With a projected average growth of 2.2 per cent annually over the next four years, Florida remains in the top tier of state economies, encouraging relocation and resulting in population growth.
The Florida labor force has also grown steadily over the last couple of years, experiencing a growth of 1.5 per cent in the first half of 2017 alone.
Despite Hurricane Irma’s onslaught in September, Florida continues to thrive and is experiencing the fifth best year-over-year job growth in the U.S.
With a healthy and steadily growing economy, people are relocating to regions of Southwest Florida like Sarasota and Manatee counties by the thousands.
The Sarasota-Manatee area population grew by more than 20,000 residents last year, making it the third fastest growing region in the state – and tenth in the nation. This 2.7 per cent growth rate puts it well above the national average.
Several growing industry sectors
Sarasota’s manufacturing sector, with newcomers on the landscape producing wheelchairs and bandages, among other products, is expected to grow 12-percent by 2024 – well above the national projection of one per cent.
The healthcare sector is growing, too, with an expected 18-percent increase in jobs over the next 10 years. The city’s main hospital, Sarasota Memorial, has more than 4,000 employees alone.
The financial services sector makes up about 6-percent of jobs in Sarasota county, owing growth in recent years to the flock of wealthy investors migrating south to grow old and invest in the warming Sarasota real estate market.
Some of the growth in the region’s economy can be attributed to its continued attractiveness as a retirement destination. An increased number of retirees from the across the country and north of the border are choosing to relocate or buy a second home in Florida, causing an economic boom.
Investing in Sarasota real estate
Between its booming job market and competitively priced real estate, the Sarasota area is an increasingly attractive place to live, work, and raise a family.
With a strong Southwest Florida economy and a promising Sarasota real estate market – Forbes named the Gulf Coast one of the top 10 hottest markets to watch in 2017 – now is a great time to make an investment.
So, what does this all mean for Sarasota real estate prices? With market demand resulting from both economic growth and from relocators and retirees continuing to head south, prices are rising gradually.
Median sales prices in Sarasota and other Florida housing markets were up in several months of 2017 compared to 2016, even in September after Irma hit the state. This trend is expected to continue indefinitely as the economy continues to expand and the population continues to rise as a result of relocation.
If you’re considering making Sarasota your new home, we can help. With many years of experience in the most exclusive Sarasota neighborhoods, the Schemmel Property Group can help you navigate the real estate market here and find the perfect property to call home – or second home.
With luxurious condos in downtown Sarasota near restaurants, shopping and cultural activities; waterfront condos or homes on the barrier islands of Siesta Key, Lido Key, Longboat Key or Casey Key; or stunning estate homes in some of the areas most prestigious golf courses there is plenty to choose from.
We will ensure that you make the right investment that best suits your career and family’s needs as you enjoy the benefits of the area’s economic growth. Please call us at (941) 308-6497 with any questions you may have about Sarasota or current real estate options here.
