Florida is facing a number of challenges, including:
Population decline
Florida's population growth has declined for the first time in 63 years, with an estimated decrease of 58,000 residents. This is due to the recession and housing bust, as well as a loss of jobs.
Housing market downturn
Home prices are dropping in many parts of Florida, and could decline further in 2024 and 2025. This is due to a rise in inventory and a decline in homebuyer demand.
Citrus industry decline
Florida's citrus industry is in decline due to a number of factors, including citrus greening, hurricanes, and deep freezes. The industry is using less land than it did in 2000, and production has dropped significantly.
Foreign real estate investment decline
There is less interest from international investors in Florida's real estate market.
National political influence decline
Florida is no longer considered a major swing state in national politics, and money that used to flow into the state during presidential elections has stopped.
Education decline
Florida's mean SAT score has dropped each year since 2005, and ranks near the bottom of the nation.