By The Numbers

4 Facts About Pensacola’s State of Economy

March 13, 2017, Author: Tru Motor News

Moving to Florida

There’s more to Florida than plenty of sunshine. It is home to cities that show a huge potential for growth, expansion, and talent. One of these is Pensacola. In the recent years, the City of Five Flags has a good sustainable economy because:

1. Job growth is higher than the national average.

According to the Florida Department of Economic Opportunity (DEO), businesses created more than 230,000 jobs in 2016, which maintained its job growth rate at 3.3% for the last 57 months. This percentage is higher than the national average, which is only at 1.6%. Some of the aggressive industries are hospitality, education, healthcare, professional and business services, trade, utilities, and transportation.

Speaking on Studer Community Institute, Dr. Rick Harper, economist, said the job market in 2016 was stronger than that of Panama City, Fort Walton, and Mobile.

2. The median family income is higher.

In 2015, the median family income in Pensacola was around $61,800. This is higher than the state at $59,300. When compared to the same data since 2005, however, $61,800 is lower than its peak in 2006 at about $63,000.

3. Cost of living is lower.

Compared to other cities in the state, Pensacola has a significantly lower cost of living, with housing, transport, food, and healthcare services cheaper than Florida in general. Utility costs tend to be higher here, though. The average electrical rate for commercial establishments is roughly 6% higher than Florida and the national average.

4. Navy leads the pack of employers.

Pensacola remains to be the cradle of naval aviation, as it employs around 500 people each year. Other big-time employers are Baptist Health Care, Sacred Heart Health Systems, Gulf Power Company, and Ascend Performance Materials.

If you want to invest your money in Florida, you should better consider Pensacola due to its potential growth. While you’re at it, Hanto & Clarke General Contractors, LLC recommends working  with reputable a commercial construction Pensacola company who knows the building codes of the city inside out.

With the right knowledge and the most reliable team of experts to help you, you’re sure to achieve your goals whatever the economy throws at you.