Here's What To Expect From Florida’s Economy In 2022

Toni Koraza

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Florida has been through several hurdles in 2021. The fear of economic demise grew from strong to hefty in the latter part of the year. What started with another year of the pandemic ended up in Supply-Chain issues, toilet-paper rations, and rampant inflation.

What does the future have in store for the Sunshine State?

Not so transitory

Money is the worst investment, according to the billionaire Ray Dalio. FED is out there to prove Dalio right. The rampant money printing machine has everyone worried about future prices. Aggressive money printing has never ended well historically.

However, Dr. Sean Faith, of Florida's leading economists, is optimistic about 2022. He expects the pace of inflation to slow down by next summer.

House prices to level out

The housing market is out of control. Florida home prices increased by 23.9% in 2021, pricing out many Millennials and potential first-time buyers out of the market. The shortage of available homes further fueled the price surge.

Luckily, Dr. Snaith expects property prices to level out by the second half of 2022.

Employment

Florida could finish the year with a 4.5% unemployment rate. The great resignation market the pandemic years. Many quit their jobs to take care of their health or to seek better opportunities. This movement fueled better jobs and higher salaries for all employees.

Dr. Snaith expects the unemployment rate to bottom out at 3% in 2022.

More discount and dollar stores

The pandemic killed many brick-and-mortar businesses but resurrected all sorts of off-price stores.

Florida has seen the peak expansion of Dollar General and Dollar Tree shops, which now have over 1,500 locations combined in the Sunshine State alone. T.J. Maxx is another thriving business in Florida. In addition, new discount shops are popping up at an alarming rate and could continue popping up in 2022.

This is a symptom of a much bigger economic concern.

Are you worried about Florida's economic future?

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