Executive Brief – Despite Headwinds and Tailwinds for Florida We Predict More Economic Growth in 2023
I hope everyone had a happy holiday season and is off to a great start in 2023. We have made it through month one of the calendar year and are moving full steam ahead in advancing the Florida 2030 Blueprint and its 39 goals. Florida is still paving its way to reach top 10 global economic status and as the Florida Chamber Foundation always says, it takes a united Florida business community to get us there.
In the first FL 2030 Benchmarks Executive Brief of 2023, I’d like to share how our Florida Chamber Foundation and its partners started the year off strong by convening at Florida’s annual economic forecasting event and how we are continuing our efforts to equip Florida’s job creators with key metrics, research, and analysis to help move Florida’s businesses and economy forward.
Earlier this month, the Florida Chamber Foundation’s virtual Florida Economic Outlook & Jobs Solution Summit featured nearly 20 economists and industry experts who discussed 2023 projections amidst headwinds and tailwinds for Florida. As we set our expectations high for 2023, the Florida Chamber Foundation also released our economic and demographic predictions in hopes that Florida leaders can use this analysis to plan for the year ahead. Forecasting another year of population and economic growth in 2023, we predict:
- 2023 will be another year of strong job growth with at least 250,000 new jobs
- Population growth will remain strong with more than 350,000 additional residents
- Workforce availability and participation rate will continue to be a concern with unemployment rates below the national average
- Stronger GDP growth for Florida’s economy
- Inflation will be a significant concern for consumers and businesses
- Transactions of single-family homes will return to pre-pandemic levels, but without much erosion in prices. We expect to end 2023 with a median sales price of $380,000 (roughly 5% lower than 2022).
- Currently, Florida is leading in net income migration, welcoming $2.7M per hour. We expect Florida will continue to lead income migration.
As a follow-up to these economic and demographic predictions, our Chamber Foundation research team looks forward to releasing even more analysis in February. We will be releasing a publication that will dive into the local and national trends impacting the way we do business in Florida and provide recommendations to navigate them.
Lastly, the Florida 2030 movement continues at our upcoming solution summits. Please make plans to unite with us and your industry peers at all of our Solution Summits throughout 2023, addressing each of our Six Pillars and 39 Florida 2030 Blueprint goals. Registration is open for all events HERE. Be sure to register yourself and your team today.