Home prices are rising and today’s mortgage holders are reaping the rewards. A reward of nearly $457 billion collectively, to be exact.According to Corelogic’s 2019 3rd Quarter Homeowner
Strong Job Growth in Brevard County Continues
Job growth in Brevard County continues to skyrocket and the latest job numbers show we are looking at the lowest unemployment numbers in years. As of February 2017, Brevard’s unemployment rate was at 5%, down from 5.3% one year ago. According to newer numbers released in July 2017, unemployment is now even lower at 4.4%. That means out of 67 counties in Florida, Brevard ranks 34th.
In June 2017 alone, Florida’s private-sector jobs created around 18,000 new positions for qualified employees. That’s a 3.1% growth rate, much higher than the nation’s average rate of 1.7%. While all of Florida is seeing excellent growth, Brevard is uniquely positioned to take off thanks to its prime location on the Space Coast.
What Industries in Brevard Have Experienced the Greatest Growth Over the Last Year?
The job sectors in Brevard that have seen the greatest increase in numbers over the last year include:
-Service producing jobs are up 3%, with 5,200 new service jobs in Brevard.
-Construction jobs are up 8.7%, adding 2,900 jobs to our local market. With the ongoing boom of new hotels, offices, and other projects, it is likely that construction jobs will continue to see growth over the next few years.
-Manufacturing jobs are up 7.4% and account for 1,600 new jobs.
-Education and health care positions are up 5.2%, adding 1,800 jobs to the market.
-Leisure and hospitality jobs are up 4.2%, adding 1,100 jobs to the market.
What the Experts Say About Job Growth in Brevard
This is a huge accomplishment for Brevard, especially considering where we were at the height of the financial downturn. Not only was the area struck with economic issues (just like the rest of the country), but the Kennedy Space Center simultaneously underwent major drawbacks.
Looking at where we stand a short time later in 2017, It’s clear to see that Brevard is positioned to bounce back from just about anything. When an area has as much to offer as Brevard, it’s easy to see why opportunities continue to develop.
“This is just the beginning,” said Lynda Weatherman, president, and chief executive officer of the Economic Development Commission of Florida’s Space Coast.
The latest job report is yet another step in the right direction for Brevard. And Brevard isn’t the only county in Florida undergoing major job growth. Florida’s Governor Rick Scott said, “Over the past six years, we have been relentless in our efforts to make Florida the most business-friendly state in the nation because a job is the most important thing to a family.”
Gov. Scott is excited about the growth taking place, adding that in the first two months of 2017, the state created 53,800 private-sector jobs. Additionally, since December 2010, there have been over 1.3 million new jobs added to the market. Scott cites programs like Visit Florida and Enterprise Florida as crucial to this level of growth, as well as continued growth.
“Florida’s labor force is climbing more than four times faster than the nation’s and our labor force participation rate has risen over-the-year for eight consecutive months. This proves that Floridians are confident in their ability to land a good job here in Florida,” explained Cissy Procter, the executive director of the Florida Department of Economic Opportunity.
Will Job Growth Continue in Brevard?
Job growth is expected to continue as key players work to bring even more jobs to the area. Gov. Scott continues to meet with viable companies with interests in relocating to Florida.
343,000 people entered Florida’s labor force over the last year, creating a 3.5% growth, compared to the national labor force growth rate of just 0.8%. More people are interested in moving to Florida to work and do business, that’s because our state is home to some of the friendliest pro-growth business policies.
Unemployment is lower than it’s been in an entire decade, jobs are on the rise, and more people are relocating to the area; it’s easy to see why there is so much optimism surrounding Brevard. Plus, there are some beautiful homes in the area with prices you can’t beat in other desirable coastal locations.
Are you ready to start your home search in Brevard? Contact Curri Properties today to get started!