Signs Point to Florida’s Economic Recovery: Tourism, Retirement, Technology, Population Growth

MAITLAND, Fla. --- A robust economic recovery in Florida is already under way, and that’s good news for the rest of the U.S.--- the Sunshine State will play a lead role in America’s economic rebound, according to longtime Florida investment analyst George Livingston. Livingston, chairman of NAI Realvest in Maitland, said a recent report from Jones Lang LaSalle shows that Florida’s year-over-year economic growth is outpacing most of the nation. “Florida’s population growth is expanding at an estimated 1.5 percent per year. That’s high, and that’s good news for our economy,” Livingston said. Population growth fuels Florida’s economic engine, Livingston explained. “Senior citizens moving to Florida and minorities---especially Hispanics---are leading our economic recovery,” Livingston said. “As the economy expands, workers will move to Florida to fill the new jobs,” he said. Key growth industries are healthcare, life sciences, bio-tech, aerospace, simulation, gaming, software and IT and clean tech, Livingston said. “Florida has significant assets in science, technology, engineering and mathematics that support high value economic growth,” Livingston said. The state continues to provide launch services to the space industry, and emerging medical and bio-tech clusters such as Lake Nona in Orlando attract new technology. “Florida’s universities aggressively license their intellectual research properties to support new company start-ups and technologies,” Livingston added. International trade is likewise important. Florida is the fourth largest exporting state in the U.S., with major ports at Jacksonville, Canaveral, Everglades, Miami, and Tampa and many regional cargo ports. But tourism remains Florida’s number one industry. “We host about 86 million visitors a year, roughly 1.5 million every day, and they spend $67 billion here annually. That is a huge economic driver,” Livingston said. Florida’s housing industry is starting to recover, fueled in part by Latin American buyers, Asians and Europeans. “Florida is renowned as a retirement destination, it is international in scope and historically ingrained,” Livingston said. “Warm weather, beaches, affordability, and our low tax environment are our primary assets and they are proving invaluable as our economy recovers,” he said. Florida historically has been a fast growing economic driver for America. The new emerging technology, agriculture, and logistic components will assist the state in recovering its dynamics and contribute to national growth, Livingston said.