{"id":66409,"date":"2020-02-04T20:29:48","date_gmt":"2020-02-04T20:29:48","guid":{"rendered":"https:\/\/blog.myewm.com\/?p=66409"},"modified":"2020-02-04T20:29:48","modified_gmt":"2020-02-04T20:29:48","slug":"real-estate-directly-responsible-for-16-of-fla-s-economy","status":"publish","type":"post","link":"https:\/\/blog.myewm.com\/?p=66409","title":{"rendered":"Real Estate Directly Responsible for 16% of Fla.\u2019s Economy"},"content":{"rendered":"
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Myth: In Fla.\u2019s economy, citrus is second to tourism. Fact: Real estate sales and leasing are far-and-away Fla.\u2019s No. 1 industry. It makes up 16% of the state\u2019s economy ($173B per year), according to an analysis of North American Industry Classification System (NAICS) data.<\/div>\n<\/div>\n
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Real estate is 16% of Florida\u2019s economy ($173 billion per year), according to an analysis of the U.S. Department of Commerce\u2019s North American Industry Classification System (NAICS) data by Mark R. Howard, executive editor of Florida Trend.<\/p>\n

Sixty years ago, a ride to the top of Central Florida\u2019s Citrus Tower in Clermont yielded a view of orange groves as far as the eye could see. Today the same can be said for its view of housing developments and commercial property.<\/p>\n

In an editorial, Howard pointed out the changing economic impact of real estate after a recent Washington Post article claimed that citrus was \u201cthe state\u2019s second-largest industry behind tourism\u201d \u2013 a claim often made in articles covering Florida\u2019s business sectors.<\/p>\n

But even tourism isn\u2019t Florida\u2019s top industry.<\/p>\n

According to Howard, tourism is tough to track. In the NAICS, the closest category to \u201cTourism\u201d is \u201cAccommodation and Food Services,\u201d but it tracks only what it can see. A restaurant meal, for example, can be considered a tourism expense even if the restaurant is two blocks from your home. Still, even if these numbers include travel, gas and other miscellaneous expenses, tourism still wouldn\u2019t be No. 1.<\/p>\n

\u201cThe slam-dunk leading economic category in Florida is \u2013 no surprise, really \u2013 real estate,\u201d Howard writes. \u201cAlone, real estate sales, rentals and leasing account for around $173 billion \u2013 more than 16% of the state\u2019s economy. And that doesn\u2019t include the dollars from the related category of \u2018Construction\u2019 \u2013 another $55 billion.<\/p>\n

While the citrus industry oversees 20% of the state\u2019s land mass \u2013 pending more housing developments \u2013 the state\u2019s agricultural industry accounts for less than 2% of the state\u2019s trillion-dollar economy, Howard said.<\/p>\n

Top 5 Florida sectors based on NAICS data<\/strong><\/p>\n

    \n
  1. Real estate<\/li>\n
  2. Government<\/li>\n
  3. Healthcare<\/li>\n
  4. Professional, scientific and technical services<\/li>\n
  5. Retail trade<\/li>\n<\/ol>\n

    Top 5 employer sectors in Florida<\/strong><\/p>\n

      \n
    1. Healthcare<\/li>\n
    2. Retail trade<\/li>\n
    3. Government<\/li>\n
    4. Accommodation and food services<\/li>\n
    5. Administrative services (office and clerical personnel<\/li>\n<\/ol>\n

      Source: Florida Trend magazine, February 2020, Mark R. Howard<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

      Myth: In Fla.\u2019s economy, citrus is second to tourism. Fact: Real estate sales and leasing are far-and-away Fla.\u2019s No. 1 industry. It makes up 16% of the state\u2019s economy ($173B per year), according to an analysis of North American Industry Classification System (NAICS) data. Real estate is 16% of Florida\u2019s economy ($173 billion per year), […]<\/p>\n","protected":false},"author":1401,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_expiration-date-status":"saved","_expiration-date":0,"_expiration-date-type":"","_expiration-date-categories":[],"_expiration-date-options":[]},"categories":[9,59],"tags":[],"_links":{"self":[{"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/posts\/66409"}],"collection":[{"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/users\/1401"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=66409"}],"version-history":[{"count":2,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/posts\/66409\/revisions"}],"predecessor-version":[{"id":66430,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/posts\/66409\/revisions\/66430"}],"wp:attachment":[{"href":"https:\/\/blog.myewm.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=66409"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=66409"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=66409"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}