The State of Florida’s Mid-Year and Economic Landscape: As Predicted, GDP, Jobs, and Population Are All Up, but Migration Trends Could Impact Florida’s Workforce Supply

Access the 2024 Florida Business & Economic Mid-Year Report HERE>.

Today, the Florida Chamber Foundation released its 2024 Florida Business & Economic Mid-Year Report, an analysis of the local and national economic data impacting the way Florida does business. This annual mid-year report aims to keep Florida leaders in the know regarding Florida’s economic headwinds and tailwinds, serving as a level set to guide them through the remainder of the year as they plan and budget for 2025.  While Florida is creating 1 in every 11 new U.S. jobs and adding approximately 750 net new residents daily, focusing on key areas will help keep the momentum going and help keep Florida, Florida.

The 2024 mid-year report covers where Florida stands with five key economic drivers that are currently playing a significant role in the strength of Florida’s businesses, communities, and 2030 trajectory:

• Population Influx & Changing Demographics: While Florida remains one of the fastest growing states in the U.S., the makeup of Florida’s population growth will have a significant impact on its workforce. The Florida Chamber Foundation is projecting that elderly and retired individuals may be making up a disproportionate share of population growth in Florida, while certain age groups may be leaving faster than they are arriving.
• Workforce & Career Development: Currently, in Florida, for every 100 open jobs, 93 people are looking for work. As Florida, like most of the nation, is facing a talent availability and skills shortage, the report calls for businesses to prioritize upskilling, training, exploring untapped talent pipelines (ex. disconnected youth), and helping to remove barriers to workforce participation, such as those created by childcare challenges.
• A Diversified Economy: Long thought of as solely a tourism and hospitality state, the mid-year analysis shows growth in additional high-value fields like Financial Activities and Manufacturing, sparking further diversification in Florida’s economy.
• The Tech & Innovation Impact: Florida is currently 4^th in the nation for tech jobs and 14^th for research and development (R&D) funding. The report showcases recent wins for Florida’s tech and innovation sector and how ongoing strategic investments can solidify Florida’s position as a global leader, ultimately bolstering its businesses, workforce, and economy.
• Housing & Real Estate: Does Florida have enough workforce housing? The mid-year analysis shows that Florida’s housing supply is starting to match pre-pandemic levels, sparking hope for a more sustainable and predictable housing market moving forward.

Mid-year analysis of these economic factors revealed some key trends in Florida’s economy, including:

• Income continues to move into Florida at the highest level in the nation, but the outmigration of people is also rising, putting Florida at a pivotal point as we approach 2030.
• The population without a high school diploma or equivalent and the rising costs of childcare are creating gaps in the workforce that could be closed through the efforts of the Future of Work Florida Initiative and the Florida Business Alliance for Early Learning Project.
• Growing Florida’s manufacturing industry to be top 5 in the country by 2030 could lead to nearly $7 billion in additional earnings.
• Price increases for housing in Florida have outpaced income increases over the same time period, but a restocking in the market could mean a stabilizing of prices is on the horizon.

In addition to data and analysis on these economic drivers, the report also gives Florida leaders insight into what to watch for and provides an update on the Florida Chamber Foundation’s economic predictions released during the 2024 Florida Economic Outlook & Jobs Solution Summit, held virtually at the beginning of each year.

View the Florida Chamber Foundation’s 2024 Florida Business & Economic Mid-Year Report HERE.

“As our Florida Chamber Foundation research team predicted during its top of 2024 economic forecast, the 2024 Florida Business & Economic Mid-Year Report reveals that Florida continues to see an influx of wealth, job creation, and a growing economy. To navigate this growth successfully and to position Florida among the top 10 global economies by 2030, keeping Florida leaders informed on how local and national influences impact our businesses and residents is essential,” said Mark Wilson, President of the Florida Chamber of Commerce & Foundation.

If you have questions about this report or would like information on other key metrics impacting Florida’s economic trajectory, contact our Foundation’s Vice President of Research, Keith Richard, Ph.D., at krichard@flchamber.com.