Florida has been a hotspot in the U.S. for many people over the past few years, with more than 1 million people moving to the state in 2022.

U.S. Census Bureau data shows that a large chunk of Florida’s incoming residents have moved from states like New York, California or foreign countries.

The state’s population has been on an incline for decades, though it saw an explosion of new residents beginning back in 2016.

In fact, inbound migration to Florida has been so high that the state’s population has passed 23 million people for the first time ever, according to the state’s Demographic Estimating Conference.

Earlier this month, the DEC announced that the record figure had been reached back in April, though rapid population growth is expected to continue for the foreseeable future.

To be precise, Florida is set to see well over 300,000 people move in annually through 2026 — just under 900 people per day on average.

“These increases are analogous to adding a city slightly smaller than Orlando, but larger than St. Petersburg every year,” the DEC report reads.

By these estimates, Florida will reach 24 million residents by 2027; 25 million residents by 2031; and 26 million residents by 2036.

This huge influx of people into Florida is also set to bolster the state’s GDP and job growth, according to UCF economist Sean Snaith earlier this year.

“Florida is going to keep cruising at a higher altitude than the rest of the country,” Snaith predicted. “That’s because the ‘twin engines’ of a robust labor market and population growth are propelling us forward.”

Snaith explained that many of the people moving into Florida are retirees, which means more jobs are being created to meet their needs and wants.

However, this population growth could have other consequences.

With more people moving into the state, there are more people seeking goods and services like housing, food, gas and insurance — among many other products.

As a result, Florida’s cost of living is becoming inflated, outpacing wage growth in the state. This is despite having predicted average growth higher than the rest of the nation.

“Florida should enjoy the ride through these economically friendly skies with seatbelts fastened — just in case,” Snaith said.

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