December 27, 2021 Updated 1:15 P.M. ET
ORLANDO (FCV) – According to a new economic forecast, job growth in Florida is outpacing the national economy and unemployment will continue to decline in 2022.
Florida’s unemployment was 4.5% in November and is expected to continue falling in 2022 while housing ramps up, according to the Institute of Economic Forecasting at the University of Central Florida.
Inventory for single-family homes is extremely low to the point where it would only take 1.3 months to use up the current supply of homes. Nationally, this same metric was at 7.1 months in October. Typically, a six month supply is considered a balanced market.
Unlike the Great Recession, the housing market won’t be a burden on the Florida economy during the continuous recovery from the pandemic, the report stated.
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