Last week while showing property on Lido Key, my clients and I came upon a team from Mote Marine releasing a rehabilitated Loggerhead turtle back into the water. I recorded a 1-minute video of the event. It had over 400 views.
It reminded me of why people come to Florida in general, and Sarasota in particular. Florida offers an incredible package of sunshine, lifestyle, weather, cultural and natural amenities and no state income tax. Because of this Florida is expected to continue to grow.
Florida’s Population Has Grown for Last 65 Years: What About the Next 15 Years?
This month I want to talk about the effect of population growth in Florida, which has grown every year since 1950.
In a recent article in Florida Today, UCF professor Sean Snaith states, “Population growth (in Florida) is the most basic form of economic development.”
Today Florida has a population of 20+ million. The following graph illustrates the forecasted population growth of 19% in the next 15 years:
Population increase is a natural driver of economic activity. It fuels the demand for housing, healthcare, hospitality and retail.
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Global Buyers Are a Major Force
Population growth comes from both domestic and international migration. The later contributes to the diversity of Florida. Global buyers also typically spend more on real estate and bring more disposable income when they come.
Since we work in large part on the international stage, I am particularly interested in the impact of global buyers on the housing market and the economy.
During the last 6 years, there have been nearly 700,000 new residents from outside the US. The foreign-born population in Florida is hovering at about 20% (close to 4 million residents) and this diversity in the country of origin brings a unique sense of style, culture, and cuisine that enhances the Florida brand.
How Florida Needs to Adapt for Long Term Sustainability
Growth in Florida is almost inevitable. And economies benefit from growth – so this is a good thing for Florida. However, it is important that we steward the process so that subsequent generations can enjoy and prosper here.
Sarasota and Florida must continue to do three things well:
- Attract and retain jobs as diverse as our population.
The economic diversity creates a natural hedge to the peaks and valleys of the global economy. - Preserve the wild ecosystems around the state.
More people visit the natural amenities in Florida than the theme-parks and man-made attractions. - Adapt development to peoples changing needs.
Floridians of all generations continue to seek more quality including education, healthcare, and lifestyle.
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