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SW Florida labor shortage

Here is a demographic that should be music to the ears of a SW Florida real estate investor. At 3.2%, we have the lowest unemployment rate in the state of Florida. In fact, 3.2% is generally considered “full-employment” by most economists.

The booming construction industry has attracted a large number of workers and is putting the squeeze on many industries looking for new employees. On a macro level this worker absorption has to be considered a positive for the region as the wages in the construction industry are higher than other similar industries.

A growing concern is the ability of the region to attract new workers with the rapidly accelerating housing costs. It does seem like most of the new housing coming on-line is more geared towards retirees and those in the upper region of the wage scale.

Businesses struggling to find workers amid boom [News-Press]