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Forecast: Florida's economy will grow but not enough housing

Posted at 5:52 AM, Jan 08, 2020
and last updated 2020-01-08 11:16:50-05

ORLANDO, Fla. (AP) - Florida's economy will grow in 2020, but the state will experience growing pains from a lack of housing and a weak transportation network.

A forecast released late last month from the University of Central Florida said that Florida's equivalent of gross domestic product -- the value of all goods and services -- will grow by 2.8 percent in 2020 and 2021, but it will slow down to 2.4 percent in 2022.

The forecast says labor force growth in Florida will average 1.6 percent annually over the next three years. It also predicted that Florida's unemployment rate would drop to 3 percent this year.