Ocala economy growing faster than national average

The Ocala MSA economy has grown 1/3 faster than the national average each of the last two years according to the US Department of Commerce, BEA. Additionally, in a report for the US Conference of Mayors prepared by IHS Global Insights, the Ocala metropolitan statistical area (MSA) is predicted to have one of the 40 fastest economies in the US in 2015.

Florida as a whole sore a solid 2014; job growth, rising house prices, declining unemployment and a higher consumer confidence all helped strengthen the local economy. With record-low gas prices it looks like Floridians will begin 2015 with more cash in their pocket, likely to result in an increase in consumer spending, which in turn increases tax revenues.

Florida’s housing market is expected to continue to recover throughout 2015. The University of Central Florida (UCF) has forecast more than 111,500 total housing starts in 2015, up from 83,400 in 2014. The Florida Economic Estimating Conference estimates that a single-family home median price will increase 4.6% on 2014s prices. Folrida’s TaxWatch 2015 also believe that Marion County’s expansion is to outpace most of the state’s other metro areas.

In July 2011 a 2,830sf home sold in St. James Park for $188,000. Today have 3 St. James Park properties for sale on their website, ranging from $299,000 – $225,000 all of which are smaller then the property sold in 2011.

It is a great time to have property/land in Ocala. People have more money and the population is increasing across Florida; Ocala is a business friendly environment with generous commercial incentives and low personal and corporate taxes. All of this ensures a constant influx of residents and companies to the region, building the demand for housing.

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