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Florida Economy & Real Estate

By
Real Estate Agent with United Realty Group, Inc. BK641413


Did you know that if Florida were an independent country, it would rank as the world's 15th largest economy?  The gross state product reached an unprecedented $594 billion last year and real estate activity accounted for 44% of that total ($263 billion).

Real property... building it and buying it... directly provides jobs for 769,000 Floridians.  That impact outpaces the contributions of other Florida industries — including tourism, which contributed an estimated $62 billion to Florida's economy in 2005.

Source: ©Florida Association of Realtors®

Comments(5)

Christopher Smith
TREGO REALTY - Cedar Rapids, IA
Good post Leanne, you definitely live in a beautiful part of the country.  Hey, it's 38 degrees here in Cedar Rapids, Iowa.  Wanna trade???
Nov 05, 2006 02:51 AM
S. Leanne Paynter ☼ Broward County, FL
United Realty Group, Inc. - Davie, FL
Davie, Plantation, Cooper City & Weston Specialist

Thanks, Christopher.  I love the Florida lifestyle.  I can understand why so many people move here, just as I did 16 years ago.  I don't miss those 38° days, wearing layers of clothes and having to warm up my car (and hands & nose) before heading out!

I love many other parts of the country, but for the most part, I'd rather vacation there and come back home to Florida!

Nov 05, 2006 03:13 AM
Teresa Boardman
Boardman Realty - Saint Paul, MN
Here in minnesota I always think of Florida as the place where seniors go.  I know so many snow birds that live down there during the cold winter and then come back here in the spring.
Nov 05, 2006 10:04 PM
S. Leanne Paynter ☼ Broward County, FL
United Realty Group, Inc. - Davie, FL
Davie, Plantation, Cooper City & Weston Specialist

Teresa, with each passing year the perception of Florida as a state full of 'old' people diminishes because the majority of those moving to Florida are not senior citizens. 

I guess when your primary home is in a climate that experiences very cold winters and you have enough money to buy a second home elsewhere, chances are pretty good that you'll buy a second home in a year-round warm locale.  That would be Florida - especially when it was more affordable than it is now.  Higher property taxes (due to property values doubling or tripling during the recent hot market) and exhorbitant insurance premiums (due to hurricanes in last few years) along with a considerable increase in some maintenance fees (or special assessments; again due to hurricanes) are slowly driving out-of-state owners (and some Floridians) out of Florida.

Most snow birds own condos, usually on or across from the beach.  I know of a few condos along the coast that are virtual ghost towns several months out of the year.

Nov 05, 2006 10:57 PM
David A. Podgursky PA
THE PODGURSKY GROUP @ Re/Max Direct - Boynton Beach, FL
THE PODGURSKY GROUP - Make the Right Move!

Leanne,

 And you're in a great county to feel the effects!  Broward seems to push along despite buildable land being so hard to find.  In Palm Beach County things seem to be slow just because people are always anticipating the next community to spring up...

 

Feb 06, 2007 02:30 AM