Florida is gaining economic ground that was lost during the recession – and particularly in key sectors such as jobs, tourism, housing, and manufacturing. Experts attribute the gains to a plethora of factors, including the surging stock market, lower mortgage rates and falling fuel prices. Craig Barrett, co-founder of NBI Properties in Fort Walton Beach, said that Northwest Florida is attracting many affluent investors and retirees who have enjoyed the benefits of a bullish stock market.
“We’ve seen an influx of investors and retirees here on the Emerald Coast,” Barrett said. “They’ve been able to invest in new businesses, purchase new homes, and some are cashing out their assets to retire.”
The state added a net total of 712 new residents per day or 260,000 overall last year, according to University of Florida Bureau of Economic and Business Research director Chris McCarty. Low mortgage rates have fueled new development on the Emerald Coast and enabled homeowners in the Rust Belt to sell their homes and move to the Sunshine State. While areas like Destin have seen an increase in residential development, gains have been reported in suburban areas throughout the region as well.
Barrett said that transactions have increased for commercial properties in the area as well as residential. He noted that with military and defense contracts remaining steady, demand for office space increasing and retail getting stronger, his company has been inundated for several months.
“It didn’t even slow down for us during the holidays,” he said. “Our message to everyone is that the economic climate has improved everywhere, but nowhere better than Florida and especially here on the Emerald Coast!”
To view recent transactions handled by NBI Properties, click on this link http://www.nbiproperties.com/status/closed/