Florida is booming and there’s no end in sight. There literally hasn’t been a single economic estimate Florida hasn’t blown the doors off since the onset of the pandemic. During the most recent Florida’s Revenue Estimating Conference, the official board which provides the framework with which Florida must operate given our state’s balanced budget amendment has spent the entire pandemic revising Florida’s economy higher. No matter how high they raise estimates, we’ve continued to shatter them.
The most recent report shows that in the previous four months, since the Conferences’ August estimates, Florida’s economy produced $3.3 billion more in revenue than expected. That’s incredible as just our year-end overage amounts to greater than 3% of the state’s entire budget. That means more money and more flexibility for state legislators as they craft this year’s budget in the current session as well.
Additionally, the Conference again raised estimates for the next year by another $704 million. Florida’s economy is not only booming, but it also continues to boom well beyond the ever-increasing expectations, this is great news for all Floridians as there’s more room for everything in this year’s budget including additional tax breaks.