Moody's Report: Puerto Ricans Rapidly Expanding Central Florida Economy
Puerto Ricans job seekers are helping to quickly expand Orange County and Hillsborough counties' economies. That’s according to a new report from credit rating agency Moody’s Investors Service on Puerto Rican migration to central Florida.
Analyst Julie Beglin says the region is rich in industries that attract bilingual Spanish speakers, such as tourism, health care, education, and trade.
“People who are coming from Puerto Rico are relatively young, ready to work, and bilingual," says Beglin. "That makes them the right job candidates at the right time going to the right place.”
Puerto Ricans today make up at least 10 percent of Orange County’s workforce; and they make up 14 percent of the county's population.
“That percentage is going to increase," says Beglin. "That’s substantial for one relatively small commonwealth.”
The island’s debt crisis has residents leaving for New York and Florida.
Moody’s predicts the Florida’s population will grow by 1.5 percent within the next five years. A significant number of new migrants will be of Puerto Rican descent.