Florida Economic Forecast: Q3 2024

A Florida TaxWatch Economic Commentary

Florida Economic Forecast Report Cover

Florida’s economy is forecast to continue its impressive growth trajectory through 2030, reaching nearly $1.5 trillion. Based on detailed data from the REC Group, this report analyzes key trends such as population growth, net migration, and employment shifts that will shape the state’s economic future.

Covering projections from 2024 to 2030, the analysis delves into changes in GDP and personal income growth, the evolving impact of tourism, and how Florida’s economic indicators compare with the broader U.S. economy. The report offers valuable insights for policymakers and business leaders navigating Florida’s post-pandemic landscape.

With comprehensive data and expert commentary, this forecast outlines both opportunities and challenges as Florida transitions to more normalized economic conditions. It’s an essential resource for understanding the financial and strategic implications for the state’s future.

Meet the Author:

Jui Shah
Jui Shah
Research Enonomist
LinkedIn

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Florida TaxWatch Provides Analysis of the Governor’s Property Tax Amendment and Legislation, Recommends Florida Taxation and Budget Reform Commission Lead Debate

Florida TaxWatch Provides Analysis of the Governor’s Property Tax Amendment and Legislation, Recommends Florida Taxation and Budget Reform Commission Lead Debate

The Florida Legislature is meeting in special session to consider Governor DeSantis’ proposed constitutional amendment and linked legislation to provide significant property tax relief to Florida homeowners. The proposal has many provisions, but the main ones would increase the homestead exemption to $150,000, beginning January 1, 2027, and then increase it to $250,000, beginning January 1, 2028. This exemption will apply to all property taxes. In addition, the cap on the annual increase in the assessment of non-homestead properties would be reduced from 10% to 5%, but this change would not apply to school property tax levies. Any property taxes remaining after the changes would be restricted to being used solely for core services such as public safety, education, infrastructure, debt, and retirement benefits.

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