The Ocala economy will continue to rebound in 2021 and its long term prospects are certainly rosy. However, nationwide growth may be slower than forecast several months ago. In addition, the impact of the pandemic on small businesses is just now coming into clearer focus. It may be worse than initially projected. But despite the slower recovery economists now anticipate nationally, we see positive signs locally. There are forces at work that suggest quicker paced economic growth in Marion County.
The Ocala Economy in 2021: Impact Of National Forces
Economists forecast that the Ocala Economy of 2021 will grow at a moderate pace. However, the pandemic is still with us. On the positive side, pharmaceutical giants like Pfizer and Moderna have created miraculous vaccines. Each seems destined to protect us from infection, while eliminated the risks of severe COVID related consequences and death. On the other hand, uncertainty continues to rule the day.
These vaccines are based on innovative scientific technology which has never been used to create such inoculations before. Additionally, while studies have shown the vaccines to be safe and effective, they have been rushed to market. This was necessary to deal with the crisis we face. However, there was only time for scientists to conduct short term studies. Therefore, there is no scientific evidence as to how long the vaccines’ immune effects will last. Dr. Anthony Fauci recently quipped they may last for three months, thirty years, or any period of time in between. Lets hope the vaccines protect us long term and allow the old normal to rule the day once again.
However, complicating the day is the fact that the virus is mutating. Several variants have been identified thus far. Some of theses have proven to be more contagious, more dangerous and less impacted by the miracle vaccines. Therefore, researchers are studying alternative ways to deal with the mutations. They currently assume that they can develop a booster shot to protect against them. Of course, we are hopeful and optimistic that they will succeed. Never the less, until they do we will live with uncertainty. Of course, the economy never welcomes uncertainty. In fact, economists forecast that because of it, the national economic recovery will advance somewhat more slowly than anticipated.
The Ocala Economy in 2021 – Local Forces At Work
As discussed in previous blog posts, Ocala is fortunate to have two unique forces driving local economic growth.
The first is the economic cooperation between the Chamber Economic Partnership, the Marion County government and the Ocala city government. These three entities work as one, reacting very quickly to the needs of employers considering relocating or expanding to Ocala. Both innovative entrepreneurs and large businesses are encouraged by how supportive local government is. As a result, many are attracted to our area. Therefore, the efforts of the C.E.P. and its partners bode well for an accelerated local economic recovery.
However, the second, the opening of the World Equestrian Center, is the true game changer. The W.E.C. is the largest, most technologically advanced complex for equine competitions in world. It will draw competitors for far and wide. As a result, a huge infrastructure will grow around it, creating jobs paying above average wages. Demand for real estate will grow as well and this is sure to drive up real estate values. Consider the economic growth Disney World triggered in Orlando. That is the kind of impact the World Equestrian Center will have on our economy. However, perhaps it will be on a slightly smaller scale.
In any event, the future for our economy is bright. Additionally, the W.E.C. has already opened and the C.E.P.’s efforts continue. Therefore, the recovery of the Ocala economy of 2021 is expected to be faster than the national recovery.
Here are a few article the present expert views of how our national economy will recover during 2021 and beyond. Enjoy reading:
As 2021 begins, a variety of economic forecasters are upping their outlooks for the year. They assume an additional round of coronavirus relief from Congress. Additionally, they are reacting to the rollout, albeit it slowly, of a handful of COVID-19 vaccines. Read the article on usnews.com >
The U.S. economy in 2021 will continue to recover from the steep coronavirus induced downturn. But it may be at a much slower pace than anticipated earlier in the spring. Bankrate’s Fourth-Quarter Economic Indicator survey suggests so. Read the article on bangordailynews.com >
by Linda Yueh, Adjunct Professor of Economics, London Business School
With the rollout of vaccines for Covid-19 last week, the control of the pandemic has begun. The dramatic speed at which big pharma develops, produces and distributes vaccines is critical. Read the article on forbes.com >
The Ocala economy of 2021 will outperform the national average. Further, historically low inventories of homes and interest rates have created an exciting seller’s market.
Andrew Kruglanski, Broker
Ocala Home Guide Realty, LLC
Website: Ocala Homes Online