It is predicted that the chance of a second recession is relatively low but recovery will be “incredibly sluggish.” Jobs are key, and the report foresees a total of 40,000 new jobs added by the end of this year and an additional 64,000 in 2012. The report points to an upswing of jobs, albeit small, in retail and trade, as well as professional and business jobs.
Wells Fargo's other predictions for Florida
• Foreclosures will continue to impact home prices.
• The Florida economy will continue to grow. Wells Fargo predicts 2 percent in 2011 and 2.2 percent in 2012.
• Floridians’ personal income will also grow: 4.2 percent in 2011 and 4.3 percent in 2012.
• Home construction, while improving, won’t hit its full stride again – 1.2 million new homes – until 2015.
• The number of foreign investors could decline. European money problems have dampened demand from across the Atlantic, while a weaker Canadian dollar has impacted the value to Canadians. The flow of investors from the Americas has also declined. (I have personally felt this in the past few weeks).
• People will continue to move to Florida, though at a still-subdued pace: an expected 110,000 in 2011 and predicted 130,000 in 2012.
The full Wells Fargo report is available online.
• Floridians’ personal income will also grow: 4.2 percent in 2011 and 4.3 percent in 2012.
• Home construction, while improving, won’t hit its full stride again – 1.2 million new homes – until 2015.
• The number of foreign investors could decline. European money problems have dampened demand from across the Atlantic, while a weaker Canadian dollar has impacted the value to Canadians. The flow of investors from the Americas has also declined. (I have personally felt this in the past few weeks).
• People will continue to move to Florida, though at a still-subdued pace: an expected 110,000 in 2011 and predicted 130,000 in 2012.
The full Wells Fargo report is available online.
