Today, the Florida Chamber Foundation released its 2024 Florida Business & Economic Mid-Year Report, an analysis of local and national economic data impacting the way Florida conducts business. This annual mid-year report aims to inform Florida leaders about the state's economic conditions, guiding them through the remainder of the year as they plan and budget for 2025. While Florida is creating one in every eleven new U.S. jobs and adding approximately 750 net new residents daily, focusing on key areas will help maintain this momentum.
The 2024 mid-year report examines five key economic drivers influencing the strength of Florida’s businesses, communities, and its trajectory towards 2030:
Population Influx & Changing Demographics: The Florida Chamber Foundation projects that elderly and retired individuals may constitute a disproportionate share of population growth in Florida, while certain age groups may be leaving faster than they are arriving.
Workforce & Career Development: For every 100 open jobs in Florida, 93 people are seeking employment. Facing a talent availability and skills shortage similar to much of the nation, the report calls for businesses to prioritize upskilling, training, exploring untapped talent pipelines such as disconnected youth, and addressing barriers to workforce participation like childcare challenges.
A Diversified Economy: Historically known for tourism and hospitality, the mid-year analysis indicates growth in additional high-value fields such as Financial Activities and Manufacturing, contributing to further diversification of Florida’s economy.
The Tech & Innovation Impact: Ranking fourth nationally for tech jobs and fourteenth for research and development funding, recent advancements highlight how strategic investments can solidify Florida’s position as a global leader in technology and innovation.
Housing & Real Estate: The mid-year analysis shows that Florida's housing supply is approaching pre-pandemic levels, offering hope for a more sustainable housing market moving forward.
Key trends identified include:
- Income continues to move into Florida at the highest level nationwide; however, outmigration is also rising.
- Gaps in the workforce due to populations without a high school diploma or equivalent and rising childcare costs could be addressed by initiatives like Future of Work Florida Initiative.
- Expanding Florida’s manufacturing industry could lead to nearly $7 billion in additional earnings by 2030.
- Housing prices have increased faster than incomes over time but may stabilize with market restocking.
The report also provides updates on predictions made during the 2024 Florida Economic Outlook & Jobs Solution Summit held earlier this year.
Mark Wilson, President of the Florida Chamber of Commerce & Foundation stated: "As our research team predicted during its top-of-2024 economic forecast, this report reveals that Florida continues to see an influx of wealth, job creation, and a growing economy. To navigate this growth successfully and position Florida among the top ten global economies by 2030 requires keeping leaders informed on how local and national influences impact our businesses and residents."
For questions about this report or other key metrics impacting Florida’s economic trajectory, contact Keith Richard Ph.D., Vice President of Research at krichard@flchamber.com.