Southwest Florida Personal Income Growth on the Rise
Personal Income Growth Triples in Charlotte County since 2010
According to data recently released from the U.S. Bureau of Economic Analysis, personal income growth in southwest Florida grew significantly since 2010. The most recent data for personal income growth is from 2011, and from this, an economic recovery appears surfacing. Personal income grew 4.5% in Charlotte County in 2011, compared to a feeble 1.4% in 2010. Per capita income increased to $35,161 in 2011. In Punta Gorda, personal income growth was up 4.7% in 2011.
So, what does this mean for the Punta Gorda real estate market? New construction in Punta Gorda is on the rise, with our in house construction company, Sandstar Homes LLC, an Arthur Rutenberg franchise, reporting an influx of Punta Gorda new homes under construction. With this increase in new home construction, our construction workers are consequently working more hours, and we’ve also hired another construction manager. We also recently hired another support staff position at the front desk of Five Star Realty, because our rental department is bustling with more Punta Gorda rental properties, tenants, and owners. Our real estate company has been keeping busy as well, so we’re excited to see what next year’s numbers will be. With all the new positions that we’ve hired for and more hours our construction workers are working, personal income growth is definitely on the rise here in Punta Gorda, and we hope that our personal experience is reflecting a national trend when next year’s data comes out.
Links to the original articles where the Bureau of Economic Analysis data was found:
Marco Island Sun Times: Economic recovery brings wealth to Southwest Florida
Herald Tribune: Personal incomes increase in SW Florida, data show