September 14, 2011

Florida Economy Shifting

Florida, which had been known as the place to move for retirees, is seeing a shift in its economy. A new report ranks Florida 44th in the nation for long term health care, is a good sign that retirees are considering other states to live out their days. That's not a good sign for a state that has its whole tax structure built on supporting those over retirement age.

Instead of retirees, Florida is attracting young professionals. According to a survey by Careerbliss.com, Orlando and Fort Lauderdale rank #3 and #2 respectively for young professionals to find their happiness.

What does this mean for the economy. Young families are more likely to rent, for one. So it means an economy and tax base built on property taxes and sales tax is probably not going to provide a steady stream of revenue for the state. It also means that more emphasis will be put on the state's natural resources as these young families flock to the beaches, parks, and natural resources that make Florida such  a great place to live.

What other changes do you see coming?

1 comment:

rhumen said...

this is possible, but there is a great deal of revenue stream that comes from large scale property management... additionally, as renting from a traditional apartment community is typically a fluid pricing structure, personal landlords have become an increased favor among renters lately because of the stability of the pricing year-after-year and the benefits of space and community. Traditional apartments are seeing a shift away from families and towards singles, very young adults or elderly people, and the nomadic type.