Florida Could Be Heading Toward $1 Trillion Economy, Forecast Says
According to Snaith’s forecast, Florida is expected to break the $1 trillion mark in 2018 and climb to $1.074 trillion in 2019. That would make Florida’s economy the 16th largest in the world, according to rankings by the World Bank.
In housing, Florida’s median existing home price has risen to $213,000, compared with $122,200 during the housing crisis.
“While this looks like another housing bubble, it’s really just an old-fashioned shortage in the single-family market,” Snaith said. “It is expected to correct itself as new housing starts ramp up over the next few years.”