South Florida’s economy isn’t likely to experience any growth spurts this year, but it won’t suffer either.
That’s the message from Wells Fargo’s managing director and senior economist Mark Vitner, released Monday, who expects growth to continue at around 2 percent this year as the global economy continues to lag U.S. demand.
Vitner also projected that the Fed will move cautiously when it comes to raising interest rates, and inflation is likely to remain low for the foreseeable future. Within the U.S. , government spending by federal and local governments will provide a slight boost, but China’s slowing economy will continue to drag on other emerging economies. That last factor could present headwinds to U.S. exports as the dollar continues to gain strength — less than cheery news for the local trade indstury.
Jobs have continued to grow in the Sunshine State with an additional 235,000 positions in 2015, though the pace slowed in the second half of the year.
In South Florida, job growth remains strong, but here, too, the pace has slowed. Professional and businesses service saw the most growth in jobs. Construction was second, but didn’t grow as many jobs as in past building cycles.
Among the state’s large cities, Fort Lauderdale’s employment picture was one of the brightest, with jobs increasing by more than 3 percent and outperforming Miami-Dade.
Miami’s amenities and buzz continued to draw new residents in 2015, with more than 60,000 moving to the region. That’s good for real estate, retail and restaurants. For drivers — not so much.