JERRY D. PARRISH, PH.D. Chief Economist Florida Chamber
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1 JERRY D. PARRISH, PH.D. Chief Economist Florida Chamber
2 2007
3
4 US versus Florida Coincident Indicators US Recession US Data Source: Philadelphia Federal Reserve
5 US versus Florida Coincident Indicators US Recession FL Recession FL US Data Source: Philadelphia Federal Reserve
6 Year-over-Year Job Creation 2008 to present (thousand) April Data source: Bureau of Labor Statistics
7 Year-over-Year Job Creation 2008 to present (thousand) April Forecast: 190, Data source: Bureau of Labor Statistics
8 Florida s Economy $964.9 Billion GDP (16 th / $1T in 2018) Million Residents (3 rd / +1000/day) 197,500 jobs created past 12 months Florida creates around 1 out of every 10 jobs in the U.S Million Visitors in 2016
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11 Income Migration Total Wealth Migration from Florida Colombia County
12 Florida Produces 1 out of How Many Jobs?
13 Year-over-Year Job Creation Category October 2016 to October 2017 Percent Construction 35, % Manufacturing 12, % Professional & Business Services Trade, Transportation & Utilities Education & Health Services 38, % 38, % 17, % Leisure & Hospitality 15, % Data Source: Florida Department of Economic Opportunity
14 County Year-over-Year Job Growth October 2016 October 2017 Florida Job Growth Rate: 2.3% U.S. Rate: 1.4% 10 Florida Counties Lost Jobs Highest Growth Rate: Suwannee 4.8% Highest Jobs Number: Miami-Dade 38,948 Data Source: Local Area Unemployment Statistics from Florida Department of Economic Opportunity
15 Job Creation 2007 to Dec 16 Since 2007: 31 Florida Counties Gained Jobs 36 Florida Counties Lost Jobs Florida 46.3% of counties have more jobs now U.S. 37.5% have more jobs now Data: LAUS
16 Number of Counties - Peak Jobs Year SECURING FLORIDA S FUTURE FL2030@FLCHAMBER.COM #FL2030
17 Number of Counties - Low Job Number year SECURING FLORIDA S FUTURE FL2030@FLCHAMBER.COM #FL2030
18 40 35 Both High and Low Years for Job Numbers - Number of Counties High Low SECURING FLORIDA S FUTURE FL2030@FLCHAMBER.COM #FL2030
19 Year of Highest Job Numbers Heat Map on Years Darker are earlier years 2016 is the lightest color 34 Counties had highest job number in 2016 Data source: QCEW Yearly data
20 Florida Counties Lost a total of 6,951 Jobs County Jobs Percent Hardee -1, % Hendry -1, % Citrus -1, % Lafayette % Putnam % Madison % Glades % Jefferson % Union % Gadsden % Washington % Holmes % Franklin % Liberty % Jackson % Taylor % Highlands % Calhoun % Hamilton %
21 States percent job growth during U.S. Growth Rate 7.28% Florida 11.79%
22 Jobs and Population Changes: Top Number: Jobs Bottom Number: Population Change Heat map on Job Numbers darker green, higher number of jobs created
23 Voters Support Targeted Incentives Do you approve of Florida providing financial incentives to encourage companies to stay in Florida or move to Florida from another state in exchange for creating jobs and investing capital in Florida? Group Approve Disapprove Unsure Approve- Disapprove Overall 78% 13% 8% +65
24 Voters Support Targeted Incentives Do you approve of Florida providing financial incentives to encourage companies to stay in Florida or move to Florida from another state in exchange for creating jobs and investing capital in Florida? Group Approve Disapprove Unsure Approve- Disapprove Overall 78% 13% 8% +65 Republicans 87% 7% 5% +80 Democrats 71% 19% 9% +52 Others 77% 11% 12% +66
25 6 Pillars 3 Years 10,000+ Floridians 1 Plan Florida2030.org 25
26 Florida 2030 Townhalls 67 counties 10,000+ engaged 20,000+ miles traveled 150 hours of recorded conversation about Florida s Future 200+ business, chamber, and foundation partners >> Florida2030.org <<
27 Florida s next 5.4 million People Top Number: Population Increase Bottom Number: Percentage Increase Top 8 Counties Expected to account for 56.9% of Population Increase: 1. Miami-Dade 2. Orange 3. Hillsborough 4. Broward 5. Palm Beach 6. Lee 7. Duval 8. Osceola Data from: Population Studies Program, BEBR, University of Florida
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30 Under-18 Poverty in Florida 944,415 kids in Florida 23.4% poverty rate Of this group: Age 5 to ,896 Under 5 280,519
31 Florida Chamber Foundation Events Florida Chamber Foundation s 2018 Economic Outlook Summit Jan 9, 2018 Tallahassee Florida Chamber s 2018 Capitol Days Jan 10-11, 2018 Tallahassee Release of Florida 2030 Report - March 2018 Florida Chamber Foundation Prosperity Summit - May 2-3, 2018 Orlando
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