Retirement Visas May Save Florida Real Estate Market

Florida is considering the implementation of a federal retirement visa policy in order to create new jobs, increase economic output and put more money in Floridians' pockets. The creation of a retirement visa may advance investment and demand in the Florida real estate market, which would benefit Florida as a whole. 

A retirement visa is an immigration authorization that allows foreigners meeting asset and age requirements to retire in the U.S. Currently, this special immigration program does not exist in the United States.

It is projected that hundreds of thousands of jobs will be created and sustained from the increased investment in the housing market if the retirement visa is implemented. By 2018, an additional $25 billion in gross state product, $44 billion in total sales and $15 billion in Floridians' disposable income could result from the immigration program. 

The retirement visa would attract long-term visitors from around the world who are willing to invest and consume in Florida. With a large percentage of foreign home buyers living in Florida already, this is a creative and new option which may have a positive effect on the housing market and Florida's economy as a whole. Nearly 30% of real estate transactions in Florida are with an international buyer, but the current immigration laws prohibit many foreigners from residing in the U.S. year round. The retirement visa would jump-start the housing economy and encourage international trade, tourism and commerce.

Florida's Unemployment Reaches 17-Year High

Florida's unemployment jumped a whole percentage point from 7.6% in December 2008 to 8.6% in January 2009. This increase marks a 17-year high for Florida's unemployment.

The total number of unemployed in the state is estimated at 800,000, with over 300,000 job losses this January alone. Some project the effects of the recession to linger in Florida until mid 2011 and estimate unemployment to rise to over 10% in the state. 

However, the $13 billion stimulus package is projected to create 200,000 Florida jobs and has extended eligibility for unemployment benefits for up to 59 weeks. 

I-595 Expansion: More Lanes, Safer Ramps, New Jobs

Construction to expand Interstate 595 and accomodate traffic growth will begin this Summer. This will be the most expensive road project in Florida's history and will create thousands of construction jobs while pumping $1 million into Florida's economy daily. 

The completed I-595 is expected to be unveiled by 2014. It will feature express lanes for long distance commuters, new ramps and a safer Florida's Turnpike interchange. 

The construction is in response to an increased traffic flow through the area which worsens backups and hazards that lead to accidents.

One of the newest additions to 595 are the express lanes. These are similar to the express lanes found on I-95 in Miami in that SunPass customers can pay a toll to bypass traffic during congested times. The toll revenue will be used to fund the project. 

One of the most needed results of this project is the number of local jobs which will be created. For every $1 billion spent on non-residential construction in Florida, 23,000 jobs are created.