- Florida fastest-growing state in the US
- New residents and businesses in Florida
- Florida’s low unemployment rate and booming economy
- Population growth in Florida: Reasons and statistics
- Economic comparison: Florida vs. New York
Demographics continue to favor the Sunshine State: fastest-growing in the nation, with the most new businesses opening and the lowest unemployment rate in the country
Between July 2021 and July 2022, about 400 thousand Americans who used to live in other states, mainly New York and California, moved to Florida. This represents 180 thousand more people than in the same period of the previous year. Although there are still no official figures for the period between 2022 and 2023, experts assure that the trend continues to increase rather than decrease.
It is true that there have always been retirees in search of sunshine and low taxes in Florida. However, these new residents are far from being retirees, as they tend to be young people at the peak of their working lives. The initial driver of this phenomenon was the pandemic and the resulting increase in remote work – why spend eight hours a day cooped up in a cubicle when you can work with a view of the ocean?
But today, it’s not just about remote jobs, it’s about the opportunities that arise in the Sunshine State. According to data from the nation’s Department of Labor, Florida currently has 9,578,500 jobs in non-agricultural industries, slightly ahead of the 9,576,100 jobs in New York State, which used to lead the nation in terms of economic activity.
Prior to the COVID-19 pandemic, New York averaged about 9.9 million jobs, compared to Florida’s 9 million jobs. Clearly, much of the jobs created in the South originate from losses in the North. Based on new driver’s licenses issued in the state of Florida, in 2022 alone, 64,500 New Yorkers exchanged their license for a Florida license.
The Sunshine State also leads nationally in new business start-ups. Since January 2020, more than 1.7 million new companies have been registered in Florida. This has obviously generated numerous job opportunities, leading the state to have the lowest unemployment rates in the country, down 0.7% in the last year. Between February 2022 and February 2023, Florida’s labor force has increased by 2.3%, far outpacing the 1.5% growth nationally.
With so many new residents, Florida’s population has increased by 1.9% in the last year, reaching a total of 22.2 million. This makes the state the third most populous state in the country, behind California and Texas.
In contrast, New York has experienced the largest population decline in the country over the same period, with a 0.9% decrease, totaling 19.6 million residents. This makes New York the fourth most populous state in the country.
While there has been significant growth throughout the state, it is clear that Miami has been Florida’s primary growth engine. The city shows the highest growth rates and lowest unemployment rates in the entire state of Florida. A phrase is popularly being bandied about: “Florida leads the nation, Miami leads Florida”.