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President's Report - January 2020

Joe Catrambone, Stuart/Martin County Chamber of Commerce President/CEO

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The year 2020 should be another sunny one for the Florida economy according to the latest 2020 Economic Outlook by the Florida Chamber Foundation.

 

That presentation forecasts 200,000 new jobs will be created this year and that Florida’s population growth will rebound from a bit of a slowdown in 2019 to return to a rate of adding about 900 new residents every day.

“Florida is at a crossroads and we have to make the right long-term decisions,” says Mark Wilson, CEO of the Florida Chamber. “We realize that not everyone agrees with the Florida Chamber’s approach to championing free enterprise and growing the private sector, but we’re going to continue to fight for what we believe works for all Floridians.”

The chamber’s annual presentation, stated that some of the factors of economic uncertainty that emerged in 2018 have passed, and the prospects for a recession have fallen significantly.

Last year projections predicted a slight slowdown, and creation of 150,000 new jobs for 2019. The state actually saw an increase of 217,000. This year’s  prediction is 200,000.

On the other hand, Florida’s population in 2019 grew by a net of just 640 new residents a day, less than his 900 a day prediction. This year’s prediction is 900 new residents per day. That would mean a net increase of 320,000 people in 2020.

Predictions expect a population growth representing $1.19 million of new income moving into Florida every hour of every day.

The probability of a recession over the next nine months is 21.2 percent, a much lower risk than the peak of 38.1 percent last September. It’s in large part due to improved interest rate yield spreads, and strong consumer confidence.

Florida continued to create jobs at a higher rate than the U.S. and that’s been going on since 2012, in large part to Florida continuing to diversify its economy. One of the reasons for this is Florida has been growing manufacturing jobs at nearly three times the rate of the United States as a whole.

 ll in all a very rosy outlook for us all!!

Source: Florida Chamber of Commerce

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