Florida’s Economic Resurgence

Miami_Civic_Center_20100619By Stephen Moore

From the WSJ:

Mr. Scott won election by a hair and proceeded to cut a variety of taxes, including those on businesses and property, no small feat in a state without an income tax. He also slashed 3,000 regulations and shrunk state payrolls by 11,000.

Mr. Scott’s signature promise was “700,000 new jobs in seven years.” Critics laughed. Yet last month Florida businesses created their one millionth new job in five years, according to the state’s labor department.

Florida’s population increased by 350,000 last year, and IRS data confirm that many were exiles from high-tax California, Connecticut and Pennsylvania. These migrants fueled a 14.6% increase in housing prices over the last year, according to Florida’s commerce department.

While many towns remain blighted by vacant strip malls and half-empty shopping centers, the evidence of the state’s growth spurt are visible. The downtowns of cities such as Orlando, Tampa and Fort Lauderdale are crowded with cranes erecting high tower apartments and office buildings.

Read more in the WSJ.

Photo Credit: Marc Averette

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