Outlook Projection FY 2023-24
-10
-20
N
-30
FL Personal Income Since Inception of COVID...
80
70
60
50
Personal Income: annualized percent change from preceding period
40
36.1
28.5
30
20
10
4.3 5.4
0
2019:Q4-2020:Q1
2020:Q1-:Q2
-10.8
-7.8
-4.6 -5.6
2020:Q2-:Q3
2020:Q3-:Q4
2020:Q4-2021:Q1
66.2
56.9
-20.2 -19.3
2021:Q1-:Q2
United States Florida
2021:Q2-:Q3
In the 1st Quarter of 2022,
Florida's growth was
ranked 32nd in the nation.
3.0 3.7
3.6
2021:Q3-:Q4
9.2
4.8 4.4
2021:Q4-2022:Q1
Normally, personal income
growth is another important
gauge of the state's economic
health; however, its changes
have been in stark contrast to
GDP, driven largely by the ebb
and flow of federal dollars into
Florida households and
businesses. For example, in the
first quarter of the 2021
calendar year, Florida's personal
income growth shot up 66.2
percent, largely due to two
different federal stimulus and
relief programs converging in
the quarter.
As the federal support measures began to fade, the state's personal income plummeted to an annualized loss
of -19.3 percent in the second quarter of the 2021 calendar year, yet yielded a final growth rate for the 2020-21
fiscal year of 7.9 percent, the highest rate since 2015. Fiscal Year 2021-22 saw moderately lower growth of 5.5
percent as the benefit from workers returning to their jobs or leveraging the tight labor market into better
paying opportunities competed with the end of federal relief measures. The Economic Estimating Conference
expects growth of 6.4 percent in Fiscal Year 2022-23, largely on the continuing strength of salary growth.
Thereafter, annual growth rates are expected to remain solidly at or above 4.0 percent.
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