Report: Fla. Won’t Erase Recession Job Losses Until 2019
FLORIDA (CBSMiami) — One financial services company forecast calls for Florida’s economic recovery to take much longer than many anticipated.
CBS4 news partner The Miami Herald reports Jones Lang LaSalle released its job market forecast this week, and it predicts the state’s job market won’t erase losses from the recession until 2019, when payrolls are expected to cross the 8 million threshold again.
The Sunshine State currently has about 7.3 million people working, according to the latest federal labor report. That’s down 9 percent from the peak of just over 8 million workers hit at the end of 2006 and the start of 2007.
Florida’s overall population enjoyed the eighth highest growth rate in the country during the last decade and continues to show strength in tourism and trade. But the JLL report predicts a slow return back to pre-recession hiring.
The report notes the state has seen job growth during the last two years, and predicts hiring to increase by about 1.6 percent a year. Only the Orlando area will see hiring grow significantly faster than the state average, with a projected 2.2 percent boost each year, the report said.
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