Bob Green, VP of Lending at Tropical Financial Credit Union, explains why home sales in Florida are on the rise. Mortgage interest rates are at all time lows but are increasing due to expected economic growth.
Showing posts with label economic growth. Show all posts
Showing posts with label economic growth. Show all posts
Friday, May 14, 2010
Monday, April 13, 2009
Inflation Rises Faster Than Income in Florida
In Florida, per capita income rose slower than inflation last year. This means the average person was essentially earning less, according to federal statistics.
Florida ranked 45th in the nation for growth in per-person income according to the Commerce Department.
Per capita income refers to the total income earned in the state divided by the number of people who live in the state. Florida's per capita income increased 1.7% last year (from $38,417 to $39,070).
The national inflation rate was 3.8%, according to the U.S. Bureau of Labor, but the rate in Florida was 4.6%.
This is a reflection of how widespread the economic downturn has been in our state. Arizona, Idaho, Nevada, Georgia and Utah were the five states to experience even less economic growth than Florida.
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