Florida leads the nation in several important categories and has become the national model for economic growth,” Florida Chamber Foundation President and CEO Mark Wilson said at the 2024 Florida Economic Outlook & Jobs Solution Summit.
Annual job growth will continue to outpace the nation: Florida’s job growth in 2023 remained an average of 1.1% higher than the national level and has not been slower than the U.S. since 2017. Rapid economic growth in many areas of Florida’s economy, as well as high levels of population growth, fuels the prediction that Florida will remain on top of the country in job growth.
Florida will continue growing at a faster pace than any other state: Florida’s GDP grew 9.3% over 2023, the fastest rate in the country. Florida has the fastest growth over the last four years, a long-term trend the organization expects to continue in 2024.
Florida’s economic growth will remain positive but will slow to more sustainable levels: With national economists split on the potential of a national recession in 2024, the Florida Chamber Foundation does not predict that Florida will experience a recession. Florida’s GDP is expected to grow by 7%, higher than the national average.
Although affordability continues to impact homeownership, the combination of a solid economy, strong demographics and lower mortgage rates are setting the stage for a more robust housing market. Mortgage rates have been stable for nearly two months, but with continued deceleration in inflation, rates are expected to decline further. The economy continues to outperform due to solid job and income growth, while household formation is increasing at rates above pre-pandemic levels. These favorable factors should provide strong fundamental support to the market in the months ahead.
