Florida is the state with the fourth-largest economy in the nation, not to mention one of the fastest-growing economies, as well. Commercial construction is a key driver of the Florida economy, helping create the spaces needed for people to work, shop, and relax. As a premier commercial construction contractor in North Central and Central Florida, Wagner Construction knows this better than anyone. Let’s take a closer look at commercial construction’s role in Florida’s economy.
Florida Commercial Construction: Job Creation and Economic Growth
Florida has consistently outpaced the national average in job growth over the last few years. The Florida economy is projected to grow by 3% in 2024, compared to 1.4% for the nation at large. Commercial construction plays a major role in this growth.
This growth is reflected throughout the state in markets like Fort Myers and West Palm Beach. Recent reports from October 2023 show 2,500 construction jobs were added statewide, and this growth has continued in the months since. This job growth is bolstered by factors like population growth, a low unemployment rate, and significant foreign investment, with Florida being the top state for commercial real estate investments.
As Florida’s economy and its commercial construction continue to grow, challenges will certainly present themselves.
The most notable obstacle is a shortage of skilled workers. This is a major struggle in the Florida construction market, whose growth is outpacing the supply of workers with the skills needed. A key aspect of this is that most construction workers are older than 45, and as these older workers retire, there aren’t enough young workers to replace them. This means Florida needs to incentivize more workers to enter the construction trade and pursue the necessary training to meet the demand for skilled workers.
Wagner Is Your Commercial Construction Partner
As Florida’s economy continues to grow, you can count on Wagner Construction to be North Central and Central Florida’s premier commercial construction partner. Our team has the expertise to build your project to the highest standards. Contact us today to get started!
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