Florida Chamber issues midyear progress report on state economy

Florida economy, money, etc. Stock image via Adobe.

The Florida Chamber of Commerce has released a new report outlining the state’s progress toward the organization’s chief goal over the past five years: growing Florida into a Top 10 global economy.

The 2024 Florida Business & Economic Mid-Year Report covers where Florida stands regarding five key economic drivers that are currently playing a significant role in the strength of Florida’s businesses, communities and the 2030 trajectory.

While Florida remains one of the fastest-growing states in the U.S., the Chamber report projects that the population may be skewed more heavily toward elderly and retired individuals who may be making up a disproportionate share of the growth, while certain age groups may be leaving faster than they are arriving.

On workforce supply, there are 93 jobseekers for every 100 open jobs, indicating a talent availability and skills shortage. In response, the Chamber is calling for businesses to “prioritize upskilling, training, exploring untapped talent pipelines” and work to “remove barriers to workforce participation, such as those created by childcare challenges.”

Diversification should also remain a focus, and the Chamber said the state is making progress in high-value fields such as financial activities and manufacturing. In the same vein, Florida now ranks No. 4 for tech jobs and No. 14 for research and development funding — and there are recent wins to celebrate, some of which are highlighted in the report.

The Chamber also found positive indicators in housing supply which is starting “to match pre-pandemic levels, sparking hope for a more sustainable and predictable housing market moving forward.” With housing costs outpacing income growth, higher inventory could help prices return to more affordable levels.

While Florida is creating 1 in every 11 new U.S. jobs and adding approximately 750 net new residents daily, the Chamber said focusing on those areas will help “keep the momentum going and help keep Florida, Florida.”

Read the full report here.