Wednesday, October 23, 2013

Tourism Hiring Flat, but Construction Growing

The Palm Beach Post has just written an, at best neutral, but frankly gloomy article about the recovery in Florida.

In their article they point out that the economy nationally has not been improving "robustly" which is impacting the number of people coming to Florida for vacation.  With Tourism as our #1 economy driver, this means that very few people are making new hires for this tourism season.

Oddly, in the same article, they mention not 1 but 3 job fairs going on specifically for the tourism season and new construction by Wings.

The real note of importance in the somewhat gloomy article though is the following:

"Florida has been doing better than the national labor market, said Snaith, who is director of the Institute for Economic Competitiveness.“Being ahead of what is a sub-par recovery is not saying Florida’s recovery has been robust,” he said.However, economists noted that job gains were broadly based, and included a sizable boost in construction, a positive sign for Florida’s economy. Lately, however, national news has overshadowed any positive gains and brought a pall to consumer and business-owner sentiment."

We mirror the observation.  Construction cranes are back on the skyline, pickups are on the road wtih constructions workers in the back and cement mixer in tow!  It is easy to get caught up in reporting about how bad things are, but the bedrock truth is.. Florida is Building Again!

This bodes well for the future of Commercial Real Estate in Florida.  Like any market, NOW is the time to get in, not later when the recovery is robust and demand for quality South Florida Real Estate has driven prices out of reach for many who "could" have gotten in now.

If you need advise on any South Florida Commercial Real Estate ventures, please call the experienced  team at Rosenfeld Realty Advisors.

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