How Florida infrastructure is going to develop as the state’s population grows

How Florida infrastructure is going to develop as the state’s population grows

Since the start of the COVID-19 pandemic, Florida has faced a huge inflow of people from California, Illinois, New York, and other US states. The key reasons for moving are:

  • Favorable taxation system.
  • High quality of life.
  • Business-friendly environment.
  • Wide choice of schools.
  • Economic prospects.

Experts forecast that over the next decade, the state’s population is going to grow by another 2.5 million people due to domestic and international migration (although Florida’s death rate is going to exceed its birth rate).

As the state’s population grows, the government is planning to gradually provide the following facilities:

  1. Roads and transport. According to Inrix (an analytical company), three Florida roads were among the top 25 most crowded in the USA in 2021. As the population grows, this trend is going to exacerbate further. Data from the US Department of Transportation shows that over the past decade, the travel time on local motorways increased by 11.4%. To increase capacity, the state government is planning to build more new roads, expand and/or renovate the existing roads, and increase the number of transportation options.
  2. Schools. According to forecasts, there will be 348,878 more school-age children in Florida. This number seemingly entails the need to open from 200 to 500 new educational establishments. There are, however, many schools with thousands of free places in the state, so Florida won’t need so many new school buildings.
  3. Solar power stations. A standard solar power station in Florida requires from 500 to 600 acres to generate 74.5 MW of electrical energy. By 2030, the state is going to build several stations with the total area ranging from 102,000 to 122,000 acres.

The growing population and developing infrastructure mean that the Florida real estate market is going to face a rapidly surging demand from tenants and buyers. Investors who purchased local residential properties at the right time will be able to receive high returns through both rental payments and capital gains.

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