While the timing of a national economic slowdown seems to keep moving, Florida’s economy should weather it well \u2014 and even grow \u2014 says economist Sean Snaith.<\/p>\n
In his\u00a0latest quarterly Florida forecast, Snaith says the impact of a slowdown won’t stick to Florida as it has in past recessions.<\/p>\n
\u201cFlorida\u2019s economy today is more like Teflon. A lot of the effects of a national slowdown will just slide right off,\u201d Snaith says.<\/p>\n
While the housing collapse in 2008-09 and the pandemic hit Florida\u2019s economy particularly hard, Snaith says the next slowdown or recession won’t do as much damage because of the state’s ever-growing population and strong labor market.<\/p>\n
\u201cA recession is never good news,\u201d he says. \u201cBut compared to what our state went through during the past two recessions, any pain we endure will be far less severe and won\u2019t linger as long. And Florida’s economy won’t experience the worst from a national economic slowdown.\u201d<\/p>\n
In Florida \u2014 and the rest of the country \u2014 Snaith predicts a slowing by the end of 2023 and through the start of 2024, but it’s unclear if this slowdown will rise to the level of a recession.<\/p>\n
Housing Struggles Continue<\/strong><\/p>\n The flip side of Florida’s growing population and strong economic growth means continued shortages in the state’s housing market, Snaith says.<\/p>\n \u201cWe\u2019ve had the fastest-growing population growth rate in the country feeding the demand for housing, and it’s running headlong into a depleted supply,\u201d he says. \u201cThis is not a pathway to affordability.\u201d<\/p>\n Snaith does not forecast any drastic correction during the coming slowdown or recession and has seen prices stabilize in recent months, but that doesn’t mean housing prices will come down anytime soon for would-be buyers.<\/p>\n \u201cThe demand doesn\u2019t seem to be abating, and it takes time for supply to catch up,\u201d he says. \u201cThat will continue to be an issue for the foreseeable future.\u201d<\/p>\n Additional highlights from Snaith\u2019s four-year Florida and metro economic forecast include:<\/p>\n Snaith is the director of UCF\u2019s Institute for Economic Forecasting and a nationally recognized economist in analysis, economic forecasting and market sizing. Bloomberg News has recognized Snaith as one of the country’s most accurate economic forecasters, and he has served as a consultant for both local governments and multi-national corporations.<\/p>\n","protected":false},"excerpt":{"rendered":" UCF\u2019s Institute for Economic Forecasting Director Sean Snaith predicts an economic slowing by the end of 2023 and through the start of 2024.<\/p>\n","protected":false},"author":8692,"featured_media":128090,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"lazy_load_responsive_images_disabled":false,"footnotes":"","_links_to":"","_links_to_target":"","_wp_rev_ctl_limit":""},"categories":[4],"tags":[7309,17562,4194],"tu_author":[],"class_list":["post-137496","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-college-of-business","tag-institute-for-economic-forecasting","tag-sean-snaith"],"yoast_head":"\n\n