing 13 percent of a region’s GDP.

Florida’s GDP in a third entertain is estimated during $934 billion, and during a stream gait it is approaching that a GDP for 2016 will come in between $940 billion to $950 billion.

Conclusion

Florida’s economy had a really strong year in 2015, and a medium deceleration of expansion was approaching in 2016. The strength of mercantile expansion picked adult in a second and third buliding of final year, and it’s utterly approaching that a fourth entertain continued with some of that momentum. The new information suggests that a economy in 2017 will advantage from a movement of a second half 2016, nonetheless a medium decrease in a gait of expansion should be approaching as we pierce serve into 2017.

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