Florida’s $1.76T economy on sustainable tract next decade
Teh article discusses Florida’s economic outlook over the next decade, with its $1.76 trillion economy expected to experience sustainable yet slower growth compared to the rapid expansion seen during the pandemic. According to a report by Florida TaxWatch, an independent taxpayer research institute, Florida is transitioning into a more stable growth phase. Key forecasts include moderated population growth,a dip in tourism in 2025 followed by a return to pre-pandemic growth levels,and real GDP growth slowing from 2.4% in 2025 to 1.2% by 2034. The unemployment rate is projected to rise slightly to 4.5% in 2027 before declining to 4% by 2034. Despite the slowing pace, income growth in Florida is expected to surpass the national average, indicating solid economic foundations aligned with broader national trends.
Florida’s $1.76T economy on sustainable tract next decade: Analysis
(The Center Square) – Sustainable growth, slower than recent highs coming from the pandemic, is forecast for the $1.76 trillion Florida economy in the next 10 years.
In areas that have surged to begin this decade, a more moderate rate is expected for population growth, economic output and tourism.
“Overall, Florida’s economy is transitioning to a more stable growth phase,” says the report from Florida TaxWatch, an independent nonpartisan, nonprofit taxpayer research institute. “The findings suggest that while the boom of the post-pandemic years is easing, the state’s economic foundations remain solid, mirroring broader national trends.”
“Florida Economic Forecast 2025-2034” projects income growth to eclipse the national average in the coming years. A dip in tourism for 2025 is expected to position the state to have “more standard, prepandemic growth trajectory” in the following years.
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“While Florida’s population will continue to grow, daily net migration is expected to decrease from 891 in 2025 to 705 by 2034, reflecting a cooling growth rate,” TaxWatch says. “The unemployment rate is projected to rise from 4.1% in 2025 to a peak of 4.5% in 2027 before gradually declining to 4% by 2034. Florida’s real GDP growth is forecast at 2.4% for 2025 but is expected to slow to 1.2% by 2034 as the economy normalizes.”
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