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Report: Florida is on (economic) fire with projected $46 billion in revenue

Forecasters also project that 142.4 million visitors will come to the Sunshine State in fiscal year 2023.

  • By Mark Gordon
  • | 9:00 a.m. July 28, 2023
  • | 2 Free Articles Remaining!
Florida had 133.7 million visitors in fiscal 2022, the Florida Economic Estimating Conference reports.
Florida had 133.7 million visitors in fiscal 2022, the Florida Economic Estimating Conference reports.
Photo by Stefania Pifferi
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The boom in revenue coming in to Florida state coffers is on target to ease, if only a little, in 2024. 

That was one takeaway from the Florida Economic Estimating Conference, held in late July. The event, created by the Florida Senate in 2020, is a gathering of forecasters to help state officials with planning and budgeting. Highlights, according to a report from Florida news site The Center Square, include:   

  • General revenue is expected to peak at $46.3 billion in fiscal year 2023, then drop to $45.3 billion in 2024. Officials project the drop, of -2.1%, will come from a slowdown in the housing market and auto sales. 
  • Net migration is predicted to increase by an average of 814 people per day over the next five years, with fiscal 2023 projected to have a net in-migration of 350,000 people.
  • Tourism continues to boom: conference data shows Florida had 133.7 million visitors in fiscal 2022. Some 142.4 million visitors are expected in fiscal 2023, with tourism projected to break previous pre-pandemic records by at least 11%.
  • The unemployment rate in Florida in June, for the second straight month, is 2.6% on a seasonally adjusted basis. The leisure and hospitality industry has now recovered to pre-pandemic levels. 
  • Construction costs are projected to rise, with building materials increasing in price by 100% in some instances since the pandemic, the conference found, according to The Center Square. While net migration is driving up demand for single-family homes in Florida, this is expected to drop as homeowners wait for prices and supply chain issues to improve.
  • Real estate values increased significantly during the pandemic but are expected to ease off temporarily, by at least 10%, before increasing again at a more moderate rate. 



Mark Gordon

Mark Gordon is the managing editor of the Business Observer. He has worked for the Business Observer since 2005. He previously worked for newspapers and magazines in upstate New York, suburban Philadelphia and Jacksonville.

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