WRE News: Florida Sees 3% Drop in New Business Applications

Miami, FL – January 22, 2024 – Florida experienced a 3% decline in new business applications from December 2022 to December 2023, according to seasonally adjusted Census Bureau data. Examining state-specific data provides a localized perspective on economic trends, with Florida Governor Ron DeSantis expressing confidence in the state’s economic standing despite the decrease. While Florida led in total business applications last year, surpassing 667,000, it’s crucial to consider the state’s population size. Larger populations in California and Texas translated to these states ranking second and third in total applications. However, there are limitations to relying solely on new business applications, highlighting that financial well-being among certain demographics may not align with overall economic optimism. The distinction between filed paperwork and actual business establishment is crucial when interpreting Census Bureau data, with the latter showing a 10.3% increase nationally in new business applications likely to employ people.