For Florida landowners, it can be incredibly beneficial to gain an understanding of the state of our economy and where it is heading over the next year. In order to ascertain what economic trends may occur, it is always wise to seek out the opinions of experienced economists. In an interview at the annual Lay of the Land Conference, the Land Journal sat down with economist KC Conway to discuss the economic issues that are most likely to affect Florida landowners in the months to come.
Florida has seen massive growth over the last decade. While most southern states have their GDP's growing at a rate of up to 2.5%, the GDP in Florida is growing at over 4%. The economy of Florida has also become much more diverse than it used to be. While Housing and Tourism used to dominate our state economy, there is now high value in the logistics, transportation, and manufacturing sectors of our economy as well. Having a diverse economy is incredibly beneficial to Florida, due to the fact that diverse economies can withstand a greater amount of setbacks.
In the interview, Conway also discusses the affect of millennials on suburban development. At this point in past economic cycles, suburban development would likely be flourishing. However, millennials are much less likely to purchase a suburban home than previous generations. This means that millennials are much more likely to seek housing in repurposed urban buildings.
To learn more about the economic outlook for this year, watch the video below in which we interview KC Conway.
About KC Conway
Conway is Director of Research & Corporate Engagement Chief Economist, CCIM Institute. Conway is an Economist, Real Estate Counselor, and Industry Speaker. He has a history of accurately forecasting real estate trends. Learn more about KC Conway.
About Heather Celoria
As Marketing Manager at Saunders Real Estate, Heather leads a talented and diverse marketing team to develop strategies for the company’s brokers and agents. With a staff of creatives, analysts, and media specialists, she helps create custom solutions that position and promote properties across multiple marketing channels. Following the lead of the company’s executives, she believes in a strong commitment to industry expertise and ongoing learning. Heather worked for The Ledger/NY Times Co. as an Internet Marketing Manager and later as a freelance marketing communications consultant for many local clients in a variety of industries, including real estate. Learn more about Heather.