JACKSONVILLE, Fla – Florida’s economy will grow this year at a rate faster than the nation’s overall, according to a recent economic forecast from economists at the University of Central Florida.
The report found Florida's labor market continues to grow and unemployment rates are low, but because of growth, researchers are predicting there will also be a housing shortage and transportation problems.
Locally, the economic forecast expects Northeast Florida to see moderate growth in most economic areas. According to the report, population growth will be an average annual rate of 1.6%, personal income will see an average growth rate of 5.4% and the annual average wage across our area is expected to be $60,500. Unemployment is expected to average at 3.1%.
According to researchers, professional and business services will be the fastest-growing sector, followed by construction and mining and leisure and hospitality.
The areas top three employers are Naval Air Station Jacksonville, Duval County Public Schools and Naval Station Mayport.