South Florida Economic Policy Recommendation Paper Research

South Florida Economic Policy Recommendation - Research Paper Example While considering the economy of Florida it is important to take into consideration the MSA functions as one of the engines of economic growth with various public, private and nonprofit institutions within the three county MSA and beyond. The economy suffered a slowdown in the later stages of the last decade but currently population is on the rise. The population is highly mobile with a combination of large influx of international migration coupled with large number of domestic migrants. The large and diverse population is an asset for the economy to compete on the global platform. The diverse population offers multi-lingual workforce and diverse culture for business environment. The growth track of the economy will allow the local governments to make significant amount of investments on infrastructure. The Comprehensive Economic Strategy provides the road map for the economy to strength itself. The update for 2012 of the CEDS brings an opportunity to align and coordinate with variou s states through integrated and results oriented approach. The update follows the six pillars of Florida’s future economy. The pillars are supply of talent and education, inventions and development of the economy, infrastructure and growth leadership, competitiveness and suitable climate for business, civic as well as Governance systems and Quality of places and life. The state is following the five year strategic plan based on the above discussed pillars. The recovery of South Florida may be in doubt but the recent months have succeeded to gather some success (Oyola-Yemaiel, 2000, p. 354-357). The improving labor market has produced a gross gain for the economy. The start of this year replicated the conditions with that of 2002. The dials shifted after the improvement of employment statistics. According to the releases of the University of Central Florida even if the economy is in the phase of experiencing sluggish progress but the forecasts surely beats that of recession. T he economy has to cover a long way before it can make any mark of the global scenario. The Economic Problem To analyze the economic problems or the opportunities for the region the most important that comes on the mid of analysts are steady supply of talent and improved educational facilities. There is an emerging talent gap in Florida. There is a crisis in human capital that represents a vast and ever widening gap between the need of available skilled and educated workforce and availability of workforce. The council of Florida of 100s Closing the Talent Gap published the issues and requisite recommendations related to the talent supply chain of Florida which is defined in four zones namely Pre-K, Primary or Secondary, the post Secondary phase and the Development of Workforce. In the coming years new innovative products will be introduced to deal with the challenges of environment, medical as well as transportation. The application of the policies will break through to gain the rewa rds of leadership. Efforts are the call of the time of the time to develop the right skills for the right people and at the right time. The talent Supply chain of the country aims to attract new businesses into the country as well as expand the already existing ones by the promotion of the delivery system, to strike a balance between the supply and demand of talent to met the requirements for the new economy, build a repository of all programs made available for the business opportunities, develop some measures to analyze the development of the talent supply chain over time. According to UCF, the construction sector of the country suffered huge job loss and it is expected that the sector will find the track again in 2031. The rate of