February 25, 2024
Florida's population exploding; expected to reach 20.7 million by end of 2016

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News Release

Florida's population exploding; expected to reach 20.7 million by end of 2016

Analysis by Cushman & Wakefield depicts a thriving economy in Florida driven by explosive population growth and high consumer confidence.

| 8/10/2016

ORLANDO, FL Cushman & Wakefield announced today that it has released their inaugural Florida Population Report, an examination of population trends and its economic impact throughout the state of Florida.

The report, compiled by Cushman & Wakefield’s Research Team, analyzes population growth, employment levels, home values and retail sales activity in Florida’s eight major markets – Fort Lauderdale, Fort Myers, Jacksonville, Lakeland (Polk County), Miami-Dade County, Orlando, Tampa - St. Petersburg and West Palm Beach. A statewide report has been issued in addition to individual reports for each of the eight markets.

Key findings from the report:

  • Florida’s population will reach 20.7 million by the end of the year. In 1910, the state had a population of 1 million people. By 1980 it had grown to 10 million. Since then, the population has doubled.
  • Florida’s population grew 1.84 percent in the past year, trailing only North Dakota, Colorado and Nevada as the fastest-growing states. Florida trailed only California (39.14 million) and Texas (27.5 million) in overall population.
  • Florida’s population grew by more than 1,000 people per day, a pace that has accelerated over the past year. Jobs are the No. 1 reason people are attracted to the state. This trend is driven, in part, by the economic challenges in Puerto Rico. Puerto Rico’s population has declined by 1.7 percent over the past year, with most exiting residents settling initially in Florida.
  • For the past 38 months, Florida’s job-growth percentage has exceeded the national average. In the past 12 months, 244,500 new jobs were added, a 3 percent growth rate. Most new jobs supported the expanding healthcare, logistics and home construction markets. Retail and hospitality also contributed to the state’s stellar employment performance.
  • Current home prices in Florida were down $42,000 compared to fourth quarter 2006 values. Prices have rebounded since bottoming out in 2011, however, rising by $83,000 in the span of five years. Tight supply and pent up demand are driving price increases and pace of sales as new residents snap up homes in fast-growing metros.
  • Retail sales continued to highlight consumer optimism and a favorable local economic climate. Florida’s economy enjoyed elevated consumer confidence despite uncertainty at the national level caused by the upcoming presidential campaign.

"Florida remains a national leader in population growth,” said Chris Owen, Florida Research Manager. “This is driven by excellent employment numbers, lagging home prices and favorable consumer sentiment.”

“We foresee this optimism prevailing in the short term,” added Owen. “All of the relevant indicators suggest Florida will remain one of the nation’s premier live-work-play destinations.”

Regional and City reports

About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

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