Florida Chamber Releases Mid-Year Economic Report

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High Marks For Florida's Business & Economic Report Card

This week the Florida Chamber released the 2024 Florida Business & Economic Mid-Year Report, a very well researched and compelling look at all aspects of Florida’s business and economic environments.

One of the motivations for the publication is to keep the state leaders informed regarding Florida’s march to join the world’s Top 10 global economies. Florida is already the 16th largest economy in the world already surpassing countries like Indonesia and Saudi Arabia, but the Chamber envisions a Top 10 ranking in Florida’s near future. 

 

Florida Leaders Are Focused On Joining The Top 10

The Florida Chamber’s Mid-year Report is a highly visual and readable 18-page PDF loaded with statistics and helpful infographics. The report offers succinct two-page summaries of the following topics that will impact Florida’s future and the rate at which the Sunshine State joins the Global Top 10. 

      • Population Influx & Changing Demographics
      • Workforce & Cultural Development
      • A Diversified Economy
      • The Tech & Innovation Impact
      • Housing & Real Estate

Florida Ranks #1 For Net Income Migration...By A Mile

The opening section of the Mid-year Report lays out some of the 2024 projections the Florida Chamber made back in January and compares those initial forecasts with the mid-year realities.

And while job growth (1.2%), GDP growth (3%), and new resident numbers (225,000 to 275,000) are in line with those January predictions, the Florida superlative that jumps off the page relates to net income migration. 

Florida Remains #1 In Net Income Migration

According to the report, “The data released this year for income migration shows (Florida) remained #1 in the nation with $36.1 billion in net income migration. Much of that influx took place during the critical 2021-2022 post-pandemic period when HNW individuals and businesses fled states like California and New York in droves.

In comparison with other states, Florida’s figure of $36.1 billion is 3.5x greater than the net income migration experienced by the #2 state, Texas, and the $36.1 billion is greater than the rest of the Top 10 states combined. 

The report drills down deeper into Florida’s net income migration numbers and ranks the top five Florida counties where almost half of that wealth ($17.2 billion) flowed over the past two years. 

      1. South Florida – Palm Beach County: $4.5 billion
      2. Southwest Florida – Collier County: $4.1 billion
      3. South Florida – Miami-Dade County: $3.7 billion
      4. Northeast Florida – St. Johns County: $2.5 billion
      5. Southwest Florida – Lee County: $2.4 billion

A Cautionary Tale Regarding Workforce Population Outflows

While the Chamber’s Mid-year Report is full of positives and superlatives, it presents a balanced assessment by highlighting areas where Florida is lagging and emerging trends that could derail Florida’s aspirations of joining the Global Top 10 Economies if certain statewide issues are not addressed.

The Mid-Year Report Also Addresses Florida's Challenge

Clearly one of those issues is affordability which is touched on in the overview of who is leaving the Sunshine State. According to the most recent Census data, the median age of those leaving Florida is 32 years old. 

In addition, 47% of those individuals leaving Florida are homeowners suggesting that many in this cohort are cashing out and moving to more affordable states like Georgia, North Carolina and Tennessee which were the top 3 destinations for Florida’s recently departed.

This presents a problem for Florida business owners considering that the Mid-year Report and other state officials are projecting population declines in two key workforce age groups: 25-34 and 50-59. 

And speaking of Florida’s future workforce demands, the Mid-Year Report says that the Top 3 most in-demand Careers in Florida by 2030 and the median wages for those positions will be:

      1. General & Operations Managers: $42.90
      2. Registered Nurses: $37.36
      3. Heavy & Tractor-Trailer Truck Drivers: $22.44

All of the Top 10 Most In-Demand positions in Florida by 2030 will require a high school diploma at a minimum. In order to meet these demands, the Chamber says Florida’s high school graduation rate needs to improve to 95% by 2030 compared to 88% today. 

Download the Florida Business & Economic Mid-Year Report

The 2024 Florida Business & Economic Mid-Year Report provides a positive and balanced assessment of where Florida stands and where the state’s business and political leaders envision it going provided that positive trends continue and challenges like affordability are addressed. 

To download the full 18-page report, visit the Florida Chamber website and to view county-by-county breakdowns of metrics that will shape Florida’s future, visit The Florida Scorecard. 

Contact CII Today

If you own an established business in Florida or Georgia and would like to get a better understanding of the current market value of your company and important steps you can take today to maximize that value, get in touch with a CII business advisor today. 

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