Florida's economy is being widely monitored, and the Federal Reserve Bank of Philidelphia is among those experts who are analyzing current economic data and forecasting how Florida will fare in the New Year. News from Tallahassee and the Office of Florida Governor Rick Scott is that things are very sunny these days in the Sunshine State, according to the latest reports -details here in the News Release of the Week:
Gov. Scott: Federal Reserve Index Projecting Growth Highest Since 2005
(January 4, 2013) -- Today, Governor Rick Scott highlighted a recent national index which projects that Florida’s economy will continue to experience growth in 2013 at a pace higher than any point since 2005. The Federal Reserve Bank of Philadelphia’s State Leading Index report shows that Florida’s economy should grow by 1.7 percent during the first half of 2013. This growth rate is the strongest since August 2005, when the rate was 1.98 percent, and is up significantly from December 2010’s rate of 0.95 percent.
Governor Rick Scott said, “With Florida entering a new year, I’m confident that we’ll continue our progress in creating an economic climate that grows jobs for Florida families. As unemployment decreases, businesses expand and the housing market improves, we’re on our way to making Florida the best place in the world to do business – and even though we have more work to do, Florida’s economy is on the right path.
The Federal Reserve Bank of Philadelphia produces monthly leading indexes for each of the 50 states. They include variables that lead the economy including state-level housing permits and unemployment insurance claims among others.