2015 Economic Preview

As we begin 2015, Floridians have plenty of reasons to be optimistic about the economy. After a year of solid job growth, declining unemployment, and high consumer confidence, the Florida economy is expected to continue to strengthen in 2015.

Florida’s real gross state product is projected by the University of Central Florida (UCF) to grow 2.7 percent, with IHS Global Insight estimating 3.7 percent growth, and J.P. Morgan Chase projecting an even higher 4.2 percent. All three reports expect Florida to grow faster than the nation.

UCF has also projected real personal income to grow by 3.4 percent in 2015, and the latest available Florida Leading Index, produced by the Federal Reserve Bank of Philadelphia, proposes an expansion of the state’s economy through April 2015. The latest Revenue Estimating Conference revisions and record-low gas prices also suggest that Floridians will begin 2015 with more disposable income, likely resulting in an increase in consumer spending, which in turn increases tax revenues.