In the latest predictions for 2017 Florida dominates the fastest-growing cities in the US. With 9 metro areas in the top 25 and 6 in the first 10, the Sunshine State looks set to fire on all cylinders throughout this year. The statistics point to a strong potential for investment in Florida property in 2017.
Forbes publishes its list of the fastest-growing cities in the US annually and the 2017 listings make impressive reading for Florida. Taking into account the metrics of population and employment growth, the increase in salaries, economic output and property prices growth, Forbes ranks metropolitan areas in the US. And in 2017, Florida dominates the table, particularly the top ten.
The fastest-growing city in the US
The Cape Coral-Fort Myers metro area sits in top position. This is one of Florida’s newest cities, built as a master-planned complex just 70 years ago. However, since the US recovered from the economic crisis, the metro area has grown from strength to strength.
Cape Coral ranked first in the US for population growth in 2016 when the metro area grew by 3.39 per cent. Forbes predict a 3.61 per cent rise for this year (the US population is forecast to grow by 0.75 per cent as a whole). Job creation in Cape Coral will go up by 3.83 per cent during this year, the highest in the country and this together with the fourth highest salary growth will ensure the metro area takes the top position for real gross metro product growth – 6.82 per cent.
Other fastest-growing cities in the US
Orlando takes second position in the Forbes rankings. This metro area had a strong performance in 2016, but 2017 promises to be even better. Over the next year, Orlando will rank in second position for all the Forbes metrics that make up the fastest-growing cities in the US.
Orlando property prices went up by 9.52 per cent last year and the rise of 8.64 per cent forecast for this year will be the second highest in the country. This along with an over 3 per cent increase in the population plus strong job creation and wage growth is likely to further increase demand for rental properties in Orlando.
Also in the top five of the Forbes list are Deltona-Daytona Beach in fourth place and Jacksonville in fifth. Deltona stands out for its job creation over last year and this year when it will rank fifth in the country. Jacksonville property is a highlight this year – house prices are expected to rise by 7.77 per cent, the fifth highest in the US – while salaries are forecast to go up by nearly 8 per cent.
Florida takes 9 out of 25 in the fastest-growing cities in the US list
With 4 out of the first 5 and a total of 9 metro areas in the top 25, Florida dominates this year’s Forbes rankings. Completing the top 10 for the Sunshine State are North Port-Sarasota- Bradenton in sixth place. Analysts believe property prices in this part of Florida will go up by over 8 per cent this year, the fourth highest in the country.
Tampa lies in eighth position with strong performances in salaries and house prices last year (Tampa property went up by almost 10 per cent in 2016). The metro area also ranks well for economic growth and salaries this year.
“As the Forbes fastest-growing cities in the US listings show, Florida is definitely firing on all cylinders at the moment,” says Dies Poppeliers, Managing Director of BRIC Group. “All the metrics performed well last year and this year promises a repeat performance, particularly in key areas such as Orlando, Tampa and Cape Coral. We believe this makes 2017 particularly interesting for property investment in Florida.”
Get involved in the exciting Florida market now
BRIC Group, an investment company specialising in global real estate opportunities, offers US real estate investments including turnkey properties in Florida and Houston, and land plots in Florida. BRIC Group is also developing The Coral resort, in Northeast Brazil, a luxury beachfront resort with land and villa investment opportunities. BRIC Group has been creating wealth for its clients since 1996 and has offices in Brazil, Dubai (consulting office), Hungary, Spain and the US.
(Source: Forbes)
