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Brevard County Business Forecast 2021-2022
The Brevard County business forecast will likely present at least a few challenges. Some of these are due to everyday logistics, while others are more political in nature.
By: AAmerican Property Management
The county occupies an area known as the Space Coast, and its approximate population is just over 606,000 residents with its principal economics being driven by tourism and space. Therefore, the county is home to many hotels, restaurants, entertainment spots, and other things related to its Beach tourism, space tourism, and space industry.
Residence here very greatly in education, with a substantial percentage holding 4-year degrees and/or graduate degrees. Of course, these individuals largely work in the space industry itself or in related niches. However, there is a sizable percentage of people that work in the tourism industry, due to the miles of beaches, and its proximity to Orlando, the Theme Park Capital of the World, which is only about an hour's drive west.
Because Brevard county's two principal industries are space and tourism, the pandemic shut down almost the entirety of its economy for at least a few months last year. Though the state of Florida reopened quickly thereafter, because it relies so much on tourism, economic momentum was difficult to reestablish. Similarly, the space industry suffered massive disruptions and is only now returning to a somewhat normal workload.
Additionally, the housing sector has experienced quite a bit of change, as the state as a whole continues to welcome new residence by the thousands. Like many other parts of the state, this county's housing market is very active. It is currently in a seller's market, with the average listing only remaining active for 52 days. The median sales price is right around $308,000, with a medium list price of $189 per square foot.
However, materials and supplies still remain scarce, driving up the cost of remodeling, new construction, as well as everyday maintenance. All of this means that the potential for businesses to open remains strong as the supply chain normalizes, but will present significant challenges in the short term. For example, there's still a labor shortage across much of the state, and Brevard County is no exception.
If supply chain issues are resolved and materials become more available, the business environment in Brevard County should offer a lot of potential over the next several months, particularly into the summer, even spring of next year.
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