The Florida Chamber of Commerce 2023 Economic Mid-Year Report found that more than half of $39.2 billion in income inflow occurred as a result of residents relocating to the Sunshine state from other states but workers are scarce
“When you have a lot of spendable income flowing into the state, that's an immediate injection into the Florida economy and I believe 60% of our tax revenues come from the sales tax and transaction taxes,” said Bill Herrle, executive director of Florida's National Federation of Independent Business (NFIB).
Texas had $10.9 billion of income inflow followed by Nevada with $4.6 billion.
“Post-COVID, there's a lot of buzz about Florida,” Herrle told the Florida Record. “It was very noticeable among business owners that Florida was open much quicker than most states with perhaps the exception of Georgia. I've never seen anything that just so offended small business owners than the notion of essential versus non-essential businesses.”
The study further found that the states of New York, Illinois, New Jersey and California made up more than 50% of the net income migration into Florida.
"I hear constantly frustration from our members of them being the training ground for the big corporates," Herrle said in an interview. "They'll take the young employee, teach them a trade, and off they go so they feel particularly challenged by the labor market even when they make some gains in getting the upper edge."
The 2023 study includes analysis in the areas of education, demographics, career development and their impact on business, communities and the future.
Currently, for every 100 open jobs, only 62 Floridians are looking for work, according to the report..
"The real cost to our economy with the labor market is the loss of entrepreneurial effort," Herrle said. "Instead of growing their business, developing a new product, looking for new products, or looking for new customers, business owners are on the front line running the register, operating the business, or they're in the kitchen working because of the labor shortage."
In the area of education, the study advised that the talent pipeline start earlier.
Only 53% of Florida's third graders are reading at grade level, according to TheFloridaScorecard.org.
"We have seen a real keen interest in vocational education," Herrle said. "I think a public policy that puts value in trades is very important. So that it's not just opening up more vocational tech schools or providing financing to students."
Currently, the high school graduation rate statewide is 87.3%.
"There are subtle ways that public policy can reinforce that," Herrle added. "The idea that everyone needs to go to a four year college and get a degree is not precisely suited to our economic needs."