Florida Chamber migration report shows more people moving to Florida, but at slower pace

Orlando, Tampa, Jacksonville among most popular cities for moving relocation. Image via Suddath.

Florida is picking up more residents from people migrating from other states. But the pace is beginning to slow down compared to other years, and business leaders are sounding alarms.

The Florida Chamber of Commerce published its latest migration report this week, which analyzes the number of people moving into and out of the state. The analysis of 2023 shows there was a net total pickup of 126,000 people.

Chamber officials acknowledged an increase in new residents is always a positive trend because the uptick will lead to more business. But the business advocacy group admitted that figure represents a concerning downturn.

“While this figure reaffirms Florida as a top destination for new residents, it also represents a nearly 50% decrease from the previous year and marks the first major decline in net migration in a decade. The report attributes this shift to two key factors: rising housing costs and perceived limited career opportunities for younger, early-career workers,” a Chamber news release said.

The Florida Chamber migration report noted the Sunshine State still leads the nation in net income migration with $36.1 billion annually. That figure is three times higher than the next closest state which is Texas.

But a major concern is the demographic that is leaving the state. The biggest influx of people moving to Florida remains residents 60 or older. But more younger residents are bugging out from Florida with those aged 20 to 29 leaving “in significant numbers” because of spikes in housing costs and limited career options for up-and-coming professionals.

The housing crisis in Florida is a particular sore spot for Florida Chamber officials.

“Housing costs have been identified as the primary reason for outmigration, with residents leaving for states like Tennessee and North Carolina, which offer more affordable living options. The Florida Chamber-backed Live Local Act, alongside the Florida 2030 Blueprint goals, aims to address these challenges,” the report said.

The Florida Chamber, being a business-advocacy organization, called upon businesses in the state to consider doing their part to retain young professionals.

“Businesses must play an increasingly active role in developing and retaining Florida’s talent pipeline,” said Mark Wilson, President of the Florida Chamber of Commerce & Foundation. “When Floridians see a pathway forward to a flourishing career in our state, outmigration will slow. But job opportunities alone aren’t enough — affordable housing is certainly important. If our younger workforce can’t afford to live here, they will start looking elsewhere.”