Florida Chamber mid-year economic report touts growing GDP in the Sunshine State – Florida Politics

Florida’s 2025 Mid-Year Economic Report: Growth Dynamics and Sustainability Challenges

A Report on Economic Performance and Alignment with Sustainable Development Goals

The Florida Chamber of Commerce’s 2025 Business & Economic Mid-Year Report indicates significant economic divergence between the state and the national average. This analysis evaluates the findings through the lens of the United Nations Sustainable Development Goals (SDGs), particularly focusing on economic growth, housing, and sustainable communities.

State Economic Performance and SDG 8: Decent Work and Economic Growth

Florida’s economic performance in the first quarter of 2025 demonstrates robust growth, directly contributing to the objectives of SDG 8 (Decent Work and Economic Growth), which aims to promote sustained, inclusive, and sustainable economic growth.

Key GDP Indicators

• State GDP Growth: Florida’s Gross Domestic Product (GDP) increased by 1.4% in the first quarter of 2025 compared to the same period in 2024, reaching an estimated $1.76 trillion.
• National Comparison: In contrast, the U.S. national GDP experienced a 0.5% decline during the same timeframe, highlighting Florida’s economic resilience.
• Comparative Performance: The state’s growth was surpassed by only one other state, South Carolina (1.6%), positioning Florida as a national leader in economic expansion. The report notes that Florida’s economy is larger than that of 36 other U.S. states individually.

This sustained growth is a positive indicator for Target 8.1 of the SDGs, which calls for sustaining per capita economic growth in accordance with national circumstances.

Housing Market Analysis: A Challenge to SDG 11: Sustainable Cities and Communities

The report identifies the housing market as a critical area of concern, presenting significant challenges to achieving SDG 11 (Sustainable Cities and Communities), which includes targets for safe and affordable housing.

Housing Affordability Metrics

1. Median Home Price: The median housing price in Florida was recorded at $439,000 in June, nearly identical to the national median of $441,000.
2. Long-Term Price Escalation: This figure represents a 53% increase from the 2019 median price of approximately $325,000.

Implications for Sustainable Development

The escalating cost of housing presents a substantial barrier to sustainable development and has ramifications across multiple SDGs:

• SDG 11 (Sustainable Cities and Communities): The high cost of housing directly contravenes Target 11.1, which aims to ensure access for all to adequate, safe, and affordable housing.
• SDG 8 (Decent Work and Economic Growth): A lack of affordable housing can impede the state’s ability to attract and retain the skilled workforce necessary to sustain its economic growth trajectory and achieve its goal of becoming a top 10 global economy by 2030.
• SDG 1 (No Poverty) and SDG 10 (Reduced Inequalities): Housing unaffordability can exacerbate poverty and deepen economic inequalities within the population.

The report concludes that while the market shows signs of “cooling off” and potentially transitioning to a buyer’s market, ensuring housing is both affordable and accessible is paramount for Florida’s long-term, sustainable economic future.

Analysis of Sustainable Development Goals in the Article

1. Which SDGs are addressed or connected to the issues highlighted in the article?

   The article primarily addresses issues related to two Sustainable Development Goals:

   • SDG 8: Decent Work and Economic Growth

     This goal is central to the article, which focuses on Florida’s economic performance. The text details the state’s Gross Domestic Product (GDP) growth, comparing it to the national average and highlighting its consistent increases. The ambition for Florida to become a “top 10 global economy by 2030” directly aligns with the principles of promoting sustained, inclusive, and sustainable economic growth.

   • SDG 11: Sustainable Cities and Communities

     This goal is addressed through the article’s detailed analysis of the housing market. The discussion about the median housing price, the significant price hike since 2019, and the explicit statement that “housing in Florida needs to be affordable and accessible” connect directly to the goal of making cities and human settlements inclusive, safe, resilient, and sustainable.

2. What specific targets under those SDGs can be identified based on the article’s content?

   Based on the article’s content, the following specific targets can be identified:

   • Target 8.1: Sustain per capita economic growth

     This target aims to “sustain per capita economic growth in accordance with national circumstances.” The article directly addresses this by reporting on Florida’s GDP growth. It states that Florida’s GDP saw a “1.4% increase for those first three months when compared to the same time period in 2024,” while the U.S. GDP showed a decline. This focus on measuring and analyzing economic growth aligns perfectly with Target 8.1.

   • Target 11.1: Ensure access for all to adequate, safe and affordable housing

     This target aims to “ensure access for all to adequate, safe and affordable housing and basic services.” The article highlights this as a critical issue for Florida’s economy. It points out that the high median housing price of $439,000 is a “sore spot for the economy” and that achieving affordability is necessary to “attract and retain a skilled workforce.” The report’s conclusion that “housing in Florida needs to be affordable and accessible for the growing population” is a direct reference to the objective of Target 11.1.

3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?

   Yes, the article mentions and implies several indicators that can be used to measure progress:

   • Indicator for Target 8.1: Annual growth rate of real GDP

     The article explicitly uses this indicator. It provides specific data points, such as “Florida’s GDP in the first quarter was estimated to amount to $1.76 trillion” and it experienced a “1.4% increase.” This is contrasted with the “U.S. GDP, meanwhile, showed a 0.5% decline for the same time frame.” These figures are direct measures used to track progress on economic growth.

   • Indicator for Target 11.1: Median housing price and price trends

     While not a formal UN indicator, the article uses housing price data as a direct measure of affordability, which is central to Target 11.1. The specific indicators mentioned are the “June median housing price was $439,000 across Florida” and the historical trend, noting a “53% hike in home prices” since 2019. These metrics are used in the article to assess the challenge of housing affordability and to track market changes, such as the current “cooling off” period.

4. Create a table with three columns titled ‘SDGs, Targets and Indicators’ to present the findings from analyzing the article.

   SDGs	Targets	Indicators
   SDG 8: Decent Work and Economic Growth	Target 8.1: Sustain per capita economic growth in accordance with national circumstances.	Annual growth rate of real GDP: The article states Florida’s GDP increased by 1.4% in Q1 2025, while the U.S. GDP declined by 0.5%. Florida’s total GDP was estimated at $1.76 trillion.
   SDG 11: Sustainable Cities and Communities	Target 11.1: By 2030, ensure access for all to adequate, safe and affordable housing.	Housing affordability metrics: The article uses the median housing price ($439,000) and its historical increase (a 53% hike since 2019) as key indicators of the affordability challenge.

Source: floridapolitics.com