MIAMI.- Workers in some sectors in Florida They would have seen their working conditions improve after the health crisis caused by COVID-19, according to an economic report published by the state Congress.
Florida’s average annual salary has approached the national level and reached the highest point in 20 years, while the rate of unemployment has fallen to one of the lowest levels.
The report, prepared by the Office of Economic and Demographic Research of the Florida Congress, reveals that The gap between Florida’s average annual salary and the national average has narrowed in the last two years.
In this way, the difference went from 10.6% in 2021 to 8.9% in 2023. Consequently, the wages in Florida they now represent 91.1% of the national average, the highest level since 2003.
In 2020 Florida’s minimum wage was less than $10. A state measure went into effect in September 2021 to increase minimum pay annually up to $15 per hour in 2026. After that, wages will only increase based on inflation.
Salary increase
The report also suggests that average annual wage growth of 3.3% or more would be likely in the coming years, indicating that higher wages could be sustained.
This is due in part to the recovery of key sectors such as tourism, construction and healthwho were affected by the pandemic, according to the study.
On the other hand, the unemployment rate in Florida has decreased, reaching an average of 2.7% during the 2022-23 fiscal year, near the lowest level recorded in “modern times.”
The unemployment rate is projected to rise to 4.3% in fiscal year 2026-27, still below the historical average of 5.6%.
The Florida state Legislature is debating bills that would eliminate current restrictions on teen employment, allowing those under 18 to work longer hours and in more industries.
These measures seek increase the labor supply and facilitate the insertion of young people into the labor market.
In addition to wages, the report addresses other economic aspects of the state, such as Gross Domestic Product (GDP) growth, changes in personal income, population growth and continued tourism.
Real estate
The housing market has seen a drop in single-family home sales in 2023, but home prices in Florida remain high, surpassing the national average.
Despite the drop in sales, the median price of homes in Florida, $420,000is considered a record.
This report provides a comprehensive view of the economic situation in Florida, highlighting wage growth, labor market dynamics and other relevant economic indicators.
