Florida has been a hotspot for movers in recent years, bringing in millions of new residents during that time.
News4JAX sister station WKMG in Orlando reports that, according to the latest report by the Demographic Estimating Conference, that number is only expected to grow.
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Last year, the state’s population managed to reach a staggering 23 million people, though the report forecasts that figure will even surpass 24 million by 2027.
Researchers predict that over the next 14 years, the population will swell to nearly 27 million. On average, that amounts to over 200,000 people per year — or roughly 650 new residents per day.
However, much of the expected growth will likely be frontloaded, with population increases beginning to slow down within the next few years.
| Fiscal Year | Population | Growth Rate |
|---|---|---|
| 2023-2024 | 23,104,597 | 1.65% |
| 2024-2025 | 23,440,479 | 1.45% |
| 2025-2026 | 23,759,816 | 1.36% |
| 2026-2027 | 24,065,193 | 1.29% |
| 2027-2028 | 24,358,003 | 1.22% |
| 2028-2029 | 24,636,610 | 1.14% |
| 2029-2030 | 24,900,684 | 1.07% |
| 2030-2031 | 25,151,463 | 1.01% |
| 2031-2032 | 25,389,090 | 0.94% |
| 2032-2033 | 25,613,205 | 0.88% |
| 2033-2034 | 25,826,779 | 0.83% |
| 2034-2035 | 26,030,968 | 0.79% |
| 2035-2036 | 26,225,298 | 0.75% |
| 2036-2037 | 26,409,123 | 0.70% |
| 2037-2038 | 26,583,741 | 0.66% |
| 2038-2039 | 26,750,330 | 0.63% |
The news comes after a new FAU poll of 1,000 people showed that over half of them would consider leaving the state over rising living costs.
With more people coming to the state, though, more production is also expected to take place, UCF Economist Sean Snaith announced earlier this year.
The massive population growth has spurred the state’s GDP, which is now expected to exceed $2 trillion by 2028. That’s a figure larger than that of many countries, as well as a 20% increase from last year.
Thanks to this growth, economic forecasts also predict higher wages and a boost to industries like construction, hospitality and education.
On the flip side, population growth comes with certain challenges. With so many people vying for housing, food and other resources, the cost of living is also expected to rise even further.
“It’s not easy being green, and it’s not easy trying to forecast the economy when trade policy changes on a seemingly daily basis,” Snaith wrote. “Despite uncertainty, the economy will continue to grow, but at a slower pace.”