University of Florida News

Population growth in Florida slowed down quite a bit in the past year, but experts say a healthy job market and retiring baby boomers will eventually come to the rescue.

The University of Florida’s yearly estimate shows population growth from 2006 to 2007 dropped more than 20% from the previous year. Researcher Stan Smith points to a sluggish housing market.

Smith: “Over the past year or years there’s been a real slowdown in the housing market. Foreclosures are up, new starts are down, housing prices are down in a lot of places, and that’s led to a substantial slowdown in both in the number of people moving to Florida and also, over the last year or so, in the construction industry.”

More than 330,000 new residents moved to Florida in the past year; about 100,000 less than the year before.

Smith: “Population growth has certainly had a big impact on the state budget, historically, and when you have a state that’s as heavily dependent on the sales tax as Florida is, booms and busts have a big impact on revenues.”

Yet experts still predict strong growth for Florida over the next 20 years thanks to a good job market and baby boomers about to retire in large numbers.