Florida economy brings in $400M more than expected in November

Florida economy brings in $400M more than expected in November
Published: Jan. 4, 2022 at 5:37 PM EST
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TALLAHASSEE, Fla. (CAP NEWS/WCJB) - Florida’s November revenue collections were $398.8 million higher than economists predicted. It follows a nearly year-long trend of larger than expected tax collections.

“We had a lot of stimulus money. Some of that is starting to fade out”

Amy Baker is the coordinator at the office of Economic and Demographic Research.

“We’re continuing to recover from the worst effects of the pandemic. We’re continuing to grow,” says Baker.

Florida businesses remain wary of national policies, but they are also seeing a rising tide, even with staffing and supply chain shortages.

Bill Herrle is the Executive Director of the Florida Chapter of the National Federation of Independent Businesses.

“Forty-four percent of small business owners have reported increasing wages in the last quarter. We’re doing what we can to bring workers back. But of course, that could mean higher prices too” says Herrle.

Even the Governor noted the upswing when he announced his $99.7 billion Freedom First budget.

“Florida is clicking on all cylinders,” the Governor told reporters when he announced the budget on December 9.

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The governor also doubled down on the state’s economic freedom Monday, after reports that one of his biggest critics, Congresswoman Alexandria Ocasio-Cortez, vacationed maskless in Miami.

“If I had a dollar for every lockdown politician who decided to escape to Florida over the last two years, I’d be a pretty doggone wealthy man,” Said DeSantis.

State economists tell us the rising inflation we’re now seeing is a double-edged sword.

Inflation will initially bring more money to the state before damaging consumers’ purchasing power.

And as lawmakers begin writing the state budget next week, they are better able to say yes to new spending than perhaps anytime in the state’s history, with as much as seventeen billion in reserves.

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