Cushman & Wakefield Releases Florida Population Report

Cushman & Wakefield Releases Florida Population Report

The Inaugural Report Depicts a Thriving Economy Driven by Explosive Population Growth and High Consumer Confidence

FLORIDAPopulationReport_Q1_2016

ORLANDO, FL, August 10, 2016Cushman & Wakefield announced today that it has released their inaugural Florida Population Report, an examination of population trends and its economic impact throughout the state of Florida.

The report, compiled by Cushman & Wakefield’s Research Team, analyzes population growth, employment levels, home values and retail sales activity in Florida’s eight major markets – Fort Lauderdale, Fort Myers, Jacksonville, Lakeland (Polk County), Miami-Dade County, Orlando, Tampa – St. Petersburg and West Palm Beach. A statewide report has been issued in addition to individual reports for each of the eight markets.

Key findings from the report can be found below:

  • Florida’s population will reach 20.7 million by the end of the year. In 1910, the state had a population of 1 million people. By 1980 it had grown to 10 million. Since then, the population has doubled.
  • Florida’s population grew 1.84 percent in the past year, trailing only North Dakota, Colorado and Nevada as the fastest-growing states. Florida trailed only California (39.14 million) and Texas (27.5 million) in overall population.
  • Florida’s population grew by more than 1,000 people per day, a pace that has accelerated over the past year. Jobs are the No. 1 reason people are attracted to the state. This trend is driven, in part, by the economic challenges in Puerto Rico. Puerto Rico’s population has declined by 1.7 percent over the past year, with most exiting residents settling initially in Florida.
  • For the past 38 months, Florida’s job-growth percentage has exceeded the national average. In the past 12 months, 244,500 new jobs were added, a 3 percent growth rate. Most new jobs supported the expanding healthcare, logistics and home construction markets. Retail and hospitality also contributed to the state’s stellar employment performance.
  • Current home prices in Florida were down $42,000 compared to fourth quarter 2006 values. Prices have rebounded since bottoming out in 2011, however, rising by $83,000 in the span of five years. Tight supply and pent up demand are driving price increases and pace of sales as new residents snap up homes in fast-growing metros.
  • Retail sales continued to highlight consumer optimism and a favorable local economic climate. Florida’s economy enjoyed elevated consumer confidence despite uncertainty at the national level caused by the upcoming presidential campaign.

“Florida remains a national leader in population growth,” said Chris Owen, Florida Research Manager. “This is driven by excellent employment numbers, lagging home prices and favorable consumer sentiment.”

“We foresee this optimism prevailing in the short term,” added Owen. “All of the relevant indicators suggest Florida will remain one of the nation’s premier live-work-play destinations.”

Florida Statewide Population Report
Fort Lauderdale Population Report
Fort Myers Population Report
Jacksonville Population Report
Lakeland | Polk County Population Report
Miami-Dade County Population Report
Orlando Population Report
Tampa | St. Petersburg Population Report
West Palm Beach Population Report

For Further Information Contact:

chris-owen-headshot

Chris Owen
Florida Research Manager
Cushman & Wakefield
+1 407 541 4417
chris.owen@cushwake.com

 

By |2018-05-02T15:53:47-04:00August 11th, 2016|In the News|