We're Making A Lot More Money In Florida

The good news just keeps getting better for Florida. Yesterday, I shared the news that not only is Florida’s unemployment well below the already low national average but South Florida’s even better than the state average. And, it turns out there’s more, we’re also making a lot more money. According to the Bureau of Economic Analysis, the inflation rate has been 1.8% in 2019. That means that any additional money you make beyond 1.8% is adding to your overall buying power in this economy and quality of life. 

Nationally we’ve been pacing at 3.2%. That’s really good. In Florida, thus far in 2019, it's 5.1%. That’s fantastic! Let me put this another way, Floridians are earning an average of 3.3% more beyond the rate of inflation. I’ve never seen a number that strong for our state. We’re continuing to see our economy mature. Higher quality jobs continuing to emerge and employees benefiting like few in other states. 

The country as a whole is doing well. The only states where incomes haven’t grown as fast as the cost of living include Connecticut, Iowa, New York, Rhode Island, and South Dakota. That shows that Florida’s economy is the best it’s ever been and there has never been a better time to establish a business or a career in our state.

Photo by: SEBASTIAN D'SOUZA/AFP/Getty Images

 

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