Bullish on Florida Stock: Chamber Foundation Economist Predicts 150,000 Jobs in 2019 & Low Chance of Recession
Economic Development Leaders Double Down on Florida “Stock”
ORLANDO, Fla. (Jan. 14, 2019) – The Florida Chamber Foundation is bullish on Florida, and if it were a stock, would double down and buy all that’s available. The Chief Economist for the Chamber Foundation estimates Florida is expected to create 150,000 new jobs in 2019, and tells Florida’s leaders attending today’s Economic Outlook and Jobs Summit that Florida’s future is well positioned for success.
“If Florida was a stock, it would be considered a strong buy. But, while Florida’s economic outlook for 2019 is positive, it’s not without risks,” said Mark Wilson, President and CEO of the Florida Chamber of Commerce. “Florida’s leaders should remain focused on positioning Florida as a leader in global job creation, innovation and economic opportunity.”
Florida’s economic development and business leaders attending today’s Florida Chamber Foundation’s day-long Economic Outlook & Jobs Summit discussed Florida’s 2019 outlook, while doubling down on Florida “stock”. New Governor Ron DeSantis’ choices to lead the Florida Department of Economic Opportunity and Enterprise Florida were among the featured speakers, which also included Florida Chief Financial Officer Jimmy Patronis.
To track the Florida Chamber Foundation’s 150,000 job prediction, www.TheFloridaScorecard.org measures Florida’s leading index- the expected number of jobs that will be created in Florida over the next six months and tracks Florida’s probability of recession- currently a 20.6 percent chance over the next nine months. Florida’s targeted industries are also expected to grow, with healthcare and manufacturing remaining strong, and construction expected to see the largest bump in percentage growth.
While the rate of job creation is expected to slow in 2019, Florida remains positioned for success:
- Florida’s population continues to grow and TheFlordaScorecard.org estimates more than 21.4 million Floridians currently will call Florida home in 2019.
- In 2018, Florida’s economy topped $1 trillion– making it the 17th largest economy in the world.
- Florida’s 2.8 percent job growth over the last year makes it the number one state in the Southeast for job creation.
Florida’s economic outlook for 2019 is strong, yet risks remain. A potential trade war, the expansion of tariffs and slowing growth in other economies pose a threat for Florida’s economy that can be mitigated by a continued focus on diversifying Florida’s economy, attracting and retaining a talented workforce, and welcoming new business and innovation.
“When job creators see uncertainty in financial or international markets, they are less likely to invest,” said Dr. Jerry Parrish, Chief Economist of the Florida Chamber Foundation. “To ensure Florida remains competitive, we must continue the momentum built since the last recession, and renew a focus on signaling to the world that Florida is open for business and ready for economic development investments.”
With a new administration and new state leaders, Florida must continue to keep a laser focus on long-term solutions in order to keep Florida’s momentum going. The Florida Chamber Foundation’s Florida 2030 research initiative outlines the blueprint for Florida’s future success, and provides key targets and strategies business, community, civic leaders and elected officials can use to secure Florida’s future in 2030 and beyond.
“Florida 2030 provides the coordinates leaders across the state can use to ensure Florida remains globally competitive, continues to create high-wage jobs and prosperity and foster vibrant and resilient communities,” said Tony Carvajal, Executive Vice President of the Florida Chamber Foundation.
The day-long Economic Outlook and Jobs Summit continues today and includes economic leaders from around Florida, including:
- Florida CFO Jimmy Patronis,
- Jamal Sowell, President and CEO of Enterprise Florida,
- Adrienne Johnston, Chief of the Bureau of Labor Statistics with the Florida Department of Economic Opportunity,
- Crystal Stiles, Director of Economic Development, for Florida Power and Light and Chair of the Florida Economic Development Council
- And more.
The Florida Chamber Foundation is the business-led, solutions development and research organization working in partnership with state business leaders to secure Florida’s future. The Foundation’s “Six Pillars” serve as a visioning platform for developing the first-ever, long-term strategic plan for the state. The Foundation’s work focuses on: 1) Talent Supply and Education, 2) Innovation and Economic Development, 3) Infrastructure and Growth Leadership, 4) Business Climate and Competitiveness, 5) Civic and Governance Systems, and 6) Quality of Life and Quality Places. Founded in 1968, the Foundation is a crucial voice for improving the state’s pro-business climate to enable Florida to grow and prosper. Visit www.FLFoundation.org for more information.