2021 Economic Preview: An Uncertain Yet Hopeful Year of Growth
AS WE CLOSE OUT A TUMULTUOUS YEAR for Florida, defined by COVID-19 and its resulting disruptions to everyday life, we consider what may lie ahead for Florida’s economy in 2021. If there’s one thing assured for next year, it is that much economic uncertainty will persist against the backdrop of a constantly changing pandemic. Yet with several promising vaccines on the horizon and gradually improving labor market conditions, Florida looks poised to undergo the slow but steady process of economic rebuilding over the coming year.
Entering into the new year, Floridians have plenty of reason to be cautiously optimistic as Florida’s economic picture in 2021 appears mixed and uncertain. Although strong job creation will certainly aid Florida’s labor market recovery, personal income will not grow as rapidly for many families. Consumers also seem to be at a crossroads between the grim reality of rising COVID-19 cases across the country and the hopeful news of effective vaccine candidates. Overall, Florida’s economy in 2021 will be uncertain, influenced largely by pandemic changes, but there is reason to believe next year will be a hopeful year of growth for a state on the road to economic recovery.