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Florida's http://www.tampabay.com/news/business/floridas-economy-last-year-grew-at-fastest-pace-in-six-years/2125185

 

Florida's economy last year grew at fastest pace in six years

JEFF HARRINGTONTampa Bay Times

 

Florida's economy in 2012 grew at the fastest pace in six years.

But it still lags the national average and, given the economic crater created by the Great Recession, has a long way to go to full recovery.

Florida's gross domestic product grew 2.4 percent to $672.3 billion in 2012, just shy of the national growth rate of 2.5 percent, according to Labor Department statistics released Thursday.

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That's a marked improvement from both 2010 and 2011 when Florida's economic output rose less than 1 percent each year. In 2009, during the trough of the recession, the state's economy plummeted by nearly 6 percent.

"It's indicative of a national recovery in general … but we're looking for a better rebound in Florida because it fell so far in the downturn," said Scott Brown, chief economist for Raymond James Financial in St. Petersburg.

He predicts the 2013 figures will be much stronger after the state's impressive job creation so far this year. Since December, Florida's unemployment rate has dropped from 7.9 percent to 7.2 percent while its workforce has grown by more than 60,000 jobs.

Florida's economic growth has been partially muted because many of the newly minted jobs are in industries such as tourism, retail and health care which pay less than those jobs lost in hard-hit industries like construction, government, manufacturing and information. In calculating the GDP of states, the Labor Department includes the sum of all incomes earned, capital and costs incurred in producing goods and services.

A dozen states grew faster than Florida, led by North Dakota which, fueled by a mining boom, grew a whopping 13.4 percent in one year. Other top economic engines included Texas (up 4.8 percent), Oregon (3.6 percent) Washington (up 3.6 percent) and Minnesota (up 5 percent).

Only one state, Connecticut, had a drop in GDP, down a tenth of a percentage point from 2011.

Florida's economy last year grew at fastest pace in six years 06/06/13 [Last modified: Thursday, June 6, 2013 7:50pm]

© 2013 Tampa Bay Times

 

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Florida's economy last year grew at fastest pace in six years

Florida's economy in 2012 grew at the fastest pace in six years.

But it still lags the national average and, given the economic crater created by the Great Recession, has a long way to go to full recovery.

Florida's gross domestic product grew 2.4 percent to $672.3 billion in 2012, just shy of the national growth rate of 2.5 percent, according to Labor Department statistics released Thursday.

That's a marked improvement from both 2010 and 2011 when Florida's economic output rose less than 1 percent each year. In 2009, during the trough of the recession, the state's economy plummeted by nearly 6 percent.

"It's indicative of a national recovery in general … but we're looking for a better rebound in Florida because it fell so far in the downturn," said Scott Brown, chief economist for Raymond James Financial in St. Petersburg.

He predicts the 2013 figures will be much stronger after the state's impressive job creation so far this year. Since December, Florida's unemployment rate has dropped from 7.9 percent to 7.2 percent while its workforce has grown by more than 60,000 jobs.

Florida's economic growth has been partially muted because many of the newly minted jobs are in industries such as tourism, retail and health care which pay less than those jobs lost in hard-hit industries like construction, government, manufacturing and information. In calculating the GDP of states, the Labor Department includes the sum of all incomes earned, capital and costs incurred in producing goods and services.

A dozen states grew faster than Florida, led by North Dakota which, fueled by a mining boom, grew a whopping 13.4 percent in one year. Other top economic engines included Texas (up 4.8 percent), Oregon (3.6 percent) Washington (up 3.6 percent) and Minnesota (up 5 percent).

Only one state, Connecticut, had a drop in GDP, down a tenth of a percentage point from 2011.

Florida's economy last year grew at fastest pace in six years 06/06/13 [Last modified: Thursday, June 6, 2013 7:50pm]

© 2013 Tampa Bay Times

 

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Ft. Myers, FL - Lack of Supply Adds to Urgency, Keeping Snow Birds Around Longer than Usual

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Ft. Myers, FL – Lack of Supply Adds to Urgency, Keeping Snow Birds Around Longer than Usual

Source: Credit Suisse; Census Bureau (1,806 single-family permits in 2012, 65th largest market in the country) Comments from Real

Our Take:

• Buyer traffic improved relative to seasonal expectations in May, as our index increased to 58 from 54 (above agents’ expectations). Agents seemed encouraged that traffic levels remained healthy despite what is normally a slower period as second-home buyers return home, crediting the tight supply for creating increased buyer urgency.

• Home prices increased again in May, as our home price index came in at 75 vs. 79 in April (well above a neutral 50).

• Home listings continued to decline, and it is also taking less time to sell a home – positive leading indicators for pricing.

 

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Florida tourism sets new record in first quarter

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Florida tourism sets new record in first quarter

By Hannah Sampson The Miami Herald

 

The year is off to a record start for Florida’s tourism industry.

The first quarter of 2013 was the state’s best ever for tourism, according to preliminary numbers released Wednesday by Visit Florida.

Between January and March, 26 million people visited Florida. That’s a 4.7 percent increase over the same time in 2012.

Of those tourists, 21.8 million were domestic, 1.5 million visited from Canada and 2.7 million were overseas visitors. Guests spent more on hotels, too: The average daily rate increased 6.8 percent compared to a year ago to $136.45 statewide.

Travel-related employment also hit a record, growing 3.4 percent to nearly 1.09 million jobs.

The state’s official tourism marketing corporation also revised its earlier estimate of 2012 numbers. The total count of visitors last year was actually 91.4 million, not 89.3 million as initially reported.

Read more here: http://www.miamiherald.com/2013/05/15/3399109/florida-tourism-sets-new-record.html#storylink=cpy

 

http://www.miamiherald.com/2013/05/15/3399109/florida-tourism-sets-new-record.html

 

 

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Chinese buyers can't resist lure of Florida homes

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Chinese buyers can’t resist lure of Florida homes

WASHINGTON – May 15, 2013 – The National Association of Realtors says foreigners – primarily from Canada, China, and Latin America – made $82 billion in U.S. real estate purchases last year.

Chinese buyers, in particular, seem to have a hearty appetite for American real estate – especially in California, New York and Florida. Garrett Kenny, CEO of Century 21 Team Feltrim in Florida, is courting Chinese buyers, traveling overseas to network with Chinese agents and investors and tout the benefits of owning property in Florida.

He was impressed with the OPP Tour of China, which covered four cities in 10 days. “Three days back and already dealing with three agents successfully,” he says. “We will certainly be going on more tours with OPP in 2013.”

With two-bedroom apartments in Shanghai fetching more than $2 million, it is no surprise that Chinese buyers are drawn to Florida, where three-bedroom homes in some areas can be had for about $200,000.

Not only do the Chinese view U.S. real estate as a good value, but they also view U.S. properties as status symbols, says Las Vegas real estate agent Betty Chan.

Source: RealtyBizNews (05/14/13) Wheatley, Mike

© Copyright 2013 INFORMATION, INC. Bethesda, MD (301) 215-4688

 

 

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Hertz coming to Lee County

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News Releases

Hertz Announces Corporate Headquarters Relocation

Worldwide headquarters move for increased efficiency follows Dollar Thrifty acquisition

May 7, 2013

PARK RIDGE, N.J., May 7, 2013 /PRNewswire/ -- The Hertz Corporation (NYSE: HTZ) today announced that the company will relocate its worldwide headquarters to Estero, Florida (Lee County, near Bonita Springs and Fort Myers) from Park Ridge, New Jersey. Hertz made the decision following its recent acquisition of the Dollar Thrifty Automotive Group, which was finalized on November 19, 2012.

(Photo: http://photos.prnewswire.com/prnh/20130507/NY08836 )

(Logo: http://photos.prnewswire.com/prnh/20110810/NY50373LOGO )

Dollar Thrifty is currently headquartered in Tulsa, Oklahoma. Consolidating the corporate offices to one location will allow for increased efficiencies and cost synergies across the company. Additionally, access to the Florida travel and tourism population will position the company for long-term growth. According to Visit Florida, there are approximately 1 million employees in the state's travel and tourism industry, Florida's largest business segment. Hertz also noted that Orlando is the world's largest car rental market, and that Miami is a hub for accelerating travel growth between the United States and Latin America.

Starting this year, up to 700 jobs will be relocated to Florida over a two-year period.  More than 2,000 Hertz and Dollar Thrifty personnel will remain in New Jersey, including approximately 150 employees who currently work in Park Ridge. All other Park Ridge employees will be able to retain their current positions at the new headquarters, scheduled to be completed in early 2015. Hertz was founded in Chicago, Illinois in 1918, and moved its headquarters to New Jersey from mid-town Manhattan in 1988.

"After our recent business expansion, we have been looking for the right location to blend Hertz and Dollar Thrifty head office employees," Hertz Chairman and Chief Executive Officer Mark P. Frissora said. "Florida is the center of the U.S. travel and tourism industry - this move enables us to be closer to leisure and business customers, as well as many travel and association partners. As part of this move, we will open off-airport and retail car sales stores on our headquarters campus, which will enable us to experiment with new services and monitor customer satisfaction first hand. Lee County, on the Southwestern Gulf Coast of Florida, is a well-established travel destination with tremendous growth potential, with easy access to other leading tourism markets including Orlando, Miami/Fort Lauderdale and Tampa/St. Petersburg."

Hertz and Dollar Thrifty have more employees in Florida than in any other state except California, and Florida rents more cars per capita than any other state. Florida provides ready access to a vast and diverse talent pool, including 3,000 of our own employees, as we grow our businesses. All of these factors supported the company's final decision.

Frissora added, "This is the best, most balanced business decision based on market factors as well as the needs of our employees and customers. The relocation results in a positive financial return to the company and we will provide more details during our next quarterly earnings call. Additionally, in no way should this decision be perceived as a slight to our partners in New Jersey and Oklahoma.  We recognize the significant efforts undertaken in recent years in both states to create and retain jobs, while improving the overall business climate.  In particular, over the last several years we have seen significant improvement in New Jersey's business climate and our decision should not be interpreted as a reflection of our views about doing business in the Garden State.  New Jersey has been our home since 1988 and would have been for countless more if not for our acquisition of Dollar.

Because of these efforts, we will continue to grow our car and equipment rental businesses in New Jersey and Oklahoma.  We are retaining e-commerce and certain financial functions in northern New Jersey thanks to the state's strength in the financial services industry.  Oklahoma will continue to be our primary home for IT, customer service and financial support driving our North American businesses.  Overall, we concluded that it is in the best interests of our company, which is primarily in the travel and tourism business, to be near our largest market."

"We also want to note that the New Jersey Partnership for Action was very active and effective in their efforts to entice us to remain in New Jersey, and we are grateful for their efforts."

Hertz chose Lee County, Florida, primarily because of its diverse community appeal, work force availability, and accessibility. The company worked closely with Florida Governor Rick Scott as well as other state and county government and business leaders throughout the decision-making process.

About The Hertz Corporation

Hertz operates its car rental business through the Hertz, Dollar and Thrifty brands from approximately 10,400 corporate, licensee and franchisee locations in North America, Europe, Latin America, Asia, Australia, Africa, the Middle East and New Zealand. Hertz is the largest worldwide airport general use car rental brand, operating from approximately 8,800 corporate and licensee locations in approximately 150 countries. Hertz is the number one airport car rental brand in the U.S. and at 111 major airports in Europe. Dollar and Thrifty have approximately 1,580 corporate and franchisee locations in approximately 80 countries. Hertz is an inaugural member of Travel + Leisure's World's Best Awards Hall of Fame and was recently named, for the thirteenth time, by the magazine's readers as the Best Car Rental Agency. Hertz was also voted the Best Overall Car Rental Company in Zagat's 2012/13 U.S. Car Rental Survey, earning top honors in 14 additional categories, and the Company swept the global awards for Best Rewards Program and Best Overall Benefits from FlyerTalk.com. Product and service initiatives such as Hertz Gold Plus Rewards, NeverLost®, and unique cars and SUVs offered through the Company's Adrenaline, Prestige and Green Traveler Collections, also set Hertz apart from the competition. Additionally, Hertz owns the vehicle leasing and fleet management leader Donlen Corporation and operates the Hertz On Demand car sharing business. The Company also owns a leading North American equipment rental business, Hertz Equipment Rental Corporation, which includes Hertz Entertainment Services.

SOURCE The Hertz Corporation

 

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Fla.'s housing market shows momentum in 1Q 2013

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Fla.’s housing market shows momentum in 1Q 2013

Related: NAR: Metro area home price growth trend continues in 1Q

ORLANDO, Fla. – May 9, 2013 – Florida’s housing market gained strength in first quarter 2013 with increased closed sales, more pending sales, higher median prices and a reduced supply of homes for sale compared to the same quarter in 2012, according to the latest housing data released by Florida Realtors®.

“The first three months of 2013 demonstrate that Florida’s housing market is gaining momentum and continuing to bolster the state’s economy,” said 2013 Florida Realtors President Dean Asher, broker-owner with Don Asher & Associates Inc. in Orlando. “More people went back to work as more jobs were created in Florida during the first quarter, and our population is also growing – which provide a solid foundation for growth in the housing market. It’s taking less time to sell a home and, coupled with tight inventory, that shows buyers are eager to lock in historically low mortgage interest rates and take advantage of favorable, but rising prices.”

Statewide closed sales of existing single-family homes totaled 48,976 in 1Q 2013, up 10.2 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. Closed sales typically occur 30 to 90 days after sales contracts are written.

Meanwhile, pending sales – contracts that are signed but not yet completed or closed – for existing single-family homes rose 26.8 percent in the first quarter compared to the 1Q 2012 figure. The statewide median sales price for single-family existing homes in 1Q 2013 was $153,000, up 13.4 percent from the same quarter a year ago.

The median is the midpoint; half the homes sold for more, half for less. Housing industry analysts note that sales of foreclosures and other distressed properties downwardly distort the median price because they generally sell at a discount relative to traditional homes.

Looking at Florida’s year-to-year comparison for sales of townhouse-condos, a total of 24,655 units sold statewide in the first quarter, up 3.2 percent from the first three months of 2012. Pending sales for townhouse-condos in 1Q 2013 increased 13.7 percent compared to a year ago, while the statewide median for townhouse-condo properties was $116,000, up 18.4 percent over the same quarter last year.

In 1Q 2013, the median days on market (the midpoint of the number of days it took for a property to sell that month) was 60 days for both single-family homes and for townhouse-condo properties.

The inventory for single-family homes stood at a 5.3-months’ supply for 1Q 2013; inventory for townhouse-condos was at a 5.8-months’ supply for the same period, according to Florida Realtors.

Florida Realtors Chief Economist Dr. John Tuccillo said, “In a sense, these numbers are old news since we release the monthly numbers separately. But they are important in that they confirm the sales and price trends we have seen shaping up in the market. If you look back at the quarterly numbers, comparing year to year, you see, at least in single-family sales, the steadiness of the market since 2009. We expect that the year-over-year increases we have seen for the past several years will continue into 2014.”

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.50 percent for 1Q 2013 down from the previous year’s average of 3.92 percent, according to Freddie Mac.

To see the full statewide housing activity reports, go to Florida Realtors Media Center and look under Latest Releases, or download the 1Q 2013 data report PDFs under Market Data.

© 2013 Florida Realtors®

 

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