It is estimated that approximately 1,000 people move to Florida each day. Sixty percent of these newcomers are relocating from another state, while 40% are moving here from abroad. Not surprisingly, Florida has been the most popular state to relocate to for each of the past several years. Whether it is the tropical climate, strong economy, lack of state income tax, or in recent years simply freedom from restrictive mandates, The Sunshine State has attracted more people than any other state. So what about future population growth?
Predicting Florida’s population
As of April 2022, the state of Florida had 22.25 million residents. In addition, the number of newcomers moving into the state each year is roughly equivalent to adding a city the size of Orlando each year to the state’s total. However, recently economists at the Demographic Estimating Conference revised their population growth projections for The Sunshine State. Originally, these economists estimated the growth rate for the state at 1.41% for the next 5 years through April 1, 2027. However, this growth rate has now been revised lower to 1.29% over the next 5 years.
Interestingly, younger generations of Americans are having less children overall and waiting to have them until an older age than prior generations. In addition, we are currently about halfway through the retirement period of baby boomers, which account for a large number of people moving to Florida from other states. According to the Florida Department of Health, the total number of deaths exceeded births by nearly 45,000 in 2021. Through June 22nd of this year, the state had totaled 106,000 deaths and 96,000 births. Of course, this decrease in population has been more than offset by the number of people moving into the state. Ultimately, the new estimates put the state on pace to annually add 294,756 net new residents in the next five years, or 808 a day.
Summary
In closing, the Florida population is still expected to grow over the next 5 years, however it will be at a more gradual pace. A big factor in this trend is the result of less people moving here due to pandemic related shutdowns and restrictions in other states. As more states begin to loosen their pandemic related restrictions, we are seeing less people moving out of those states. Of course, economic factors such as record-high inflation and a recession are also factoring in significantly here. As expected, many Americans become much more fiscally conservative during times of recession and may therefore be less likely to move out-of-state to Florida.
Overall, Florida will continue to be a highly popular relocation destination over the foreseeable future and this should help stabilize or strengthen the housing market. Are you considering a move to South Florida? If so, contact Natasha at Live South Florida Realty, Inc. today! While you are at it, you will also want to download the free Florida Home Search App for your mobile device as well.
