Whether its jobs, housing, retail, or commercial…the local economy is again plugging along at record paces for 2018. Area economists predict yet another year of growth, with a strong housing market, and new projects in the works. What segments are going to fair better than others? Read on…..
HOUSING: Probably the best of the economic indicators for 2018 is the housing market. While the new home construction market will remain strong, the largest segment currently taking front stage in the housing build up is the apartment and duplex segment. With new apartments complexes being built near Surfside Blvd. and along the Pine Island corridor, the demand for multi-family apartments will peak in this category mid-term this year. That still leaves the duplex construction market which seems to be never ending, finding them dotting the cape landscape along Cultural, Nicholas, and Santa Barbara Blvd’s. In February, the number of single family home permits hit a 2 year record at 212. This means that the single family home market will lead the way for the remainder of the year with economic growth. The price point of under $250,00 for a new home will be a “fly-off-the-shelf scenario.” for the city.
BUSINESS GROWTH: 2 very different trends are seen this year as opposed to last year. 1] Expansion of existing business operations and increased hiring….and 2] New business start-up scenario’s. Most small to medium sized business operations are adding staff to keep up with demands for goods and services, especially in the restaurant and medical or health related fields. New business operations like Nathan’s Deli under construction on Del Prado Blvd. and 3 new car dealerships slated for the Pine Island Corridor coming later this year.
HEALTH CARE: There are 2 high demand segments of the health care market that will take center stage as we move further into 2018. 1] Increased demand for skilled nursing, technicians, and staff employees. 2] Increased need for assisted living facilities such as the new Liberty Village which just completed construction of its 320 apartments suites for older Americans. We will see a need for both independent as well as assisted living facilities here in the Cape in the years to come.
It’s all good for the Cape and keeping the money here within the city and not crossing the bridge into Fort Myers, is a good thing. With new jobs comes needed housing. As our population ages, there is a strong need for their care. It seems like the investors and developers have a good handle on the cities needs and are addressing those wants in 2018. It should be an exciting mid-year and late term 2018 to watch!! Hold-on….it will be a wild ride from here to 2019!!