Florida made big news a couple of years back when, for the first time in its (reported) history, it lost population. But new IRS migration data show that between 2009 and 2010, the Sunshine State saw net migration of 30,000. Further, the state ranked third nationwide in personal income gains from net domestic migration, outpaced only by Montana (#1) and South Carolina (#2). While the 2010 rate of growth (+0.9%) was little more than half that of 2006 (1.7%) Florida did outpace the nation, which grew at a 0.8% rate during the same period, and is projected to see a 10.1% rate of growth by 2015, or more than 2% per year compared to a 0.86% annual rate for the US.
Increased interest in Florida housing is being fueled by international investors, “snowbirds” and retirees. As an example, pending home sales in Miami-Dade jumped 25% in November, year-over-year compared to a national rate of 7.3%. That said, in spite of significant affordable housing opportunities and a sublime climate, working-age people are intimidated by Florida’s unemployment rate which has been stuck at 10% for quite some time.
A recent NewGeography.com article: “Central Florida: On the Cusp of Recovery?” written by architect Richard Reep, speaks to the impact of two infrastructure projects that have the propensity to remedy that issue and drive further growth – perhaps. The use of Sunrail railroad tracks as a commuter spine through Orlando is purportedly imminent, and the development of The Wekiva Parkway, which would essentially “ring” the city in a similar fashion to Washington, DC, Houston, TX and Atlanta, GA is under consideration. All Florida residents have a stake in the ultimate outcome of both propositions as the stewarding of Florida’s wetlands once again comes into play in the decision to grow, or not to grow – and if so – at what cost. The article is a worthwhile read as it examines the pros and cons in an objective fashion providing provocative fodder for both sides of the argument.
For further perspective on housing and development issues, visit BowdensMarketBarometer.com
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