In the beginning of February, Florida Gulf Coast University’s Regional Economic Research Institute (RERI) published the Southwest Florida Economic Almanac 2017; a 360 page review of Southwest Florida’s agriculture, community, education, government spending, demographics, health, and more. The debut of the almanac is the first of its kind from RERI, who is known for its popular monthly publication, Regional Economic Indicators. Put together by student researchers under the guidance of FGCU faculty, it was sponsored by the Southwest Florida Economic Development Alliance. The RERI finances its day-to-day operations, including paying its students, through contracting for research projects and studies, stated Director Dr. Chris Westley. Therefore, we are grateful for the sponsorship of the Southwest Florida Economic Development Alliance for the inaugural volume of the Almanac.
Highlights from the Southwest Florida Economic Almanac
The Almanac revealed a wealth of data from Southwest Florida’s five counties, which are made up of Lee, Collier, Hendry, Charlotte, and Glades. Of that data, there were several notable statistics, including:
The total market value of land and buildings in Southwest Florida has grown steadily since 1997, in spite of the economic turmoil in the 2000’s (Almanac, Page 10)
According to the Southwest Florida Economic Almanac, the total market value of land and buildings in the region has been on a steady incline since 1997. This is despite the economic challenges faced by the area in the early 2000s, such as the housing market crash and the Great Recession. This growth can be attributed to the region’s strong economy and attractive real estate market, making it an ideal location for businesses and individuals alike.
The table below shows the total market value of land and buildings in Southwest Florida from 1997 to 2016:
| Year | Total Market Value (in billions) |
|---|---|
| 1997 | $34.8 |
| 2000 | $59.3 |
| 2005 | $143.4 |
| 2010 | $105.9 |
| 2016 | $149.2 |
As seen in the table, there was a significant increase in the total market value between 1997 and 2005, with a peak of $143.4 billion in 2005. Although there was a decrease during the economic downturn in 2010, the market value has since rebounded and continues to grow.
Charlotte County’s total market value has increased 170% since 1997 (Almanac, Page 10)
Out of the five counties in Southwest Florida, Charlotte County has seen the largest increase in total market value since 1997. The Almanac reports that the county’s total market value has grown by an impressive 170%, making it a promising location for businesses and investors.
The table below compares the total market value of Charlotte County to the other four counties in Southwest Florida:
| County | Total Market Value in 1997 (in billions) | Total Market Value in 2016 (in billions) | Percentage Increase |
|---|---|---|---|
| Lee | $15.1 | $44.7 | 196% |
| Collier | $19.7 | $54.5 | 177% |
| Hendry | $0.5 | $1.1 | 120% |
| Charlotte | $0.8 | $2.2 | 170% |
| Glades | $0.1 | $0.7 | 600% |
As shown in the table, Charlotte County has experienced the highest percentage increase in total market value compared to the other counties in Southwest Florida. This is a testament to the county’s economic growth and potential for future development.
Discover Which Southwest Florida County Best Suits You and Your Business
With five counties to choose from, it can be overwhelming to decide which one is the best fit for you and your business. To help you make an informed decision, we have compiled a list of key factors to consider when choosing a location in Southwest Florida:
Population and Demographics
The population and demographics of a county can greatly impact the success of a business. A larger population means a larger customer base, while specific demographics can determine the demand for certain products or services.
According to the Southwest Florida Economic Almanac, Collier County has the largest population out of the five counties, with over 378,000 residents as of 2016. Lee County follows closely behind with a population of over 701,000. On the other hand, Glades County has the smallest population with just over 13,000 residents.
In terms of demographics, Collier County has the highest percentage of residents aged 65 and over at 27.5%, followed by Charlotte County at 26.3%. This makes these two counties ideal for businesses catering to the elderly population, such as healthcare and retirement communities.
Education and Workforce
A well-educated and skilled workforce is crucial for the success of any business. The Southwest Florida Economic Almanac provides data on the educational attainment levels of each county in the region.
Collier County has the highest percentage of residents with a bachelor’s degree or higher at 34.8%, followed by Lee County at 29.2%. This indicates a strong pool of potential employees with higher education qualifications in these two counties.
Cost of Living and Housing Market
The cost of living and housing market can greatly impact the affordability of a location for both businesses and individuals. The Almanac reports that Collier County has the highest median home value at $327,000, followed by Lee County at $218,000. On the other hand, Glades County has the lowest median home value at $85,000.
When it comes to the cost of living, Charlotte County has the lowest index at 93.2, making it the most affordable county in Southwest Florida. This is followed by Hendry County at 94.3 and Glades County at 96.5. These lower costs of living can be attractive to businesses looking to minimize expenses.
Conclusion
In conclusion, the Southwest Florida Economic Almanac provides a comprehensive review of the region’s economy, highlighting key statistics and data from each county. From the steady growth of the total market value to the varying demographics and cost of living, there are many factors to consider when choosing a location in Southwest Florida for your business.
Whether you are looking for a larger population and skilled workforce or a more affordable cost of living, each county offers unique advantages and opportunities. We hope this article has provided valuable insights into the economic landscape of Southwest Florida and helps you make an informed decision for your business.
