Florida’s Economy to Grow Faster Than the U.S. Economy Yet Again
The Floridian economy is forecast to grow by a solid 3.0% in 2024, well above the national economy’s growth of 1.4%. While employment growth is expected to moderate from 2023’s pace, job opportunities in the Sunshine State are expected to stay more plentiful than the rest of the nation. These job opportunities, along with the long-standing draws of low taxes, mild winters, and housing that’s more affordable than the Northeast, are expected to contribute to another solid year of population gains.
Spillovers from weaker national and global economies are expected to weigh on the critical tourism sector, contributing to a modest rise in the unemployment rate next year. Nonetheless, Florida’s unemployment rate is expected to hold notably below the national unemployment rate. Total personal income is forecast to grow around 6%, solidly outpacing inflation.
The housing sector is expected to rebound sharply in 2024 after a large decline in sales and construction in 2023. Single-family construction is projected to lead the recovery, adding about 150,000 units to Florida’s housing supply. Multifamily is projected to bring about 55,000 units to market. Reflecting higher supply, lower employment, and income gains, house price increases are likely to moderate further from the blistering pace of increases recorded in the last few years.
