Florida’s Department of Economic Opportunity has revealed that the State’s unemployment figures now stand at the lowest rate since June 2008, a figure of six per cent in September. Not only this, but the ADP Regional Employment Report also showed that Florida grew the private sector by 20,050 jobs in October, meaning that 2014 looks as though it will be closing on a positive note for the state’s employment industry.
When considering the fact that just a year ago, Florida’s jobless numbered on average 7.2% in 2013, and a less than giddy figure of 11.3% in 2010, the ‘Sunshine State’ has come a long way in recent times, making firm progress in this important indicator for the country’s wealth. The knock-on effect of the increasing stability in Florida’s job market is that the property market is also not only stabilising, but growing with optimism.
This is especially true for the domestic market, an often neglected sector in the shadow of the bright lights and Disney magic of the tourism sector. Yet it is boasting excellent investment prospects, especially within the context of the bolstered regional employment. Launching a new investment project in Orlando on 1st November – The Club at Sunset Lake – Brookes & Co recognised this opportunity and offered, through the new project, buyers the chance to capitalise on it. The project presents a brand new gated development to the market, situated in the heart of central Florida and close to all major amenities. With luxurious facilities, including an exclusive clubhouse and swimming pool, fitness centre and spa, sports courts and cycle paths, as well as a lakefront park and picnic area, The Club at Sunset Lake makes the most of its setting.
Offering a five year rental guarantee with a six per cent return after all costs, from a range of spacious two, three and four bedroom properties priced from £96,950, it is clear to see why the project is an excellent investment opportunity.
Within the period of under four weeks since the launch of The Club at Sunset Lake, Brookes & Co have sold 83% of the units available. Demand is high, but what, specifically, is driving the growing domestic market of Florida?
Philip Button, Managing Director of Brookes & Co explains, “It can be said that the increasing levels of employment in the State are driven by four key factors: Leisure, Medical, Transport and Agriculture. Individually, each of these facets are key to the economic workings of Florida, but together they influence not only the success of the Floridian economy but also contribute wholeheartedly to the coffers of the US in general terms.
“Leisure is the go-to market when thinking of Florida, the abundance of theme parks, Disney World, Universal Studios and the like, have become synonymous with Florida’s Orlando, making the State the country’s top tourist hotspot. And with the boom come expanded job prospects for those developing and building the projects, as well as those staffing them.”
Transportation is central to the State’s success, with rail expansion a major arena that is impacting heavily on Florida’s domestic property market. The landmark SunRail project that will revolutionise commuter travel, is expected to be finalised by 2017. An independent financial study found Sunrail has the potential to create nearly 260,000 jobs, and it is helping to grow the State’s wealth as well, with a predicted impact on the US economy of $8.8billion.With airport growth also in the pipeline, and SunRail predicted to link up to the newly expanded airport, Florida’s transport links are going from strength to strength.
In their latest ‘Fresh from Florida: The Journal of Florida Agriculture’, Florida’s Department of Agriculture and Consumer Services revealed that the industry was worth a staggering $108 billion to the Sunshine State, with Florida the US top producer of not only oranges but also sugarcane, sweetcorn, watermelon and squash.
Florida Naturals, a leading fruit juice producer, which owns over 50,000 acres of fine citrus groves in the heart of Central Florida, continues to grow, creating extensive employment opportunities in the area.
All of this collectively is having huge economic impact on the Orlando area. Forbes recently ranked the city as number one in their report on ‘The Top 10 Cities and States for Job Growth’. In turn, the growth gives rise to significant demand for high-quality rental properties in the area for the workers and their families to live in. The Sun has certainly returned to the Sunshine State!
For more information about The Club at Sunset Lake and buying in Florida, contact Brookes & Co by visiting www.brookesandco.co.uk