{"id":1979140,"date":"2023-07-21T00:39:03","date_gmt":"2023-07-21T04:39:03","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/floridas-economy-touted-by-desantis-is-in-strong-shape-but-with-a-big-headache\/"},"modified":"2023-07-21T00:40:50","modified_gmt":"2023-07-21T04:40:50","slug":"floridas-economy-touted-by-desantis-is-in-strong-shape-but-with-a-big-headache","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/floridas-economy-touted-by-desantis-is-in-strong-shape-but-with-a-big-headache\/","title":{"rendered":"Florida&#8217;s economy, praised by DeSantis, is robust but faces a major challenge."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ffloridas-economy-touted-by-desantis-is-in-strong-shape-but-with-a-big-headache%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1979140&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Florida&#8217;s Booming Economy and\u200b High Inflation: A Tale of Inspiration and Caution<\/h2>\n<p>Florida&#8217;s economy is experiencing a remarkable boom, but it also faces a significant challenge in the form of high inflation. Governor Ron DeSantis (R-FL), who is vying \u2062for the 2024 Republican presidential \u2064nomination, proudly showcases the Sunshine\u2062 State&#8217;s economic success. However,\u200c this\u200b serves as both an inspiration and a cautionary tale for other states.<\/p>\n<p>The national economy has become a central theme in the\u2063 lead-up to the 2024 election, with\u200b three prominent Floridians in the mix: DeSantis, former President Donald Trump, the GOP front-runner, and Miami\u2063 Mayor Francis Suarez. President Joe Biden is working to portray the country&#8217;s economic circumstances as historically positive, even coining the term &#8220;Bidenomics.&#8221; On the other hand, Republicans\u200d are pointing\u2063 to various economic \u2062indicators, including significant inflationary growth since 2021, as evidence of Biden&#8217;s lack of leadership.<\/p>\n<h3>Biden Takes New Action on Junk Fees, Food Prices, and Corporate Mergers<\/h3>\n<p>At the national\u2063 level, the labor market is thriving, and unemployment is at a historically low level. According to\u200d the Bureau of\u2063 Labor\u200b Statistics, the national economy added 209,000 jobs in June, and the\u2062 unemployment rate is hovering around 3.7% \u2014 a level comparable to the pre-pandemic era. This is a surprisingly robust result considering the \u200dFederal Reserve&#8217;s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bitcoin-plunges-below-20000-mark-as-crypto-freefall-continues\/\" title=\"Bitcoin Plunges Below ,000 Mark As Crypto Freefall Continues\">aggressive interest rate hikes<\/a>.<\/p>\n<p>However, Florida, the third most populous state in the nation, has surpassed the national economy by a\u200d wide margin.<\/p>\n<p>As\u2064 of the most recent\u200b May data, Florida&#8217;s statewide unemployment rate was an astonishingly \u2062low \u200b2.6%. Additionally, the state\u2064 added\u200d approximately 38,000 new jobs from April to May. Governor DeSantis has been at the helm\u2062 of this economic success and \u2063is using it as a compelling argument for his presidential\u200b candidacy. Furthermore, Trump&#8217;s residency at Mar-a-Lago brings even more national visibility to Florida, \u200bensuring that the state will be under the constant scrutiny of the news media.<\/p>\n<blockquote>\n<p>&#8220;It&#8217;s\u2062 an interesting dynamic. You&#8217;ve got candidates that are going to want to tout what&#8217;s happened in \u200cFlorida\u200c and others somehow trying to \u2062denigrate how Florida is doing,&#8221; said Sean\u200d Snaith, \u2064the director \u200bof the University \u2063of \u200cCentral \u200bFlorida&#8217;s Institute for Economic Forecasting, in an interview with the Washington Examiner.<\/p>\n<p>&#8220;I \u2062think DeSantis&#8217;s candidacy, in large part, is built on a foundation of how Florida has performed\u200c coming out of,\u2063 and during, the pandemic relative to other states,&#8221; Snaith added.<\/p>\n<\/blockquote>\n<p>According to Snaith, the strong economy\u2062 has \u200dbenefited Floridians across the board, and his research indicates that the state&#8217;s economic growth is expected to continue, which \u200bbodes well for DeSantis. Alfredo \u2063Ortiz, president and CEO of Job Creators Network, also\u2064 praised Florida&#8217;s free-market economic policies, calling them a model for the\u200b nation.<\/p>\n<p>However, there is one significant challenge that many parts of Florida are facing \u2014 high inflation.<\/p>\n<p>National inflation growth has been gradually moderating in recent months.<\/p>\n<p>The June <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/manchin-every-senator-thinks-minimum-wage-should-be-increased\/\" title=\"Manchin: Every Senator Thinks Minimum Wage Should Be Increased\">consumer price index<\/a> report revealed that inflation fell to a 3% annual rate, marking a decline of one percentage point from the previous month. The producer price index\u200b on July 13, which measures wholesale prices, showed that inflation stood at just 0.1% for\u2063 the year \u200bending in\u2062 June.<\/p>\n<p>However, \u200bin certain areas of Florida, inflation \u2063is significantly higher.<\/p>\n<p>In\u2064 South\u200b Florida, which includes Miami, \u2062Fort Lauderdale, and West Palm Beach, annual inflation is nearly 7% higher than it was\u200d a year ago. In the Tampa-St. Petersburg area, it reached \u20627.3% in May on an annual basis.<\/p>\n<p>Mark Hamrick, a senior \u2064economic \u2064analyst \u200cat Bankrate, explained that while \u2063housing inventory \u200cacross the country has caused\u2063 prices to rise, Florida, in particular, has experienced a surge in prices due to massive waves of in-migration and inventory hits \u200bcaused by recent\u200c hurricanes. This has further contributed\u2063 to the state&#8217;s overall\u200b inflation numbers.<\/p>\n<p>Snaith emphasized that housing has\u200b been a key \u200ddriver of persistent inflation in Florida. Housing prices heavily influence the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/floridas-economy-touted-by-desantis-is-in-strong-shape-but-with-a-big-headache\/\" title=\"Florida's economy, praised by DeSantis, is robust but faces a major challenge.\">consumer price index calculations<\/a>, making Florida&#8217;s significant growth in home \u2064prices evident in the inflation data.<\/p>\n<blockquote>\n<p>&#8220;Shelter inflation accounts for about a third of overall inflation and two-fifths of core inflation (excluding food and \u2064energy costs),&#8221; \u2063explained Abbey Omodunbi,\u2063 vice president \u2063and senior economist\u200c for the PNC Financial Services Group, in an email\u2063 to the Washington \u200dExaminer.<\/p>\n<p>Omodunbi pointed out that the\u200d high\u2064 inflation, coupled with \u200crising interest rates,\u2063 will &#8220;reduce consumers&#8217; purchasing \u200dpower and lead to a\u2062 decline in economic output in the state.&#8221;<\/p>\n<\/blockquote>\n<p>While the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/with-rates-near-13-year-highs-mortgage-demand-plummets\/\" title=\"With Rates Near 13-Year Highs, Mortgage Demand Plummets\">red-hot housing market<\/a> is the primary driver of\u2063 Florida&#8217;s overall inflation, as measured by the consumer price index, \u200bHamrick noted\u200b that prices of goods \u2062and services in other categories have also increased due to the demand \u2062driven\u2064 by migration.<\/p>\n<p>&#8220;If you&#8217;re a restaurateur in a destination with plenty of customers and demand, you&#8217;re\u200d going to set your prices relative to the traffic you can command,&#8221;\u200b Hamrick explained. &#8220;People will set prices based \u200con what they believe customers are willing to pay.&#8221;<\/p>\n<p>Furthermore, the high demand for business and construction in Florida has created a need for workers. \u2064As\u200c companies compete for\u200d employees, they\u2063 often \u200bhave to increase wages and benefits to attract prospective workers who have multiple \u200coptions. These \u2062increased \u2063business costs may then be passed\u2062 on to consumers\u2064 in\u200c the \u2064form of higher prices, further\u2063 contributing to the\u200c state&#8217;s inflation.<\/p>\n<p>&#8220;The \u200dlabor shortage was pretty rough in Florida, and I think,\u2063 in some instances, it is still an issue.\u200d These higher wages will \u200boften \u200dbe passed along \u2062to\u2063 the customers,&#8221; Snaith concluded.<\/p>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\/\">Click here<\/a> to read more from the Washington Examiner.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>the 2024 Republican presidential nomination, with Gov. Ron DeSantis highlighting Florida&#8217;s booming economy. However, the state&#8217;s high inflation rates serve as a warning for other states. The national economy has taken center stage in the pre-election fight.<\/p>\n","protected":false},"author":1,"featured_media":1979141,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-1979140","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1979140","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1979140"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1979140\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1979141"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1979140"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1979140"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1979140"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}