Florida Economy

BUDGET FORECAST The Legislative Budget Commission released an annual report detailing the long-range economic forecast for fiscal years 2015-2016 through 2017-2018.  Projected revenue for 2015-2016 is estimated to be $28.25 billion, which is a slight reduction from previous forecasts.  However, revenues will be back to pre-recession levels.  Estimates indicate a budget surplus of $336 million, which is less than half what Florida enjoyed for 2014-2015.  State economists have predicted that it will take an additional two years for the State to return to normal after the Great Recession.

UNEMPLOYMENT Florida’s unemployment rate inched up in August to 6.3%, but overall the rate has been fairly stagnant for the year.  With the economy improving, more individuals are re-entering the workforce which even in times of job growth, will keep unemployment rates fairly constant.

RECOVERY Florida has moved down to third from first for the number of home mortgage delinquencies. Questions remain regarding a recovery because home ownership numbers are lower than they have been since 1990; the construction industry is not expected to fully recover for another eight to ten years; and the workforce will continue to shrink as baby boomers age and more retired Americans choose to move to Florida.

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