Money, Money, Money – We're making a lot more of it in Florida
Bottom Line: The good news just keeps getting better for us in Florida. Yesterday I shared the news that not only is Florida’s unemployment well below the already low national average, at record lows but South Florida’s even better than the state average. But wait, turns out there’s more... We’re also making a lot more money. Just in from 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 generally. Nationally we’ve been pacing 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. These are the only states where incomes haven’t grown as fast as the cost of living:
- New York
- Rhode Island
- South Dakota
The bottom line is this. Florida’s economy is the best it’s ever been and there’s never been a better time to establish a business or a career in our state.