Florida Economy Bodes Well for Orlando Small Businesses

Orlando small business insurance

According to the monthly ADP Regional Employment Report, private sector employment increased in all four major regions of the U.S. and all nine U.S. Census Bureau Divisions during the month of March 2015. The reported shows that total U.S. private sector employment increased by a total of 189,000 jobs from February to March. Growth was strongest in the West and South regions, specifically throughout California and Florida. In all, the South saw an increase of 56,000 jobs, the Northeast saw 28,000 jobs, the Midwest saw 31,000, and the West saw the most job growth with 74,000.

The Sunshine State reportedly added 14,400 private sector, non-farm jobs last month, with strong growth across multiple sectors. The trade, transportation and utilities sector saw the largest amount of growth of 3,800 jobs. The professional and business service sector also saw strong growth, with 2,200 jobs last month, while the Natural Resources, Mining and Construction sector saw only a slight uptick in jobs with 1,300 reported in March.

This is a strong sign for Florida’s economy, especially small business owners. According to reports, 77 percent of business owners in Florida have a positive view of the economy, compared to fall 2014 where only 59 percent of business owners felt optimistic about business growth. What’s more encouraging is that 66 percent of Florida small business owners expect to make capital investments over the next six months, up 20 precent from spring 2014. However, hiring remains a sluggish process. According to new data, only 10 percent of business owners surveyed said they plan to add full-time employees, as opposed to 85 percent of business owners who are looking to keep their staffing unchanged over the next six months.

As the Florida economy continues to progress, and Orlando small businesses continue to expand, it is important to secure adaptable business insurance and risk management solutions. At Newman Crane Orlando Insurance Agency, we specialize in helping Florida business owners find the Orlando small business insurance and risk management solutions they need to protect their employees and their assets. If you are looking for quality commercial insurance programs at affordable rates, contact us today at (407) 859-3691 to learn more how we can help your operation.