Governor Rick Scott today announced four awards for more than $29 million in funding from the Florida Job Growth Grant Fund. [Read more…] about Gov. Scott: $29 Million Investment will Continue to Grow Jobs Across Florida
Governor Rick Scott announced $1.6 million in funding opportunities for Florida’s rural communities will be made available through the Competitive Florida Partnership and Community Planning Technical Assistance grants. These grant programs are administered by the Florida Department of Economic Opportunity (DEO) and provide funding and support to assist local governments in economic development strategies, addressing critical local planning issues and promoting innovative planning solutions to challenges identified by local governments.
Governor Scott said, “Since taking office in 2011, I have fought every day to make Florida the very best state in the nation for businesses to succeed so Floridians can get great jobs and provide for their families. Florida’s rural communities play a critical role in the continued growth and advancement of our booming economy and I am proud today to announce $1.6 million for rural communities to enhance local economic development. Because of our focus on job creation, since 2010, every county in Florida has had a drop in unemployment and thanks to lower taxes and less burdensome regulations, Florida business have created nearly 1.5 million new jobs. I look forward to seeing our rural communities put these dollars to work to get great jobs wins that provide big returns for Florida families.”
DEO Executive Director Cissy Proctor said, “DEO is committed to helping promote Florida’s diverse economy and build vibrant rural and urban communities. These grants are a great opportunity to help rural communities reach their economic development goals and assist them in capitalizing on the unique assets each community has to offer.”
Additional details on the Competitive Florida Partnership and the Community Planning Technical Assistance grants proposal processes and requirements are available HERE and HERE. Grant proposals are being accepted now and must be received by DEO by Monday, May 7, 2018, by 5:00 p.m. Projects seeking grant funding must be completed by May 31, 2019.
“Gov. Scott Highlights Job Growth at St. Johns Marine Group”
WFOX – Jacksonville, FL
January 3, 2018
To view the clip, click HERE.
Governor Rick Scott today visited St. Johns Marine Group, a full-service ship repair and maintenance company in Jacksonville, to highlight the addition of more than 20 new jobs for local families over the last year. Recently, Governor Scott announced that Florida businesses have added 1,465,800 new jobs statewide since December 2010 and the state’s unemployment rate remained at a 10-year low of 3.6 percent.
Governor Rick Scott today announced that Florida added jobs at a faster rate than the 10 largest states in the nation over the last year. Florida had the second-fastest annual private-sector job growth rate out of all the states in the nation, behind Utah. For 62 consecutive months, Florida’s private-sector job growth rate, which is 3 percent, has outpaced the nation’s rate, which is 1.8 percent. Since December 2010, Florida businesses have created 1,377,100 private-sector jobs.
Governor Scott said, “I am proud to announce today that Florida led the nation’s largest states in job creation over the past year. We have spent the past six and a half years working to make it easier for businesses to grow in our state, including recently establishing the new $85 million Florida Job Growth Grant Fund to attract more companies to Florida. It is clear that this work has helped Florida’s economy outperform our top competitors and create new opportunities for our families. I took this message on an economic development mission this week, and met with Connecticut and New York business leaders to tell them why they should relocate their operations to Florida. We will continue to do all we can to send a message across the country that Florida is the best place for job creators and families to succeed.”
In the last year, Florida businesses created more jobs in the professional and business services industry, with 52,900 new jobs, and more jobs in the trade, transportation and utilities industry, with 30,900 new jobs, than any other state. The state also had the second-highest over-the-year job gains among all states in both the construction and the manufacturing industries.
Florida Department of Economic Opportunity Executive Director Cissy Proctor said, “Florida’s astounding job growth across multiple industries proves that our business-friendly focus is working. We have fostered an environment that sets hardworking Floridians up for success. Our state continues to beat the nation so that Florida families can flourish.”
Florida Leads Large States in Private-Sector Job Growth
Governor Scott announced today that Florida’s Gross Domestic Product (GDP) grew 3.0 percent in 2016, faster than the national rate of 1.5 percent and outpacing all other large states, including Texas and California. Governor Scott also announced today that Florida added jobs at a faster rate than the 10 largest states in the nation in the last year. Florida had the third-fastest annual private-sector job growth rate out of all the states in the nation, behind Nevada and Utah. For 61 consecutive months, Florida’s private-sector job growth rate of 2.9 percent has outpaced the nation’s.
Governor Scott said, “I am proud to announce that Florida is out performing all other large states in both private sector job growth rate and GDP growth. This great news is further proof that our economy is booming and we must stay focused on continuing this growth so Florida can out compete other locations for jobs wins. While it is disappointing that the Legislature did not fully fund Florida’s economic development programs, we will keep fighting to make sure Florida businesses keep growing.”
Since December 2010, Florida businesses have created 1,355,700 private-sector jobs. In the last year, Florida added 36,600 new jobs in the trade, transportation, and utilities industry, the most of any state. The state had the second-highest over-the-year job gains among all states in the construction, manufacturing, financial activities and professional and business services industries. Florida’s 2016 real GDP was $815.1 billion, the fourth-largest in the nation. In the fourth quarter of 2016, Florida’s GDP grew 0.8 percent (3.1 percent annualized).
Cissy Proctor, Executive Director of the Florida Department of Economic Opportunity, said, “Florida’s focus on business-friendly policies has allowed the state to soar past our competitor states’ job growth rates. Our state’s increase in GDP is another positive indicator of the success we are seeing all across Florida. Businesses are growing, jobs are being created, and this would not have happened without the Scott Administration’s focus on our economy.”
Florida’s gross domestic product is the measure of the market value of all final goods and services produced within the state in a given time period. A final product is one that is produced and sold for consumption or investment. GDP excludes intermediate goods, which are goods that are used to produce other goods. GDP is presented in both nominal and real dollars. Real GDP removes the influence of changing price or inflation. GDP is important because it is the most closely watched measure of output. It is a measure of overall economic activity.
Tomorrow, May 24, Governor Rick Scott will highlight job growth at aerospace manufacturer Honeycomb Company of America in Sarasota.
WHAT: Press Conference
WHEN: 3:15 PM
WHERE: Honeycomb Company of America
1950 Limbus Avenue
Sarasota, FL 34243
Tomorrow, May 2, Governor Rick Scott will highlight job growth at transportation and logistics service provider SunteckTTS in Jacksonville.
WHAT: Press Conference
WHEN: 10:00 AM
4500 Salisbury Road
Jacksonville, FL 32216
Tomorrow, April 4, Governor Rick Scott will highlight job growth at boat manufacturer Boston Whaler in Edgewater.
WHAT: Press Conference
WHEN: 2:15 PM
WHERE: Boston Whaler
100 Whaler Way
NOTE: To attend, please contact Susan Haywood from Boston Whaler at 386-428-0057 or firstname.lastname@example.org.
In 2016, Florida’s economy outperformed the nation in part because of better job creation, according to several economists who spoke to a standing-room-only crowd of about 500 Realtors® at the 2017 Florida Real Estate Trends event last week during Florida Realtors® Mid-Winter Business Meetings.
National Association of Realtors Chief Economist Lawrence Yun noted that the pace of U.S. home sales in 2016 at 5.5 million was “the best in a decade.” Since that’s still nowhere near the 7.2 million sales peak in 2006, however, it leaves room for continued growth in 2017. And while interest rates are trending higher, it hasn’t had a dampening effect on home sales.
“A 4.2 percent mortgage rate is still a great rate,” he said. “As long as we’re around the 4 to even 5 percent mortgage rate, home sales are likely to stay on pace. As mortgage rates rise, job creation – which Florida excels at – could be a great neutralizer and good for home sales. In fact, Florida is outperforming the country because of better job creation.”
Other speakers who shared their views on 2017 included Dr. Elliot Eisenberg, a nationally known economist and a former senior economist with the National Association of Home Builders (NAHB); Michael Johnston, Florida regional sales manager, Wells Fargo Home Mortgage; Dr. Julie Harrington, director of Florida State University’s Center for Economic Forecasting and Analysis; and Dr. Brad O’Connor, chief economist for Florida Realtors.
“The good news, here in Florida, you’re in the right place,” Eisenberg said. “The South is the right division to be in – the economic recovery here has been much more robust. Florida is doing fine economically, unemployment is OK and foreclosures are diminishing.”
He agreed with Yun that while mortgage rates will continue to rise this year – albeit slowly – the markets will be fine as long as jobs are being created.
“Housing is improving, but in fits and starts,” Eisenberg said. “There’s not enough inventory of homes for sale, and builders aren’t building, especially at the entry-level. Bigger houses are being built, but it’s not profitable for builders to construct more affordable homes.”
He cited worker shortages, burdensome land-use regulations and costs – land, labor and regulation – as some of the constraints homebuilders face when it comes to building entry-level homes. “We have to try a myriad of solutions, but getting the land costs down and easing land-use regulations will be the single most important factor in solving this issue,” he said.
According to Eisenberg, forces at work in Florida and across the U.S. that are dampening real estate sales include:
Low inventory – December 2016 data, which is just a few days old, shows existing single-family home inventory nationwide at a 3.6 months’ supply; in Florida, it’s at a 3.9-months’ supply. A 6-months’ supply is generally considered a market that’s balanced between buyers and sellers.
New model of renting – Six million single-family units have been taken off the market because institutional investors snapped up so many homes during the Great Recession and created a new method of renting.
Mortgage rate lock – Many people don’t want to sell and lose the really low mortgage rate they’re currently paying.
When it comes to financing, lenders are in a technology race to provide a digital, user-friendly experience that makes the mortgage process easier for the customer, said Michael Johnston, Florida regional sales manager for Wells Fargo Home Mortgage.
“Today, 42 percent of homebuyers are millennials,” he said, “and with 92 million more millennials coming up, it will be an even bigger part of the housing market over the next five years. A recent survey found that 93 percent of those age 18-34 intend to buy a house sometime in their future. Millennials are always online, so creating a digital mortgage experience for them is critical.”
Johnston shared research showing millennials value the expertise of Realtor professionals during the homebuying process. “While they will go online to do home shopping, they do want to consult a trusted advisor along the way,” he added.
The condominium market is an important part of the overall real estate market and often offers an affordable option for buyers, according to Johnston. “In Florida, the condo market is healthy and robust,” he said. “Condos make up 28 percent of all home sales in Florida; nationally, it’s 12 percent.”
Looking at all of 2016, Florida Realtors Chief Economist Brad O’Connor said the statewide existing homes market remained stable but was also relatively “flat,” though part of the reason for that was the comparison as “2015 was a pretty darn good year, sales-wise.”
He also pointed out that a shortage of housing inventory in markets across the state, particularly around the $200,000 price range and under, is impacting closed sales and putting pressure on median prices. Another factor: Sales of distressed properties continue to fall.
“In 2015, 10 percent of Florida’s housing inventory was distressed at the end of each month,” O’Connor said. “This past year, it’s been 5 percent, and it’s going to keep going down into 2017.”
The Northeast Florida Association of Realtors® was the lead sponsor for the 2017 Florida Real Estate Trends event; co-sponsors included the Orlando Regional Realtor® Association, Realtors® Association of the Palm Beaches, MidFlorida MLS and the Royal Palm Coast Realtor® Association.
Florida Realtors® serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its 165,000 members in 55 boards/associations. Florida Realtors® Media Center website is available at http://media.floridarealtors.org.