Category: Florida

Did You Know that Florida’s Population Could Increase to Nearly 26 Million by 2030?

At the highest estimate, Florida’s population is projected to increase by 6 million people for a total population of nearly 26 million by 2030. To put it in perspective, that’s larger than the current population of Australia. Florida can expect that two-thirds of the population growth will occur in just 15 of Florida’s 67 counties. Of the total growth, more than half will occur in just 10 counties.

This means that Florida’s high-population counties are expected to become even more densely populated in the future. While the growth could potentially create issues with congestion, water availability and increased need for schools and other public works, there are numerous opportunities for a booming real estate market, expansion of business and increased capital investment. The larger concentration can also provide more opportunities for transit solutions as the density grows in some areas of our state.

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Florida’s population, economy are growing

As this annual Economic Yearbook shows, Florida’s population now tops 21 million — 21,162,207 to be exact. That’s 430,000 more people in just one year, a gain in excess of 2.0%.

Per capita income grew 5.6% to $48,515, and unemployment fell a whole percentage point to end the year at 3.7%. Median age, of course, grew as 91,000 more residents now are in the over-65 age group. We don’t present the data here, but the over-80 crowd grew the fastest.

This is a crazy pace. You can witness the growth all over the state as construction cranes dot the sky with condos, apartments and single-family homes going gangbusters.

Is it sustainable? Even if there’s a recession, even if there’s no net domestic in-migration, even if there’s no net international in-migration, Florida will keep growing because births outnumber deaths (so-called “natural growth”).

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Florida’s population growth in 2017 was second largest in US

If it seems to you like more and more people are moving to Florida, you would be correct — the state saw the second-biggest increase in population in the country last year, according to the U.S. Census Bureau’s national and state population estimates.

Between July 2016 and July 2017, the U.S. population increased by 2.3 million, or 0.72 percent, bringing the nation’s total population to 325.7 million. In this 12-month span, Florida gained 327,811 residents, second only to Texas, which saw a growth of 399,734.

The national population grew 0.72 percent overall in 2017. Florida saw a 1.6 percent growth and remains the third-most populous state with a population of 20,984,400.

International migration remains a critical factor in U.S. population growth, despite the first drop since 2012-13. Between 2016 and 2017, net international migration fell 1.8 percent. Still, in the last year, over 1.1 million people migrated to the United States.

The population of voting-age residents 18 and older increased from 2016’s 249.5 million people to 252.1 million in 2017. This 0.93 percent boost makes 77.4 percent of 2017’s total population residents of voting age.

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Florida forecast to reach $1 trillion economy in 2018

Florida is forecast to reach a $1 trillion economy in 2018, but job creation is expected to slow, according to economists gathered Tuesday in Tallahassee for the 2018 Economic Outlook Summit.

Led by the state’s chamber of commerce, summit data showed Florida with a booming market, many incoming residents bringing new income, and a high gross domestic product. A recession is not likely, economists said.

The forecast GDP, or value of all products and services, “is bigger than Saudi Arabia,” said Mark Wilson, president and CEO of the Florida chamber.

If Florida were a country, it would rank 16th in the world, according to the chamber.

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Spring Rent Growth Blooms

Despite the last two years of decelerating rent growth, the spring season proves its continued strength. After a substantial rent increase in March, which marked the best performance since last summer, multifamily rents in April have once again risen $4 to $1,377, increasing by $10 overall the last two months. Year-over-year, rents have increased by 2.4 percent, but down 20 basis points from March.

The seasonal gain was widespread across major metros, all except for Raleigh. The top growth performers were once again Orlando, which had an increase of 6.2 percent, followed by Sacramento with 5.2 percent, Las Vegas rising 5.1 percent, Tampa (4.4 percent) and Phoenix (4 percent). Warm climates, strong job growth and domestic migration add to the success of these metros, although Sacramento is showing signs of deceleration after years of double-digit growth.

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Overcoming Common Rezoning Roadblocks in Tampa Bay

Development in the Tampa Bay region is still booming. Local governments are struggling to keep pace with the influx of development activity. Land inventory is low and market demand is high. This is causing a renewed interest in rezoning property of all types, across the spectrum of uses throughout the region.

In the urban areas density is increasing and infill development opportunities are becoming more attractive. In suburban areas, large land assemblages are being rezoned to create mixed-use developments, designed to mimic the urban core by providing walkable work, live, play opportunities. The demand for single-family homeownership is outpacing the supply, which is putting pressure on the conversion of agricultural land for single-family development. Meanwhile, land previously entitled for single- family developments is converting to allow more intense housing products, such as townhomes and paired villas.

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Demand, Supply Still Sky High in Miami

The city’s multifamily market displays solid fundamentals and a diverse economic profile, although it remains challenged by a substantial amount of new supply.

Miami’s multifamily market is heading into a healthy 2018. It displays solid fundamentals and a diverse economic profile, although it remains challenged by a substantial amount of new supply. While rent growth started decelerating in mid-2016, population and job gains have been cushioning the drop, producing healthy demand and ensuring that new units are slowly but steadily absorbed. The metro’s average rent climbed to $1,593 as of January, up 1.8 percent in 12 months.

 

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