Inflation in the United States rose for the fourth consecutive month in January, reaching 3%. However, it remained steady at 2.8% in the southern region, which includes Florida. The Federal Reserve's previous interest rate cuts are unlikely to continue in early 2025 due to this inflation trend. Predictions suggest one or two cuts may occur later in the year.
Florida's housing market is showing signs of a potential shift towards a buyer's market. Recent data from Florida Realtors indicates stable prices and an increase in active listings by over 30% compared to January 2024. Closed sales have risen by 3.6% from the previous year.
The state continues to attract businesses, with Florida leading the nation in business relocations, welcoming 503 net new firms over the past year. J. Alex Kelly, Florida Secretary of Commerce, highlighted factors such as a favorable business climate and low crime rates as key attractions for businesses.
Tourism reached record levels in 2024 with nearly 143 million visitors, driven mainly by domestic tourism and international visitors from Canada, the UK, and Brazil.
Further insights into these economic trends will be discussed in upcoming releases from the Florida Chamber Foundation.
"The latest firm migration data reaffirms what we already know—while Florida is home to a favorable pro-business and tax climate," said J. Alex Kelly.