WRE News: $40 Billion Paycheck Boom Reshapes South Florida’s Landscape

Miami, FL – December 1, 2023 – As people flocked to Florida during the pandemic, not just for sun and surf but for jobs, nearly $40 billion in paychecks followed them, reshaping the economic landscape of South Florida. While big-name investors like Ken Griffin relocated their empires to Florida, the real story unfolds as working individuals from New York, New Jersey, Massachusetts, and Chicago moved to the Sunshine State, keeping their jobs intact. Economist Ben Glasner, analyzing IRS data, found billions flowing into Palm Beach and Miami-Dade counties, driven by a surge in remote work. While this influx of income and remote jobs diversifies the workforce, there’s a pressing need to ensure the longevity of this economic boon, recognizing the risk that the money could swiftly depart. The focus now turns to retaining both companies and workers in South Florida, with the recognition that the dynamics of economic migration are far from guaranteed. Even Amazon’s Jeff Bezos, returning to South Florida, exemplifies the evolving narrative of where individuals and their wealth choose to call home.