Two economic experts say Florida is outpacing the United States in employment, income growth and population migration.
TAMPA, Fla. – Despite the U.S. economy's unexpectedly strong performance last year, Regions Bank Chief Economist Richard Moody and Chief Investment Officer Alan McKnight predict economic growth will slow in 2024. I predict that will happen.
Moody said the expansion in the labor and supply sides of the economy in 2023 raises concerns about how much growth space is left in 2024.
After three years of explosive expansion, the Florida market is expected to find a new normal in terms of growth, meaning the outlook remains positive. Moody added that Florida's metropolitan areas remain “some of the hottest markets in the country,” but “once things calm down, they will continue to outperform.”
Florida is one of the states with favorable demographics, including strong business migration, low costs of living, low labor costs, strong population inflows, and a business-friendly regulatory environment. As a result, Florida outperformed the rest of the United States in terms of income and job growth.
Tampa's growth in logistics, financial services, and high-tech sectors is ahead of other Florida cities, and Tampa is poised for more normal growth. McKnight also said the market is too optimistic about the number of rate cuts the Fed will make this year, especially if inflation remains above its 2% target.
Source: Tampa Bay Business Journal (01/23/24) Georgacopoulos, Christina
© Copyright 2024 Smith-Bucklin
