As unexpected and unpredictable as COVID-19 has been, few could have predicted the housing boom that the pandemic ignited across the nation. The U.S. housing market—notoriously known for its role in the 2007-2009 Great Recession—defied expectations and experienced record price growth over the past year as demographic trends, government policies, and basic supply and demand all coalesced. In the short term, soaring home prices have been well-documented both analytically and anecdotally.
The massive amount of federal funding provided in the six stimulus acts provides an unprecedented opportunity to improve Florida and fund programs and infrastructure that have had long-standing backlogs with few past feasible opportunities to address to this degree.
Just as the nation was entering a new phase of the COVID-19 pandemic—one where vaccination rates were rising and pent-up demand for travel started to unleash during the summer—the contagious delta variant exposed tourism’s lingering economic vulnerability.
Shifting demographics as the Baby Boomer generation exits the labor force will also fuel broader changes for the working population. For these reasons, the needs of the future workforce place a premium on human skills development—equipping individuals with the requisite skills to be prepared for a workforce full of disruption and displacement. Increasingly, postsecondary institutions and industry will both be crucial to training workers for an ever-evolving economy.
The third article in our Beyond the Pandemic series... In many ways, Florida's workforce looks starkly different from when it first entered the pandemic over a year ago. Challenges with controlling the spread of COVID-19 precipitated the widespread use of remote work and other digital formats across the state. These changes accelerated workforce trends that were present before COVID-19 (such as automation) and now foreshadow a future workforce that will constantly face disruption and displacement.