The pace of the national recovery is moderating and the lift spurred by nearly $800 billion in federal stimulus spending is fading, but there are several promising signs that growth will continue, including in Florida, a leading national fiscal analyst told reporters Friday morning.
Moody’s Analytics economist Chris Lafakis said the Federal Reserve will remain aggressive, with a quantitative easing plan that he equated to “basically flooding the global monetary system.” Lafakis predicted the strategy would lift asset prices, reduce corporate borrowing costs, and increase the willingness of consumers to spend.
Lafakis predicted substantial growth in Florida’s economy, mentioning that the Miami, Orlando, Ft. Myers and Tampa areas are expected to recover “quite significantly” due to a rebound in population growth and an increased willingness of people to travel to Florida for vacations. “The story of pent-up demand is true in no place more so than Florida,” he said.
Nationally, corporate balance sheets are strong and business profits have “fully recovered from the recession,” he said, adding that businesses are in a position to hire more employees, though their level of willingness varies.
“It’s truly the case that profit growth leads job growth,” Lafakis told state government reporters gathered for the annual conference of the Association of Capitol Reporters and Editors.
Household liabilities in the United States have fallen by $900 billion since peaking two years ago and a shift to spending and addressing pent-up demand for purchasing “creates a lot of economic juice,” Lafakis said.
This is great news for Pine Island! We are already noticing a big pickup in traffic on our roads around here. Bear in mind, however, that a big pickup in traffic means that we sometimes have to wait for a car to pass before pulling out of our parking lot. Businesses are busier here than they have been for a long time.
What does this mean for someone planning to buy property here on the island? I won’t go so far as to say that prices will start going up soon, but the best properties and the best deals may be disappearing. We have noticed an increase in showings and sales for about the last month.
Do you want to know what the best deals are before they are gone? Would you like to buy your piece of Pine Island at prices not seen in over 10 years? And, we can’t believe we am finally sayin this, but are you interested in what may turn out to be a great investment? If so, give one of us a call and let us tell you what is available.
By the way, the Fed announced today that mortgage rates are now the lowest they have been since, well, ever.
Give one of us a call, and let us show you how now may be your “opportunity of a lifetime” to own property here at extremely affordable prices.
Filed under: General Real Estate
