Florida remains a top migration leader, though new trends show issues like housing costs and career pathways as areas to address for future growth.
TALLAHASSEE, Fla. — Florida gained a net total of 126,000 residents from other states in 2023, marking the first major decline in net migration in a decade, the Florida Chamber Foundation reported in its latest migration report. The report attributes the shift to two key factors: rising housing costs and the perception of limited career opportunities for younger, early-career workers.
The report, which details data on population inflow and outflow from other states, highlights Florida’s status as a national leader in net income migration, while also underscoring pressing challenges that could impact the state’s long-term growth and economic stability, the foundation said.
Key findings:
- Net income migration leader: According to the latest figures, Florida led the nation with a net income migration of nearly $36.1 billion annually, (over three times that of the second-ranked state, Texas) though it experienced resident outflow to 19 states in 2023.
- Demographic shifts: While Florida saw an influx of residents aged 60 and older, younger residents, particularly those aged 20-29, are leaving in significant numbers. Factors cited include the high cost of housing and perceived limited in-state job opportunities for early-career professionals.
- Housing affordability pressures: 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 foundation said.
The foundation said the migration trends highlight an important moment for Florida’s business community. The Florida Chamber Foundation emphasized the need to look beyond the movement itself and focus on understanding who is leaving, why and what can be done to retain Florida’s workforce.
Outmigration among residents aged 20-29 is particularly concerning, as according to U.S. News and World Report, Florida ranks top in the nation for higher education and 1st in 4-year college affordability. Yet, Florida seemingly struggles to retain its graduates, which may point to a lack of clear pathways connecting education to in-state employment, the foundation said. The Florida Chamber Foundation’s Future of Work Florida initiative aims to strengthen Florida’s talent pipeline by bridging the gap between education and workforce opportunities.
“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.”
To address the rising housing costs that are contributing to outmigration, the Florida Chamber has backed initiatives like the Live Local Act, which aims to expand affordable housing options. The Florida 2030 Blueprint outlines goals including reducing the percentage of Florida residents living in housing-cost-burdened households to less than 10% and ensuring a diverse range of attainable housing to meet future demand, which are essential for building a resilient workforce and fostering community stability.
Despite recent trends, Florida continues to be a top choice for new residents, the chamber said. “Florida is at a crossroads,” the report concludes. “Now is the time to reinforce Florida’s brand as the best place to live, work, raise a family, and build a future and learn.”
Source: Florida Chamber Foundation
© 2024 Florida Realtors®
©Florida Realtors®
Source link
