NAPLES, Fla. - The Naples-Marco Island metro area is expected to lead the state in terms of gross metropolitan product growth in 2015, according to a report released Tuesday by Florida TaxWatch.
Naples-Marco Island should see 4.7 percent GMP growth over the next year, according to the report, which cites research by IHS Global Insight. Palm Coast and Orlando-Kissimmee-Sanford were second and third on the list with projected GMP growth of 4.6 percent and 4.4 percent, respectively.
The Cape-Coral-Fort Myers metro area was fourth on the list with projected GMP growth of 4.3 percent. It is also expected to have the most vibrant employment market in the first quarter of 2015 in comparison to 99 other metro areas across the nation, according to Florida TaxWatch, a nonpartisan, nonprofit taxpayer research institute.
Overall, the report paints a sunny economic picture for Florida in 2015.
Unemployment in the state is expected to continue its downward trend with the addition of thousands of jobs, led by the construction industry (8.7 percent projected growth) and professional and business services industry (3.7 percent projected growth), according to the report.
The report forecasts 111,500 total housing starts in 2015, up from 83,400 in 2014 according to the report, which cites University of Central Florida research. And although foreclosure activity in Florida is still the highest in the nation, the state is seeing fewer, with a notable 15 percent decrease in foreclosures from November 2013 to November 2014.
The continued strengthening of the U.S. dollar and slowing of the global economy is expected to increase Floridians’ purchasing power abroad, but could translate into more expensive Florida exports, the report says. It also could cause some international visitors to go elsewhere on vacation, and drive some international homebuyers to reconsider purchasing in Florida.
Source: Naples Daily News, Ryan Mills
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