Florida Workers Keep Up With Rising Costs, But Just Barely
Florida Wages Up 18.8% Since 2020—Just Ahead of Inflation
Florida ranked as the third-best U.S. state for wage growth between 2020 and 2024, with worker pay increasing by 24.7%, outpacing the national average of 18% by a solid 6.7 percentage points. Despite inflation pressures, Floridians have managed to maintain—and slightly improve—their purchasing power.
Florida Outpaces Most of the Nation in Wage Gains
According to a study by Asana, which analyzed Bureau of Labor Statistics data, the average hourly wage in Florida rose from $18.07 in 2020 to $22.53 in 2024, a $4.46 increase. That’s 83 cents more than the national average increase.
When adjusted for inflation (which totaled 22.5% during this period), Florida workers came out 40 cents per hour or $827 per year ahead of where they were in 2020—meaning real gains, not just inflation adjustments.
Ocala and Orlando Lead the State
Among Florida’s metro areas, Ocala stood out with the most significant wage growth in the state and the ninth-best across the U.S., with an increase of 30.55%. Hourly pay rose from $15.55 to $20.30, giving workers a real gain of $1.25 per hour, or $2,603 more per year after accounting for inflation. That’s a remarkable $4,489 better than the national average worker, who effectively lost $1,887 in real income.
Orlando topped Florida’s large metro areas with a 24.1% wage increase, from $17.59 to $21.83 per hour. After adjusting for inflation, this equates to a $601 annual pay boost in real terms.
Miami followed closely with a 23.9% increase, with wages rising from $18.60 to $23.04 per hour—translating to a $527 real annual increase after inflation.
What Does This Mean for Florida Workers?
While Idaho took the top spot nationally with a 25.6% wage increase, Florida still managed to protect its workers’ income power, a feat many other states could not achieve. With real gains outpacing inflation, many Floridians are better off financially than they were before the pandemic.
A Slow But Meaningful Recovery
An Asana spokesperson explained:
“On paper, Americans are better off now than at the start of the pandemic. However, to many, it doesn’t feel that way. Inflation outpaced median wage increases in all but four states between 2020 and 2024. Florida stands out as one of the few states where workers actually gained ground.”
Conclusion
While the national economic outlook remains uncertain, Florida proves that moderate, inflation-beating wage growth is possible. Cities like Ocala, Orlando, and Miami offer clear examples of how local economies can help residents thrive—even in challenging times.
