In this article, we list and discuss the 10 Fastest Growing Cities in Florida. If you would like to skip our detailed discussion of the topic, you can go directly to the top 5 Fastest Growing Cities in Florida.
With a population of over 22.6 million people according to the 2023 Census data, Florida is the third most populous state in the US. At the same time, it is also one of the fastest-growing ones. For the years to come, the Demographic Estimating Conference forecasts that the state’s population will grow to an average of 1.25% per year between 2023 and 2030. Compared to the national average, which stands at 0.43% a year, Florida’s growth rate is expected to be 0.82% higher.
A quick look at the history of Florida’s population growth statistics confirms further that the state’s growth has always been consistent and positive. In the 1950s, the state’s annual growth averaged 6.1%, and in the next two years (1956-57), it averaged 8%. During these years, the country’s national growth average ranged between 1.5% to 2%, however, a growth of 8% in Florida set the state apart as the fastest-growing one. In the 1960s, following the baby boom, the growth rates in Florida somewhat slowed down. Despite that, the state continued to see an annual average population growth rate of 3% between 1960 and 1989.
Similarly, in the 2000s, the population in Florida continued to grow at a “slow” annual rate of 1.7%, while the national average stood at only 1%. Between 2010 and 2020, the national average growth rate fell from 0.9% to 0.5%, but Florida’s rate ranged between 1% and 2%. Between 2021 and 2022, the Census Bureau reported that Florida reached a growth rate of 1.9% a year, and had once again, become the fastest-growing state in the US.
During all these years, Florida’s growth has been closely linked to net migration. In the years to come, this stance will remain as is — the state is not forecasted to have a natural increase in population. The Office of Economic and Demographic Research (EDR) reported that between 2020 and 2023, although the state saw more deaths than births, it also welcomed almost 1.1 million net new residents. Overall, Florida’s population growth is mainly driven by the movement of permanent US residents from across different states to Florida. In turn, this net migration is fueled by employment opportunities in the state as well as personal income growth.
The EDR Economic Overview for Florida reported that the Pandemic supported personal income growth in the state, due to the infusion of federal dollars into the state’s households. In the fiscal year 2020-21, the state’s personal income growth stood at 10.3%, and for 2021-22, it stood at 6.6%. In the fiscal year 2022-23, this figure grew to 7.9%. According to the EDR, this acceleration in growth rates resulted from the “workers and employers chasing high levels of inflation and leveraging tight labor market into better-paying opportunities.”
In its Estimating Conferences for the 2024 Session, the EDR also forecasted that the wage growth will further strengthen, and will have a growth rate of 6.3% in the fiscal year 2023-2024, followed by a 6.4% growth rate in the next fiscal year. In the next 3 years, there will be a further increase of 5%, and then the growth rates will start to stabilize at 4.7% from the fiscal year 2028-29 onwards.
Some key players contributing to the state’s attractive economy include Adecco Group AG (SWX: ADEN), AutoNation Inc (NYSE: AN), and Chewy Inc (NYSE: CHWY).
Adecco Group AG (SWX: ADEN) is a Swiss-French, Fortune 500 company based in Switzerland, and it operates in Florida too. In October 2023, the company announced that it was partnering with Microsoft to prepare, train, and empower its workers with Generative AI. Regarding this collaboration, according to the company’s press release, the CEO of Adecco Group AG (SWX: ADEN), Denis Machuel, said that enterprise adoption of generative AI in the workforce is a priority for all companies worldwide, and although 70% of the workers do use GenAI at work now, training and guidance in this domain is not accessible to them. Through this collaboration, the company aims to equip its workers with the knowledge they need to keep up with this fast-paced world of AI.
On the other hand, AutoNation Inc (NYSE: AN), an American automotive retailer based in Florida, is a company that provides used and unused vehicles and related services across the States. In November 2023, AutoNation Inc (NYSE: AN) launched a micro-leasing program for Florida residents. Under this program, Florida residents can lease a vehicle for 6-12 months.
Similarly, Chewy Inc (NYSE: CHWY), is an American online retail company of pet food and other pet-related products based in Florida. In December 2023, the company announced that it plans to expand into the veterinary care sector too. Under the brand name of Chewy Vet Care, Chewy Inc (NYSE: CHWY) plans to launch a handful of veterinary practices in 2024, and this means the company will be offering to qualified individuals in the field, especially veterinarians, veterinary technicians, and other veterinary staff.
Overall, all three of these companies alongside others, in one way or the other, are helping Florida’s economy and livability flourish. Below, we’ve listed the fastest-growing cities in the state as of 2024.
10 Fastest Growing Cities in Florida
Our Methodology
For our list of the top 10 fastest-growing cities in Florida, we have ranked the cities using data from the US Census Bureau which provided us a list of annual population estimates for over 800 US cities. We used data obtained for 2020-2022 and shortlisted Florida cities from the list. We then calculated the percentage change in population from 2020 to 2022 for all the cities in Florida and selected the top 10 cities that experienced the highest population growth in these years. The cities in our list are ranked based on the ascending order of their percentage growth in population between 2020 and 2022. Other statistics and figures mentioned in our list have been sourced from the US Census Bureau.
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10 Fastest Growing Cities in Florida
10. Lakeland
Percentage Change in Population (2020-2022): 5.14%
Lakeland is the largest city in Polk County and the 10th fastest-growing city in Florida. According to the Census Bureau US, with a population of over 120,000 as of July 2022, Lakeland boasts a robust labor force participation rate of 55.1%, indicating ample employment opportunities. However, it does have a poverty rate of 14.1%, highlighting socio-economic disparities despite economic growth.
9. Palm Bay
Percentage Change in Population (2020-2022): 7.02%
Palm Bay, with a growing population rate, sees significant implications for its housing sector. The city has a high owner-occupied housing unit rate of 79.9%, and the median value of owner-occupied housing units stands at over $226,000. These figures indicate a relatively affordable housing market compared to nearby areas. However, monthly owner costs, especially for those with mortgages, can be a financial burden, with median costs reaching over a thousand dollars. At the same time, it’s important to note that the median household income is relatively healthy ($62,538), too.
8. Daytona Beach
Percentage Change in Population (2020-2022): 7.29%
Daytona Beach renowned globally for the beaches and the iconic Daytona International Speedway, is famous for hosting major motorsport events like the Daytona 500, also known as the “Great American Race.” The race attracts visitors from around the globe. In terms of education, the city boasts a high school graduation rate of 89.8%, among and there’s a bachelor’s degree attainment rate of 24.8%. However, with only 52.6% of the population in the civilian labor force, there’s room for more economic participation. The city’s per capita retail sales stand at approximately $31,000, reflecting a robust local economy supported by tourism and other industries.
7. St. Cloud
Percentage Change in Population (2020-2022): 7.86%
Ranked 7th on the list of fastest-growing cities in Florida, St. Cloud is known for its picturesque landscapes and friendly community vibe globally. About 71.0% of homes in the city are owned, with a median value of above $289,000. Plus, the monthly costs for homeowners with mortgages average approximately $1,650, while those without mortgages pay around $545 monthly. On the other hand, the median rent stands at over a thousand dollars, indicating a mix of affordability in the housing market. If we speak of education, St. Cloud boasts high educational attainment levels, with 91.1% of individuals aged 25 and above having a high school diploma or higher and 25.8% holding bachelor’s degrees or higher.
6. Winter Haven
Percentage Change in Population (2020-2022): 8.04%
According to the Census Bureau US, over 55,000 people of different ethnicities reside in Winter Haven, making it a home to a diverse community. About 53.2% of residents in this city are White, 25.7% Black or African American, 2.4% Asian, and 21.3% Hispanic or Latino. The city’s housing density is moderate, with over 18,000 households and an average of 2.67 persons per household. In terms of technology, Winter Haven residents are well-connected, with 92.1% of households owning a computer and 82.1% having broadband internet subscriptions.
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Disclosure: None. 10 Fastest Growing Cities in Florida is originally published on Insider Monkey.