The Florida Chamber Foundation's latest report reveals that Florida continues to experience significant net income migration, with over $36.05 billion moving into the state annually. Despite this being $3 billion less than last year, driven by an increase in outbound migration rather than a decrease in inbound migration, Florida remains the leading destination for income migration in the United States. This figure is approximately 3.5 times that of Texas, which ranks second.
Kyle Baltuch, Executive Vice President of the Florida Chamber Foundation, highlighted during the 2023 Florida Chamber Annual Meeting & Future of Florida Forum in Orlando that this influx of wealth results from robust population and business growth. Factors such as a diversified economy, favorable tax environment, high quality of life, natural beauty, world-class infrastructure, and innovation-friendly policies continue to attract new residents and entrepreneurs to the state.
However, Baltuch also noted challenges accompanying this sustained high income migration. The overall inflow of income increased by $4.5 billion while outflow increased slightly more rapidly. Rising living costs, particularly in housing markets, pose significant issues for families across Florida. The Foundation projects potential population declines in specific age groups (0-9, 25-34, and 50-59), which could present economic challenges if these trends continue unaddressed.
Essential services like early learning and childcare are under pressure due to rapid population growth. According to a recent study by the Florida Chamber Foundation titled "Untapped Potential in FL," lack of access to affordable childcare is a primary reason parents with children under six leave their jobs—costing the state nearly $5.4 billion annually in economic and fiscal value.
Baltuch emphasized that addressing these growing pains is crucial for maintaining sustainable development and economic growth in Florida. Investing in affordable housing solutions and supporting early learning and childcare services are vital steps toward fostering balanced growth.
The Foundation is committed to advancing these goals as part of its Florida 2030 Blueprint mission—aiming to grow Florida’s economy into one of the world's top ten by 2030 through continuous data analysis, research initiatives, and policy incubation efforts.
For further information or inquiries about getting involved with these efforts towards securing Florida's future economic standing by 2030, Kyle Baltuch can be contacted at kbaltuch@flchamber.com.
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